August 09, 2024
Massy Holdings Limited(MASSY)
Unaudited financials for the nine months ended June 30, 2024:
Massy Holdings Limited (MASSY) reported a 13% increase in revenue totaling TT$11.67 billion for the nine months ended June 30, 2024, compared to TT$10.33 billion in the corresponding period last year. Revenue for the third quarter increased 9% to close at TT$3.86 billion compared to TT$3.55 billion for the comparable quarter of 2023.
Despite no finance cost for the nine months ending 2024, Operating Profit after finance costs decreased by 18% to TT$619.16 million compared to TT$757.76 million for the nine months ended June 30, 2023. The company booked operating profit after finance costs of TT$239.24 million for the third quarter versus TT$246.26 million reported for the similar quarter of 2023, demonstrating the company’s resilience in maintaining a healthy operating profit.
Share of Profit of associates and joint ventures increased by 5034% to close at TT$112.32 million (2023: TT$2.19 million), a result of strategic decisions and successful partnerships. Profit before income tax decreased by 4% from TT$759.95 million in 2023 to TT$731.49 million in the period under review. Despite this decrease, the company’s strategic decisions have led to a healthy profit before income tax.
Profit from continuing operations for the nine months ended June 30, 2024, amounted to TT$465.00 million, a 10% decrease relative to TT$517.87 million reported in 2023. Profit from continuing operations for the third quarter amounted to TT$154.46 million (2023: TT$161.52 million). Profit after tax from discontinued operations totaled TT$8.22 million, a 134% increase from the corresponding period last year. (2023: TT$3.51 million).
For the nine months ending June 30, 2024, Profit amounted to TT$473.22 million, a 9% decrease relative to TT$521.38 million reported in 2023. Profit for the year for the third quarter amounted to 164.04 million (2023: TT$162.51 million).
Profit attributable to owners of the Parent for the nine months ended June 30, 2024, decreased 11% to TT$432.61 million (2023: TT$484.77 million). This decrease can be attributed to higher interest expenses with debt used to finance the company acquisition initiatives over the period, which the company is actively addressing to improve its financial performance. Management also alluded to restructuring and legal costs and an onetime accounts receivables adjustment in Q2, which is recorded in Q3, driving the profit margins south.
Consequently, Earnings Per Share for the nine months amounted to TT$0.22 (2023: EPS: TT$0.25), while Earnings Per Share for the quarter totaled TT$0.076 (2023: EPS: TT$0.077). The twelve-month trailing EPS was TT$0.36, and the number of shares used in these calculations was 1,979,384,540.
Notably, MASSY’s stock closed the trading period on August 08, 2024, at $75.76, with a corresponding P/E ratio of 9.22x.
Balance Sheet Highlights
The company’s assets totaled TT$14.92 billion (2023: TT$15.20 billion). The decrease in the company’s total asset base is ascribed to a reduction in the company’s “Investments in associates and joint ventures” declined by 24% year over year, representing a TT$31.52 million ending the period at TT$99.74 million (2023: TT$131.26 million) and the “Other current assets” declined by 11% year over year representing a TT$653.58 million decline, ending the period at TT$5.37 billion (2023: TT$6.03 billion).
Shareholder’s equity was TT$7.49 billion (2023: TT$7.25 billion), representing a book value per share of TT$3.78 (2023: TT$3.66).
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