In his last chairman’s report for group, Massy Holdings chairman Robert Bermudez reported the company’s profit after tax from continuing operations increased by 18.66 per cent to $353.58 million (US$52.5 million) for the six months ended March 31, 2023, compared to the same period in 2022.
This represented a $55.62 million increase over its performance for the same period last year.
Massy’s revenue for the period from October 1, 2022 to March 31, 2023 was $6.79 billion, a 10.64 per cent over the $6.14 billion the group generated for the same period in 2022.
The Massy chairman said strong profit before tax in its integrated retail portfolio of 20 per cent and in its motors and machines portfolio of 11 per cent compensated for the profit before tax decline in the gas products portfolio of 11 per cent in the first half of its 2023 financial year.
For the six months ended March 31, 2023, integrated retail retail represented 65 per cent of Massy’s revenues and 59 per cent of its profit before tax.
T&T represented 35 per cent of the group’s third-party revenue and 39 per cent of its profit before tax in the six months ended March 31, 2023.
Bermudez explained the first half of the 2023 financial tear was a very important period for the Massy Group strategically, financially and purposefully.
In his chairman’s statement for the six-month period, he said: “In the first half of 2023, the group has initiated the redeployment of capital released from divestments in transformative acquisitions in its core portfolios. In December 2022, the Group acquired Rowe’s IGA supermarkets in Jacksonville Florida for US$47 million.”
He explained, “Rowe’s acquisition is a major step in achieving the Group’s global vision and provides an excellent beachfront for further niche supermarket acquisitions in the South East United States.”
Bermudez also pointed out the group acquired Air Liquide’s operations in Trinidad for US$57 million in January.
He said that acqusition consolidated “the group’s position as the leading industrial gas manufacturer and distributor in the region with additional export opportunities to be tapped.”
The Massy chairman said the group is working wih Jamaica’s Fair Trading Commission to get approval for the acquisition of IGL Jamaica. He said the transaction is expected to close in th third quarter of 2023.
Massy signed a share purchase agreement last December to acquire IGL Jamaica for US$140 million.
Bermudez said the acquisition “will consolidate the group’s position as the leading industrial gas manufacturer and distributor in the region, with additional export opportunities to be tapped.”
The Massy Chairman confirmed he is retiring and is to be replaced by former bpTT regional president, Robert Riley, later this year.
“ I retire from the position of chairman with great pride in what the organisation has achieved over the years and in its ability to stay resilient. I wish to take this opportunity to acknowledge the great work of all Massy’s past employees and leaders and thank all our current staff, executives, customers and suppliers for their commitment and dedication.
“The group would not have survived for 100 years and certainly would not be in this position of fortitude for another 100 years of purposeful growth without you all.”