May 11, 2023

Massy Holdings Limited (MASSY) for the six months ended March 31, 2023:

Expressed in T&T Dollars (except where it is indicated otherwise):

Revenue increased 11% to $6.80 billion (2022: $6.14 billion). For the quarter, revenue increased 17% to $3.40 billion (2022: $2.91 billion).

Operating profit after finance costs increased 19% to $508.73 million (2022: $426.76 million). For the quarter, operating profit after finance costs increased 31% to $215.72 million (2022: $164.28 million).

Share of profit of associates and joint ventures declined 41% to $11.22 million (2022: $18.89 million).

Profit before taxation increased 17% to $519.95 million (2022: $445.65 million).

Taxation charges increased 13% to $166.36 million (2022: $147.69 million). As a result, profit from continued operations increased 19% to $353.58 million (2022: $297.96 million) and profit from discontinued operations declined 82% to $5.29 million (2022: $28.89 million).

Net profit increased 10% to $358.87 million (2022: $326.85 million). For the quarter, net profit increased 22% to $150.52 million (2022: $123.11 million).

Total profit attributable to owners of the parent increased 9% to $333.07 million (2022: $304.83 million). For the quarter, total profit attributable to owners of the parent increased 22% to $138.25 million (2022: $113.50 million).

Earnings per share (EPS) amounted to $0.168 (2022: $0.154). For the quarter, EPS amounted to $0.070 (2022: $0.057). The trailing twelve-month EPS amounted to $0.425. The number of shares used in the calculations is 1,979,384,540. MASSY’s stock price closed the trading period on May 10, 2023 at $99.35 with a corresponding P/E ratio of 10.39x.

Balance Sheet Highlights:

Total assets as at March 31, 2023 increased 1% to $13.94 billion (2022: $13.77 billion).  This movement was primarily due to an 87% increase in ‘Financial Assets’ to $1.97 billion (2022: $1.06 billion) tempered by a 97% decline in ‘Assets classified as held for sale’ to $74.75 million (2022: $2.31 billion).

Shareholders’ equity as at March 31, 2023 increased 5% to $7.11 billion (2022: $6.76 billion) resulting in a book value per share of $3.59 (2022: $3.41).

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