Massy Holdings sets higher global goals
Massy which operates 68 retail stores and 16 distribution warehouses in the region is aiming for organic growth. Affonso states, “The Group’s aspiration is to grow our revenue to over US$4 billion by 2030 through organic growth, and disciplined Mergers and Acquisitions and capital investments.
“Achieving this goal will provide the scale and scope to ensure that the Group is more recognisable on a global stage and is able to attract international capital to support further growth and generate even greater value to our shareholders in the medium to long term.”
Management reported for the group's fiscal year 2024 third party revenue from portfolios increasing by 11 percent, from TT$14.2 billion in FY 2023 to TT$15.7 billion in FY 2024, driven largely by our gas products and Integrated retail portfolios, which recorded 19 percent and 10 percent growth respectively.
At the Group consolidated level, management indicated that “ a challenging year” resulted in several one-off costs, and an 8 percent decline in the Group’s Profit before Tax, from TT$1.2 billion, to TT$1.1 billion in FY 2024, that reduced profit for the year by 12 percent, from last fiscal’s TT$813 million to TT$712 million.
The decline was primarily driven by increased provisioning for bad debts, investments in governance and the IHC model, full-year interest costs on acquisition financing, and one-off legal expenses.
Massy Group of Companies reported revenue of $2.11 billion in U.S. dollars for the fiscal year that ended Sept. 30, 2023, up from $1.83 billion in fiscal 2022 and $1.6 billion the year before.Future investments
Cash flow from operating activities after interest paid increased by 33 percent from TT$802 million to TT$1.1 billion. Affonso commented, “Our overall cash position also strengthened from TT$1.3 billion to TT$1.6 billion, and we notably paid off TT$589 million on the margin line of the divestment fund portfolio (DFP) investments, significantly enhancing our capacity to undertake future investments.”
Massy has been deepening its footprint in gas and other portfolio areas in the region. In 2023 acquisitions the division acquired Air Liquide operations in Trinidad and Tobago and the IGL Liquid Petroleum Gas (LPG) and Industrial and Medical Gases (IMG) business in Jamaica.
Additionally, traditional businesses in Jamaica, Guyana, and Trinidad experienced organic growth. In Guyana, there was volume growth in LPG, due to market penetration in rural communities where customers transitioned from less environmentally friendly fuel sources.
Massy gas also increased exports, particularly of CO2, and the supply of Nitrogen and Argon for plant maintenance turnaround activities in Trinidad, which boosted revenues for both our acquired and traditional businesses.
The Gas Portfolio achieved both revenue and PBT growth, generating third-party revenue of TT$2.1 billion and PBT of TT$356 million for FY 2024, representing 19 percent and 4 percent growth in the prior year respectively.
Massy Holdings Limited is an investment holding company. Its three main investment portfolios are Integrated Retail, Gas Products and Motors & Machines, as well as a Financial Services Line of Business.
With portfolios including a traditional supermarket retail business, Massy has 68 retail stores operating in six territories. It also includes six full-service distribution businesses representing a number of international FMCG (Fast Moving Consumer Goods) and pharmaceutical brands make up the rest of the portfolio.
Distribution companies are located in the five largest islands in the Caribbean, and in Jacksonville, Florida, our distribution network touches every market in the Caribbean chain.
The group is also a provider of Liquified Petroleum Gas for domestic and commercial use and of Industrial and Medical Gases to upstream and downstream energy, construction, healthcare, manufacturing, agriculture, food and beverage, hospitality, water treatment, petroleum, and many other industries throughout the Caribbean.
Motor and machines
Despite being faced by market contraction Massy Motors indicated that it increased its market share. Hybrid and electric models from Mazda, Kia and Volvo saw higher sales. The department said that an expanded rental fleet and wider geographic availability has allowed us to become number two in the market with 7 per cent market share.
Fiat, Jeep, Ram and Peugeot brands were added to Bogota showrooms. For FY 2024, the Motors and Machines Portfolio (MMP) delivered TT $3,487 million in third-party revenue, up 8 percent compared to last year.
Affonso in his outlook for 2025 said that the group will complete the next phase of implementing the new organisational and governance structures arising out of the reviews conducted in 2024 as a main project and also remain “sharply focused on operating profitability, cash flow generation, returns on capital invested, and our capacity to find and invest in growth and expansion opportunities.”
The Massy Group has been in operation since 1923 and has businesses throughout the Caribbean, as well as in Colombia and South Florida. The Group employs over 13,000 people in over 60 companies across the region.
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