August 11, 2023

Massy Holdings Limited (MASSY) for the nine months ended June 30, 2023, reported a 12% increase in revenue totaling TT$10.35 billion compared to TT$9.20 billion in the corresponding period last year. Revenue for the third quarter had a 16% increase to close at TT$3.55 billion compared to TT$3.06 billion for the comparable quarter of 2022.

There was no net finance cost for the period (2022: nil). Consequently, operating profit after finance costs increased by 23% to TT$754.30 million compared to TT$614.83 million for the nine months ended June 30, 2022. The company booked operating profit after finance costs of TT$245.57 million for the third quarter versus TT$188.08 million reported for the similar quarter of 2022.

Share of profit of associates and joint ventures decreased by 91% to TT$2.19 million (2022: TT$23.64 million). Consequently, profit before tax increased by 18% from TT$638.47 million in 2022 to TT$756.49 million in the period under review.

Taxation charges amounted to TT$242.08 million, a 15% increase relative to TT$210.69 million reported in 2022. As a result, profit from continuing operations amounted to TT$514.41 million, a 20% increase relative to TT$427.78 million reported in 2022. Profit from continuing operations for the third quarter amounted to TT$160.83 million (2022: TT$129.82 million).

Profit after tax from discontinued operations totalled TT$6.97 million a 92% decrease from the corresponding period last year (2022: TT$87.86 million).

Net profit for the nine months amounted to TT$521.38 million, a 1% increase relative to TT$515.64 million reported in 2022. Net profit for the third quarter amounted to TT$162.51 million (2022: TT$188.79 million).

Profit attributable to owners of the parent for the nine months increased slightly to reach TT$484.77 million (2022: TT$484.50 million).

Earnings per share (EPS) for the nine months amounted to J$5.64 (2022: J$5.43), while EPS for the quarter totalled J$1.76 (2022: J$2.02). The twelve-month trailing EPS was J$9.47 and the number of shares used in these calculations was 1,979,384,540.

Notably, MASSY’s stock price closed the trading period on August 10, 2023 at a price of J$101.00 with a corresponding P/E ratio of 10.66x.

Balance Sheet Highlights

The company’s assets increased 23% to total TT$15.20 billion (2022: TT$12.34 billion). This increase was largely due to other current assets, which grew 36% to TT$6.03 billion (2022: TT$4.44 billion) followed by other non-current assets, which grew 127% to TT$1.87 billion (2022: TT$824.54 million).

Shareholder’s equity was TT$7.25 billion (2022: TT$6.79 billion), representing a book value per share of TT$3.66 (2022: TT$3.43).

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