-group revenue up 13% for third quarter
Massy Guyana is working on agreements to bring third-party funding to customers in Guyana, which should support future growth of its motors and machines division.
Massy Group on Friday announced its Q3 financial results for the period ending June 30, 2024.
A statement from the group said that revenue grew 13% to TT$11.7 billion (US$1.7 billion) in Q3 FY2024, as a result of the strong performance across all portfolios with on-plan contributions from all 2023 acquisitions.
While Profit Before Tax (PBT) dropped 4% from its record 2023 levels, PBT of TT$0.7 billion in Q3 FY2024, showed an improvement from the 7% decline at the half-year. In addition, the Group showed a 239% improvement in year-over-year increase in cash generated from operations to TTD $640m.
“Cash generated from operations” refers to the cash flow the Group brings in from its regular business activities, like sales of groceries, cars and gas products, after paying for all its operating expenses.
The statement said that performance of the Group continues to be driven by the core businesses i.e., Massy’s three portfolios, Integrated Retail (IRP), Gas Products (GPP) and Motors and Machines (MMP).
Massy’s Integrated Retail Portfolio (IRP) which represents 64% of the Group’s revenue reported PBT of TT$0.5 billion (US$69 million), 7% higher than the same period last year. Sales increased 10% to TT$7.4 billion (US$1.1 billion), largely due to continued growth in their core markets, and the acquisition of Rowe Supermarkets in Florida.
Massy has several retail outlets in Guyana with its largest one being at the MovieTowne location.
The Gas Products Portfolio (GPP)’s PBT expanded by 10%, with sales up 33% year-over-year to TT$1.6 billion (US$237 million). This growth was powered by the strategic acquisitions of IGL in Jamaica, Air Liquide in Trinidad and improved operations in Guyana and Trinidad, and partially offset by a conservative provision for an outstanding balance taken in FY2023 and Q2 2024, the statement said.
The Motors and Machines Portfolio (MMP) sales rose by 11% to TT$2.5 billion (US$373 million). However, PBT slightly decreased by TT$0.9 million (US$0.1 million) due to macroeconomic challenges in Colombia and financing constraints in Guyana.
“Massy Guyana is working on agreements to bring third-party funding to customers in Guyana, which should support future growth”, the statement said.
