Massy Finance GFC declared a profit after tax of $10,239,000 at the end of its financial year on September 30, a jump of 18 per cent compared with the company's $8,678,000 for its 2014 financial year.
According to information on its website, Massy Finance GFC was formed in 1974 as a subsidiary of the Massy Group of Companies to provide loan & deposit-taking services in support of the rapidly expanding new vehicle division of Massy Automotive.
The company has grown since then to accumulate assets of well over $400 million with a staff compliment of 60 persons.
Massy Finance GFC Ltd operates through its head office at Edward Street Port-of-Spain with four other offices throughout Trinidad and one office in Tobago. The company is seen as one of the leading finance companies in the country in terms of its size and longevity.
Massy Finance GFC continues to meet the business needs of corporate, commercial and individual clients with over 4,000 customers on record.
According to its financial statement for the 2015 financial year, the company entered into two unsecured loan agreements dated May 20, 2013 and August 22, 2013 with Massy Holdings, its parent company. Each loan agreement allows a maximum drawdown of $50 million
As at September 30, 2015, the company utilized $50,000,000 of the first agreement and $30,000,000 of the second agreement. The fair value of these borrowings as at September 30, 2015 is $72,009,830.The facilities are due to mature on November 20, 2018 and February 22, 2019 respectively.