Massy Holdings Ltd yesterday reported after-tax profit attributable to its shareholders of $182.69 million for the first quarter of its 2024 financial year, which is 6.22 per cent less than the $194.82 million the company earned in the corresponding period one year ago.
The Massy Group reported revenue of $4.02 billion in the period between October 1, 2023 and December 31, 2024. That was 18.6 per cent more than the $3.39 billion it reported for the first quarter one year ago.
In explaining the group’s decline in profits in its first quarter, Massy Holdings chairman, Robert Riley said: “Each portfolio experienced unique isolated setbacks and the investment holding company made some changes that increased net expenses and non-recurrent/one-off impacts to the profit and loss account.”
Massy’s business comprises three portfolios: the integrated retail portfolio; the gas product portfolio and the motors and machines portfolio.
Massy’s profit before tax declined by 2.36 per cent in its first quarter, with a decline to $294.18 million from $301.32 million.
In his chairman’s statement, Riley said first quarter profit before tax from the integrated retail portfolio declined by 1 per cent.
He said while retail stores in Trinidad, Barbados, the US and Guyana performed “commendably,” some exceptional occurrences in the distribution business in T&T and Barbados adversely impacted the portfolio’s first quarter results.
The gas products portfolio reported first quarter results that grew by 54 per cent.
The profit before tax in the motors and machines portfolio declined by 13 per cent in the company’s first quarter. This was attributed, according to Riley, to inventory build up from importers’ increased finance costs in Colombia and uncertainty about Venezuela’s claim to a major portion of Guyana as well as the unavailability of higher purchase credit for new cars.
Riley said the three acquisitions made by Massy in the 2023 financial year—a supermarket chain in Florida, a medical and industrial gases company in Jamaica and an industrial gas company in Trinidad--are all performing well.
He said the three acquisitions contributed $43.4 million to the group’s profit before tax position.