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Businessuite 2022 Top Trinidad and Tobago Company – US$ Revenue Massy Holdings Limited
| Businessuite 2022 Top Trinidad and Tobago Company – US$ Revenue | |||||||||
| NR | NR | NR | NR | NR | NR | US$000 | US$000 | ||
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | Company | 2022/2021 | 2021/2020 | |
| 1 | 1 | 1 | 1 | 1 | 1 | TT | Massy Holdings Limited | $1,653,484 | $1,528,841 |
We are now experiencing and cultivating a new energy within and across our Group of companies in all the countries in which we operate
Financial Year (FY) 2021 was another extraordinary year for the Massy Group of companies. The transformational work that the Group has been undertaking for years, has unleashed a new energy across our organisation, in our business operations, among our people and within the societies in which we operate. The Group’s commendable financial results are a lagging indicator of the way the Group is operating.
When we began the journey in 2011 to become a “conscious company”, purpose-driven and values-based, we held the belief that our Group could sustain outstanding financial performance by operating “consciously”. We believed that companies in which leaders are expected to engage, grow, motivate, and reward employees with a focus on delighting customers could create a virtuous cycle of loyalty and value that would produce superior returns.
We believed that conscious companies, which used profits to better reward employees and invest in surrounding communities, could create an environment in which multiple stakeholders would support the company’s future.
We believed that embracing suppliers and creating unbeatable value propositions for customers would secure sustainable returns.
As we initiated the journey many years ago, we quickly recognised the challenges and the need to change our own leadership behaviours.
Personal transformation takes time and courage. Over the course of the last 10 years, senior leadership has completed significant personal leadership transformation. I acknowledge the courage, determination, and generosity it took for many of us to recognise unproductive ways of being and remain open to feedback to become more effective leaders. The process is ongoing.
A major breakthrough for the Group came through our strategy exercise in 2018, when we examined the performance of the companies in the Group and identified that 48 percent of the Group’s Operating Assets at an operating company level were producing returns below the Group’s Weighted Average Cost of Capital (WACC).
Growing the Group: Both Bottom Line and Top Line
Despite the deleterious effects of the pandemic on the economies in which we participate, it would be remiss of me not to recognise that the pandemic has also helped us to optimally improve how we operate.
Fundamentally, it has taught us that we can efficiently ‘do things differently’, and that we can also effectively ‘do different things’. One clear example of the first point is how embedded remote working has become in our organisation which enabled us to further cut back on business travel, occupancy and administrative costs regionally.
The second point relates to how creative our businesses have been in operationalising their strategic plans, in this new paradigm, by offering new products and services, as well as serving new channels and customer segments. I highlighted a few examples last year – launching the new Massy Stores Mini format in Integrated Retail, alternative uses for Liquified Petroleum Gas (LPG) in Gas Products and pursuit of hybrid and electric vehicle (EV) lines in Motors & Machines. The segment reports coming up will provide greater insights on how the Portfolios are progressing with these initiatives and many other exciting projects.
However, what I want to really emphasise here is that we are not only committed to developing our core businesses organically, but we also have a valid pipeline of new ideas and strategic plans that will allow us to capture inorganic value to sustainably grow both our Top and Bottom Line.
President & Group CEO
Mr. E. Gervase Warner
extract from Letter from the CEO E. Gervase Warner
https://massygroup.com/wp-content/uploads/2022/01/MASSY_HOLDINGS_ANNUAL_REPORT_2021.pdf
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