The Trinidad and Tobago-headquartered Massy Group is signalling to shareholders and the investment community that it is concentrating on core operations, and the group’s strong cash position from the disposal of several assets has put the group in an extremely strong position.
This has been outlined by group chairman Robert Bermudez as he commented on the first quarter consolidated financial statements of Massy Holdings and its subsidiaries, including the substantial operations in Barbados.
Furthermore, Bermudez hinted that further divestment of the group’s operations was coming, while the conglomerate was pursuing new acquisition options.
For the quarter ended December 31, 2021, which also represents the first quarter of the 2022 financial year, Massy generated total revenue of TT$3.23 billion (BDS$ 1.07 billion) and this was an increase on the TT$2.98 billion (BDS$ 993.67 million) for the comparable period in 2020.
According to the unaudited statements, profit for the three-month period stood at TT203.74 million (BDS $67.91 million).
According to the Massy board chairman: “The Group continued to rely on the increased devolution of autonomy to its portfolios and employees to operate consistent with our purpose and values and to respond to the challenges and opportunities we face.”
The Massy board has over the past two years pursued a policy that allowed its management in the various jurisdictions to make strategic decisions that respond to the unique circumstances of each market.
Bermudez added: “On the one hand, the Group continued to navigate the changing circumstances of the ongoing COVID- 19 pandemic with its resultant varying restrictions, mental health challenges, supply chain breakdowns and emerging issues such as global inflation and anticipated interest rate
increase.
“On the other hand, some of the economies in which the group operates are experiencing significant growth (i.e., Guyana) and others are rebounding strongly from pandemic induced recessions.”
Describing the performance of the Massy Group as “commendable”, Bermudez said the conglomerate’s strategy will be to continue to focus on its three main portfolios and enhance the autonomy of senior management on the ground.
Bermudez told investors: “The group has a strong pipeline of organic and inorganic growth investment opportunities which are being pursued with great rigour and enthusiasm.
“The group’s substantial borrowing capacity and its increasing investment portfolio from the proceeds of divestments, provides ample resources to fund its immediate growth plans.”
The chairman pointed out that Massy’s divestment of “non-core assets and businesses” was an ongoing process. In this connection, Bermudez said the agreement it signed with the Bermuda-based Coralisle Group to purchase Massy United Insurance Ltd, was still awaiting regulatory approval.
Massy became the lead shareholder in United Insurance when it acquired Barbados Shipping & Trading group, which was then a major shareholding in the Barbadian insurance company. United Insurance has operations within the region. (IMC1)
