Massy Group has seen a whop­ping 36 per­cent in­crease in its Prof­it Af­ter Tax (PAT) for the first three quar­ters of Fi­nan­cial Year (FY) 2021 record­ing PAT of $500 mil­lion, up from $367 mil­lion the year be­fore.

In its unau­dit­ed fi­nan­cial state­ment the com­pa­ny not­ed that its per­for­mance was com­mend­able, bear­ing in mind the chal­lenges posed by Covid19 in the coun­tries it op­er­ates.

"Group Third Par­ty Rev­enue from Con­tin­u­ing Op­er­a­tions in­creased by 6% over the same pe­ri­od in FY2020 from $8.1 bil­lion to $8.6 bil­lion. Prof­it Af­ter Tax in­creased by 36% from $367 mil­lion to $500 mil­lion and Earn­ings Per Share im­proved by 41% from $3.44 to $4.85 per share. Rev­enue growth in Q3 was dri­ven by a 148% in­crease in Rev­enue from Massy Mo­tors Colom­bia ver­sus Q3 2020." The com­pa­ny's fi­nan­cials show.

Its Chair­man Robert Bermudez not­ed that in the Third Quar­ter (Q3 April-June) of the 2021Fi­nan­cial Year (FY), Massy ex­pe­ri­enced mixed signs of re­cov­ery from the COVID-19 pan­dem­ic. Some economies such as Ja­maica and Bar­ba­dos be­gan ex­pe­ri­enc­ing re­cov­ery in their tourism sec­tors, while spikes in cas­es and deaths in Trinidad and To­ba­go sent that coun­try in­to lock­downs and cur­fews.

Dur­ing the Q3 pe­ri­od in Colom­bia, pro­posed tax in­creas­es on top of an al­ready very dif­fi­cult sit­u­a­tion with COVID -19 in the coun­try sparked protests in many of the main cities. Guyana on the oth­er hand con­tin­ued its eco­nom­ic growth and op­ti­mism while re­duc­ing its ac­tive COVID-19 cas­es dur­ing the pe­ri­od.

He said Strong Prof­it Be­fore Tax growth com­pared to 2020 was re­port­ed by the Fi­nan­cial Ser­vices (38%), In­dus­tri­al So­lu­tions (IRP) 15% and Gas Prod­ucts 4%, which was a sig­nif­i­cant im­prove­ment com­pared to a 10% de­cline through Q2 YTD).

The com­pa­ny's Mo­tors and Ma­chines Port­fo­lio suf­fered a sig­nif­i­cant set­back with op­er­a­tions in Trinidad and To­ba­go closed in the COVID-19 lock­down pe­ri­od from May 3 to Ju­ly 12.

It said; "For­tu­nate­ly, some off­set came from Massy Mo­tors Colom­bia's per­for­mance, but the port­fo­lio re­port­ed a PBT de­cline of 19% ver­sus pri­or year."

Bermudez not­ed that Massy con­tin­ues to fol­low its strat­e­gy to fo­cus its in­vest­ments on its three main in­dus­try port­fo­lios and strate­gic as­sets as­so­ci­at­ed with these busi­ness­es.

With the re­lease of its Q2 2021 re­sults, the Group made the ma­te­r­i­al change dis­clo­sure of the de­ci­sion to ap­ply to cross-list the Com­pa­ny's shares on the Ja­maica Stock Ex­change. The Group has ap­point­ed fi­nan­cial ad­vi­sors for the cross-list­ing process and is look­ing at Jan­u­ary 2022 to op­er­a­tionalise the cross-list­ing.

It said while many of the coun­tries in which the Group op­er­ates con­tin­ue to be chal­lenged with the health and eco­nom­ic crises cre­at­ed by the pan­dem­ic, Massy con­tin­ues to per­form com­mend­ably with its em­pha­sis on push­ing greater au­ton­o­my to the man­age­ment teams in its port­fo­lios and fo­cus­ing on the busi­ness­es and ac­tiv­i­ties in which the Group has greater scale and com­pe­ten­cy.