Massy Holdings reported profit after tax of $367.2 million for the first nine months of its financial year, which was an 11.7 per cent decline compared with the same period in 2019, when it recorded $415.8 million.
The Port of Spain-headquartered conglomerate reported revenue of $8.6 billion for the nine months ended June 30, 2020, which was 4.6 per down from last year.
The group recorded a 19 per cent decline in its after-tax profits for its third quarter, from April 1 to June 30, 2020.
In his chairman’s statement, Robert Bermudez said the group’s third quarter performance reflected the resilience of the group.
“The increased decentralisation of decision making improved the group’s ability to respond to different emerging developments in various sectors and countries”– Massy chairman Robert Bermudez
“During this period, in which most countries were under lockdown and curfew orders for much of the quarter, almost all companies in the group were negatively impacted. Notable exceptions were the integrated retail portfolio, in Trinidad, which was able to operate without major interruptions throughout the lockdown period; Massy United Insurance, which benefited from a recovery in investment income as the US stock market rallied in Q3 from the decline earlier in the year; Massy Services in Guyana; Massy Motors ACL and Massy Machinery.”
In the nine months ending June 30, 2020, Massy’s integrated retail portfolio generated $5.51 billion in revenue, which was 60 per cent of the $9.19 billion the entire group generated for the period.
Massy recorded $3.49 billion in revenue from T&T for the nine-month period. That was 38 per cent of the group’s total revenue. Barbados was the second highest revenue earner for the group, generating sales of $2.2 billion or 24 per cent of the group’s total sales.
Bermudez indicated that the group’s strategy to focus on its three main industry portfolios: integrated retail, gas products and motors and machinery is working.
“The increased decentralisation of decision making improved the group’s ability to respond to different emerging developments in various sectors and countries.”
The Massy chairman said the group is now living in a “new reality of operating our businesses while COVID-19 cases are still increasing in many of the countries in which we operate”.
He noted that “while the future is uncertain, we are confident in the group’s resilience and ability to adapt to the changes in the environment as they emerge. We will continue the path of innovation, productivity improvement, enhanced employee engagement and agile decision making that the pandemic has helped us forge.”