The Massy operations in Barbados remain the second largest source of revenue for the Trinidad and Tobago-headquartered Massy Group. This is revealed in published highlights of its unaudited consolidated financial statements for the third quarter of the current financial year.
For the nine-month period ended June 30, Massy Holdings Limited and its subsidiaries posted total revenue of TT$9.201 billion, an increase over the TT$8.144 billion registered for the corresponding period in 2021.
The revenue figures revealed that TT$1.656 billion was generated from the Barbados subsidiaries of Massy. The largest generator of revenue continued to be Trinidad and Tobago where there was significant growth in the group’s gas products portfolio.
The other major revenue generators by geographic location for the Massy Group were Colombia with TT$1.341 billion, followed by Guyana with TT$1.180 billion, and the Eastern Caribbean with TT$1.125 billion.
Commenting on the performance of the conglomerate, chairman Robert Bermudez acknowledged the 13 per cent group third party revenue from continuing operations.
“Through the end of the third quarter of the 2022 financial year, the Massy Group’s investment holdings continued to grow successfully via its main portfolios as economies in the regions continue to lift COVID-19 measures amidst new and emerging challenges with food supply, inflation and rising interest rates,” Bermudez stated.
Overall profit for the nine months came in at TT$515.64 million, compared to TT$500.30 million for the corresponding nine months in 2021.
The group chairman offered some details on the performance of the various portfolios, pointing out that the conglomerate was concentrating on three specific portfolios namely integrated retail, gas products, and motors and machines.
Bermudez said there was a “healthy increase” in the Motors and Machines portfolio, led by Massy Motors Trinidad, where he said the growth was “exceptional”, particularly since its operations in the twin-island republic were closed for two to three months during COVID-19 lockdowns.
“Growth in the Integrated Retail portfolio came from all markets. Guyana’s and Jamaica’s growth were particularly commendable,” he explained.
In relation to the Gas Products Portfolio, Bermudez said growth in this area was driven by significant expansion in Guyana and Trinidad and Tobago.
He noted, however, that the stellar performance of the operating companies in the group was being overshadowed “by disappointing performance in the group’s Divestment Funds” which are United States dollar investments and are the proceeds of the group’s divested assets, as well as the Captive Reinsurance portfolios.
“Calendar year 2022 has been a tumultuous year for financial markets across the globe and the healthy returns enjoyed in 2021 have become losses in most financial markets. Through [Quarter three of the 2021 financial year], the Divestment Funds and the Captive Reinsurance portfolios contributed TT$53 million of income to the Corporate Office and other costs.
“These portfolios incurred losses of TT$40.6 million for the same period in the 2022 financial year. The Group, however, retains an overall gain above the principal contributed from the proceeds of divestments,” Bermudez explained. (IMC1)
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