Massy Hold­ings Ltd chair­man Robert Ri­ley has at­trib­uted the group’s first-quar­ter per­for­mance to dis­ci­plined ex­e­cu­tion across the port­fo­lio, as he out­lined in the com­pa­ny’s unau­dit­ed con­sol­i­dat­ed fi­nan­cial state­ments for the three months end­ed De­cem­ber 31, 2025.
Ri­ley said the group de­liv­ered a strong start to fis­cal 2026, with rev­enue, EBIT­DA, and earn­ings from con­tin­u­ing op­er­a­tions all record­ing year-on-year im­prove­ment.

Ac­cord­ing to the unau­dit­ed re­sults, group third-par­ty rev­enue in­creased six per cent to $4.39 bil­lion, while EBIT­DA rose 12 per cent to $535 mil­lion.

Prof­it af­ter tax from con­tin­u­ing op­er­a­tions grew nine per cent to $221 mil­lion, and earn­ings per share from con­tin­u­ing op­er­a­tions al­so in­creased nine per cent to 10.32 cents.

Ri­ley said cash gen­er­at­ed from op­er­a­tions de­clined 25 per cent to TT$403 mil­lion for the quar­ter, main­ly due to the tim­ing of work­ing cap­i­tal.

He ex­plained that high­er in­ven­to­ry lev­els were car­ried in the fourth quar­ter of 2025 to pro­tect sup­ply-chain re­silience amid geopo­lit­i­cal un­cer­tain­ty, with the re­lat­ed cash flows ex­pect­ed to re­verse in the first quar­ter of 2026. He de­scribed the im­pact as tem­po­rary and re­flec­tive of the group’s bal­ance-sheet strength.

The chair­man said the re­sults were achieved in an in­creas­ing­ly com­plex op­er­at­ing en­vi­ron­ment and demon­strat­ed the re­silience of Massy’s di­ver­si­fied port­fo­lio and the ben­e­fits of dis­ci­plined ex­e­cu­tion, op­er­a­tional con­trol, and pru­dent cap­i­tal al­lo­ca­tion.

He not­ed that the in­te­grat­ed re­tail port­fo­lio re­mained the group’s largest con­trib­u­tor, with third-par­ty rev­enue ris­ing four per cent to TT$2.8 bil­lion and EBIT­DA in­creas­ing six per cent to TT$300 mil­lion. Ri­ley said per­for­mance in that seg­ment was dri­ven by vol­ume growth, im­proved mer­chan­dis­ing and con­tin­ued fo­cus on cus­tomer ex­pe­ri­ence across Guyana, Bar­ba­dos, the OECS and Trinidad and To­ba­go, with Guyana de­liv­er­ing a par­tic­u­lar­ly strong quar­ter.

On the group’s fi­nan­cial po­si­tion, Ri­ley said Massy end­ed the quar­ter with a debt-to-eq­ui­ty ra­tio of 34 per cent ex­clud­ing leas­es, or 47 per cent in­clud­ing leas­es, and re­mained well with­in all fi­nanc­ing covenant re­quire­ments, with am­ple head­room across its fund­ing arrange­ments.