The Massy Super Centre at Gulf View, La Romaine.

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.