February 22, 2022
Massy Holdings Limited (MASSY) posted revenue of $3.23 billion, an 8% increase when compared to $2.98 billion reported for the comparable period in 2020.
Operating profit after finance costs increased by 7% to $262.81 million (2020: $244.69 million).
Share of profit of associates and joint ventures for the three months ended December 31, 2021 was $12.13 million relative to $16.25 million for the corresponding quarter last year.
Profit before income tax totalled $274.93 million (2020: $260.94 million). Income tax expense totaled $85.31 million (2020: $86.21 million). Profit after tax from discontinued operations for the first quarter was $14.12 million versus $13.69 million last year. MASSY’s Profit for the year amounted $203.74 million (2020: $188.42 million).
Profit attributable to owners of the parent as it regards to continuing operations amounted to $177.21 million (2020: $163.38 million).
Profit attributable to owners of the parent as it regards to discontinuing operations amounted to $14.12 million (2020: $10.11 million).
Total Profit attributable to owners of the summed to $191.33 million (2020: $173.48 million).
Total comprehensive income for the period under review amounted to $201.23 million (2020: $210.67 million).
MASSY had an earnings per share (EPS) for the period of $1.93 (2020: EPS $1.75). The twelve-month trailing EPS amounted to $8.15. The number of shares used in this calculation was 98,969,227 units. As at February 21, 2022, the stock traded at J$2,050.53 with a corresponding P/E ratio of 10.98 times.
MASSY noted that, “In September 2021, Massy announced the signing of a Share Purchase Agreement with the Coralisle Group to purchase Massy United Insurance Limited. The two companies are still working to secure the requisite regulatory approvals to complete the transaction. Considerable progress has been made but some critical approvals remain pending.”
“At its Annual General Meeting on January 21st, 2022, Massy’s shareholders approved a stock split of 20 new shares for everyone share presently held. The share split of 20 new shares for every one share presently held. The share split is targeted to take place on March 11th 2022, and is intended to enhance retail trading in Massy’s shares in Jamaica as well as in Trinidad and Tobago,” as per Management.
Balance Sheet Highlights:
The Company, as at December 31, 2021, held Total Assets worth $13.63 billion, an 8% increase when compared to $12.78 billion recorded last year. The movement was primarily attributable to a $2.26 billion increase in ‘Assets classified as held for sale’ to $2.27 billion from $8 million in 2020.
Total Shareholders’ Equity as at December 31, 2021 closed at $6.85 billion, compared to $6.36 billion recorded for the same period in 2020. This resulted in a book value per share of $69.24 compared to a value of $64.26 as at December 31, 2020.
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