BUSINESS MONDAY: Massy to focus on key operations

TO assure the future growth of Massy Holdings Limited, the company’s Board of Directors is placing greater emphasis on a number of areas as outlined by Chairman, Robert Bermudez.

In highlighting the company’s performance for the year to September 2019, Mr. Bermudez said that putting emphasis on key operations, improving the Group’s expertise and becoming increasingly more competitive and more performance oriented, will inform the strategy going forward.

Massy, one of the Caribbean’s leading conglomerates, has business operations in Barbados, Trinidad and Tobago where its headquarters are located, Guyana, Jamaica and in some of the other islands. It has assets of over $12 billion.

“To facilitate this, the Group has re-organised itself around three main industry portfolios and will provide greater autonomy to the Executives and Boards of these portfolios,” the Chairman remarked.

“We expect them to focus more intently on building distinctive capabilities to drive innovation, to effect strategies for addressing opportunities and threats which are specific to those portfolios,” he maintained.

The Group reported that 2019 was another good year. Revenues were up to $2.8 billion at the end of the September 2019 reporting period, from $2.7 billion a year earlier and profit for the period was $197.3 million, up from $175.6 million the previous year.

The Chairman said that the three main portfolios were selected after a process of assessing the competence and capabilities “in all of our Business units and identifying the most significant and credible growth opportunities”.