Massy Group announced on Friday that it banked a whopping TT$11.7 billion (US$1.7 billion) for the third quarter of its financial year. The Group’s growth was bolstered by its operations in Guyana.
Massy Group said in a statement that its revenue increased by 13%, reaching TT$11.7 billion (US$1.7 billion), driven by strong performances across all portfolios and key contributions from its Guyana operations. This growth reflects the Group’s successful integration of 2023 acquisitions and the continued strength of its core businesses.
While Profit Before Tax (PBT) dipped 4% from the record levels of 2023, the Group still posted a solid TT$0.7 billion (US$104 million) in PBT for the reporting period, showing improvement from a 7% decline earlier in the year.
Moreover, Massy achieved a remarkable 239% year-over-year increase in cash generated from operations, amounting to TT$640 million (US$94.8 million), underscoring the Group’s ability to cover debts, invest in growth, and ensure steady dividend payments.
The Group’s performance was underpinned by its three core portfolios: Integrated Retail (IRP), Gas Products (GPP), and Motors and Machines (MMP). The Integrated Retail Portfolio, which contributes 64% of the Group’s revenue, saw a 10% rise in sales to TT$7.4 billion (US$1.1 billion), with PBT increasing by 7% to TT$0.5 billion (US$69 million). This growth was fueled by continued expansion in core markets and the acquisition of Rowe Supermarkets in Florida.
The Gas Products Portfolio reported a 10% increase in PBT, with sales surging 33% year-over-year to TT$1.6 billion (US$237 million). This success was largely due to strategic acquisitions in Jamaica and Trinidad, as well as strengthened operations in Guyana.
Meanwhile, the Motors and Machines Portfolio experienced an 11% increase in sales to TT$2.5 billion (US$373 million), though PBT slightly declined by TT$0.9 million (US$0.1 million). The dip was attributed to macroeconomic challenges in Colombia and financing constraints in Guyana. However, Massy Guyana is actively pursuing third-party funding solutions to support future growth.
Massy also outlined its Strategic Roadmap to 2030, targeting a 50% increase in revenue to between TT$23 billion (US$3.4 billion) and TT$25 billion (US$3.7 billion). The plan emphasizes sustainable growth, currency resilience, and consistent dividend increases, aiming to deliver substantial value to shareholders over the medium to long term.
