Massy looks at financing customers in Guyana

 



Massy Holdings Limited, for the quarter ended December 31, 2024, saw revenue move upwards by six per cent year over year to TT$4.2 billion.

Massy is a publicly held company which is listed on the Trinidad & Tobago and Jamaica Stock Exchanges. A group of about 60 companies, it is an investment company with three main portfolios: integrated retail, gas products and motors and machines and other legacy businesses.

The company has been in operation since 1923 with companies throughout the Caribbean, as well as in Colombia and South Florida. For the group profit before tax grew four per cent to TT$303 million, up two per cent with net profit up two per cent TT$202 million.

Net cash generated from operations increased 227 per cent year over year $164 million to TTD$537 million.

The company indicates that it is considering higher levels of investment support in Guyana for one of its key segments -gas products.

The company in Guyana is engaged in sale and distribution of industrial gases and Liquified Petroleum Gas (LPG) selling medical, industrial, liquefied petroleum gas (LPG) and related installation services.

Chairman Robert Riley stated, “We are introducing financing options to support our customers in Guyana, which we anticipate will drive further expansion in this market.”

The total gas products portfolio experienced a 4.5 per cent YOY revenue growth to TT$559 million, driven mainly by LPG performance in Guyana and sustained demand for industrial and medical gases (IMG).

Profit before tax for gas products declined by 8.5 per cent and EBITDA declined by 9.5 per cent YOY to TT$88 million and TT$131 million respectively, due to increased LPG input costs, the absence of revenue from the recently sold CIG associates business, and weaker performance in other associate businesses.

Otherwise, Massy’s Integrated retail portfolio grew 14 per cent year-over-year (YOY) increase in PBT and 13 per cent year over-year (YOY) increase in earnings before interest, tax, depreciation, and amortization (EBITDA), driven not only by topline growth of 4 per cent YOY to TT$3 billion but also by an improved gross profit margin resulting from a shift in product mix.

Revenue in the motors and machines portfolio grew by 14 per cent YOY to TT$886 million, with PBT and EBITDA increasing by 2 per cent, to TT$47 million, and 4 per cent to TT$87.3 million, respectively.

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