CONGLOMERATE Massy Group’s revenue surged by 13% to TT$11.7 billion (US$1.7 billion) in Q3 FY2024, driven by robust performances across all portfolios, including contributions from acquisitions made in 2023 and solid growth in organic base businesses.
Although Profit Before Tax (PBT) experienced a 4% decline from its record levels in 2023, the Q3 FY2024 PBT of TT$0.7 billion demonstrated an improvement from the previous half-year, with a notable 239% year-over-year increase in cash generated from operations to TTD $640 million.
The core businesses of Massy Group, namely the Integrated Retail Portfolio (IRP), Gas Products Portfolio (GPP), and Motors and Machines Portfolio (MMP), continued to be the primary drivers of the Group’s performance.
IRP reported a PBT of TT$0.5 billion (US$69 million), a 7% increase from the same period last year, fueled by a 10% rise in sales to TT$7.4 billion (US$1.1 billion) and the acquisition of Rowe Supermarkets in Florida.
GPP saw a 10% increase in PBT, with sales soaring by 33% year-over-year to TT$1.6 billion (US$237 million), attributed to strategic acquisitions and enhanced operations in key markets.
MMP experienced an 11% sales growth to TT$2.5 billion (US$373 million), although PBT saw a slight decrease due to challenges in certain regions, with initiatives underway to address these issues and support future growth.
Looking ahead, Massy Group outlined its strategic roadmap to 2030, focusing on sustainable growth to boost returns for shareholders and safeguard against currency fluctuations. The ambitious plan aims for a 50% increase in revenue to between TT$23 billion (USD $3.4 billion) and TT$25 billion (USD 3.7 billion), with corresponding growth in PBT and Cash Flow from Operations to drive higher profits and dividends.
With a keen emphasis on delivering consistent healthy dividends and ensuring long-term success, Massy Group’s strategic vision sets the stage for continued expansion and prosperity in the years to come.
