Massy Group has demonstrated formidable financial strength in its first-quarter results for the period ending December 31st. The conglomerate announced a 6% year-on-year revenue increase, reaching US$650 million, signaling a powerful start to its fiscal year.
The Board of Directors, encouraged by these results, declared an interim quarterly dividend of TT$3.54 per share. This decision reflects confidence in the company’s sustained profitability and commitment to shareholder returns.
Financial metrics showed impressive gains across key performance indicators. EBITDA (earnings before interest, taxes, depreciation, and amortization) surged by 12% to US$79 million, while profit after tax from continuing operations climbed 9% to US$33 million. Correspondingly, earnings per share from continuing operations rose by 9% to US$0.02.
Segment performance revealed diversified strength throughout Massy’s portfolio. The integrated retail division, encompassing Massy Distribution and Massy Stores retail outlets, grew revenue by 4% to US$400 million, maintaining its position as the Group’s largest contributor. This growth was fueled by volume expansion, enhanced merchandising strategies, and continued improvements in customer experience.
The gas products segment recorded a 10% year-on-year EBITDA increase to US$21 million, while the motors and machines portfolio achieved a remarkable 17% third-party revenue growth to US$200 million compared to the prior-year quarter.
President and CEO James Mc Letchie acknowledged shareholder support and expressed optimism about Massy’s strategic direction. Despite acknowledging challenges including inflationary pressures, foreign exchange constraints, and competitive market dynamics, Mc Letchie emphasized the company’s focus on executing its long-term strategy through consistent performance, strengthened governance, responsible capital allocation, and sustainable growth investments.