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.