The Massy retail outlets in Barbados have contributed significantly to the half -year growth results of the Trinidad and Tobago-headquartered conglomerate.
Its chairman Robert Bermudez acknowledged the performance in the Chairman’s Report that accompanied the unaudited financial highlights of the group, in which he presented an overview of the performance for the six months ending March 31.
Bermudez described the operation of the pan-Caribbean company as “commendable” when he examined the main portfolios and lines of business.
“Profit Before Tax from the Group’s operating subsidiaries increased by 20 per cent or TT$87.7 million over the same period. Profit Before Tax from the Integrated Retail Portfolio increased by 25 per cent over prior year,” he noted.
While Massy has major investments in Barbados including real estate assets, the chairman said it was the integrated retail sales in Barbados that helped propel the significant increase in revenue from this portfolio within the group.
“The growth in Integrated Retail came from all markets especially Guyana, Trinidad and Tobago and Barbados. The growth in Motors and Machines was driven by the rebound of Massy Motors in Trinidad but also supported by growth in Massy Machinery, Massy Motors Guyana and Massy Motors Colombia,” he stated.
Bermudez added: “The stellar performance of the operating companies in the Group was overshadowed by disappointing performance in the Group’s Divestment Funds (USD investments of proceeds of divested assets) and Captive Reinsurance portfolios, and from higher expenses in the Corporate Office recorded in the first half of the financial year 2022 than in the same period in financial year 2021.”
During the review period, the Divestment Funds and the Captive Reinsurance portfolios contributed TT$35.7 million of income to the head office.
Bermudez, who was upbeat about the performance of the group, said the conglomerate held its Annual Strategy Review in April 2022 in Bogotá Colombia, at which the board reviewed “credible growth strategies” for each of the company’s portfolios.
He indicated that with the accelerated momentum that the portfolios achieved, the Integrated Retail portfolio launched five new Massy Stores in just the first half of 2022 financial year.
According to the chairman, Massy received required regulatory approval for the sale of Massy United Insurance, a general insurance subsidiary it acquired when Massy took control of Barbados Shipping & Trading in 2008.
Massy United Insurance is now owned by CG Insurance which is part of Bermuda-based Coralisle Group.
The board of directors approved a half-year dividend of TT $0.3 cents which represents a nine per cent increase over restated half-year dividend of $0.2 cents per share.
(IMC1)
