BUSINESS MONDAY: GOOD YEAR FOR MASSY

THE year 2019 was another good period for the Massy Holdings Limited and its subsidiaries.

That’s according to Robert Bermudez, the Group’s Chairman, who was commenting on the performance of Massy Holdings for the financial year to September 30, 2019. Massy is a regional conglomerate with operations in Barbados.

He has said that through a combination of initiatives and strategies, the Group has continued its profitable growth trajectory over the past year.

Profit after tax increased eight per cent over the previous year from Bds$164.4 million in 2018 to Bds$181.6 million. Earnings per share similarly grew eight per cent.

“While the Dorian insurance business incurred net claims associated with Hurricane Dorian in the vicinity of Bds$12 million, gains from the sale of some of our non-core assets cushioned that effect,” the Chairman revealed in his statement.

He further reported that third-party revenue remained flat with a two per cent decline from Trinidad and Tobago. However, this was offset by continued revenue growth in Colombia.

In highlighting the performance of some of the Group’s segments, the Chairman remarked that the integrated retail business grew two per cent despite what he called economic headwinds in Trinidad and Tobago and in Barbados that setback the Massy stores in those two countries.

In addition, the Energy and Industrial Gas Business Unit produced a four per cent decline in profit before tax.

“As Chairman, I am personally excited for the executives and professionals in the Group who will experience greater autonomy and participation in driving the success of their businesses and enjoy the opportunity to unleash their creativity and drive.”