(Trinidad Guardian) Massy Holdings Ltd yesterday reported after-tax profits of $712.43 million for the financial year ended September 30, 2024, which was 12.36 per cent less than the $812.93 million the group earned in 2023.
Massy recorded revenue of $15.72 million for the period October 1, 2023 to September 30, 2024, which was 10.82 per cent more than the $14.19 bllion the group generated for the same period in 2023.
Massy’s performance was highlighted in its audited consolidated financial statements for the 12 months ended September 30, 2024.
In his statement, Massy chairman Robert Riley noted that in 2024, the company delivered very strong results, achieving record revenue and cash flow despite a challenging environment.
Revenue grew by 11 per cent to TT$15.7 billion, and net cash flow from operations after interest costs surpassed TT$1 billion for the first time in in the company’s history, rising by 33 per cent to TT$1.1 billion.
“These milestones demonstrate the strength of our businesses and the effectiveness of investments in our Investment Holding Company (IHC) model.
“While achieving these results, we also addressed challenges. One-off costs related to governance enhancements, receivable adjustments, and financing expenses from recent acquisitions impacted profitability. Consequently, profit before tax (PBT) and profit after tax (PAT) declined by eight per cent and 12 per cent, respectively,” he explained.
Despite this, Riley said the company’s financial position remains robust, supported by a strengthened balance sheet and increased financial flexibility to drive disciplined future growth.
Motors and machines portfolio revenue grew by 8 per cent to TT$3.5 billion (US$518 million) but the portfolio realised a decline in PBT by 13 per cent year-over-year to TT$227.7 million (US$33.8 million).
“Despite economic challenges in Colombia, we are repositioning this business to capture growth opportunities in the coming year,” Riley added.
Looking ahead. Riley said Massy’s achievements in 2024 reflected the strength of people, the clarity of its strategy, and the trust of its stakeholders.