2022 was the 99th year of operations for the Massy Group of Companies, formerly Neal & Massy. Given the tumultuous environment in the world today, coupled with the success the Group has experienced in focusing on its three main Portfolios and success in international expansion, we have created a new vision for the Massy Group as it approaches 100 years of operations:

“A Global Force For Good, An Investment Holding Company with a Caribbean Heart”

Several developments have inspired this new vision. First, we are called to expand our sphere of influence beyond the Caribbean Basin. We recognise that our Purpose and Values resonate with people from diverse backgrounds, religions, and races.

Our Purpose and Values are grounded in the contribution of our people and their pursuit of fulfilment.

Secondly, our focus on our three main Portfolios and our success with regional expansion and acquisitions of similar businesses has given us confidence that these are industries in which we have the operating excellence and the people leadership model that allows us to compete successfully in almost any market.

Thirdly, with the success of divesting the non-core assets and unleashing growth in our core businesses, we are increasingly taking an investment management lens to the review of the performance and mix of the businesses in our Portfolios.

Lastly, and perhaps most importantly, we recognise that Caribbean heritage and warmth are special. The heart and spirit with which Massy employees and operations approach doing business is unique; and brings out the best performance in our employees and builds customer loyalty.

As we approach the Group’s 100th year of operations, we have never been stronger or better prepared for the future. Most of the underperforming and non-core assets have been divested from the Group, with the most significant remainder left to be sold being noncore real estate in Barbados.

The Group has never been more profitable and our Balance Sheet has never been stronger.

Operating Profit from Business Units grew by 25 percent from TT$961 million (US$143 million) in FY2021 to TT$1.2 billion (US$178 million) in FY2022.

Profit Before Tax (PBT) from Continuing Operations grew by 11 percent from FY 2021 to FY 2022; growth was impacted by the underperformance of the overseas cash investments held by the Group in FY2022 compared to the significant gains produced in those investments in FY 2021.
The Group’s Debt to Equity is down to 25 percent and in addition to its TT$1.2 billion in cash at the end of the year, the Group has US$176 million invested overseas to fund acquisitions and growth initiatives.

The Group’s governance has been strengthened with the creation of Portfolio Boards of Directors with Independent Directors and with increased autonomy and decision-making being implemented throughout our operations.

Strategy Update
The Group’s Corporate Strategy follows from the new vision statement and has three simple components:
1 Growth and Global Expansion
2 Capital Management to Increase Value for Shareholders
3 Expanding the Depth and Sphere of Influence of our Caribbean Hearts

Growth and Global Expansion

Consistent with our new vision, the Group and its Portfolios are now setting their sights on global expansion. Having narrowed the Group’s focus to our three main Portfolios in which the Group has distinctive operating capabilities and significant scale, and having divested US$271 million of non-core and under-performing assets, the Group is well positioned to pursue global expansion.

In each of our main Portfolios, we are finding opportunities to acquire private, independently run businesses in most countries we examine. The combination of our ability to further invest in these businesses, with our approach to listening to and empowering existing management, in tandem with our deep understanding of the fundamentals of running these businesses, allows us to grow and improve the operations of these acquisitions and produce attractive returns on our investments.

To lead the Group’s global expansion, David O’Brien has been appointed Executive Vice President, Global Expansion for the Group. David recently retired as Executive Chairman of the Motors & Machines Portfolio and has been at the forefront of the Group’s international expansion. David will work closely with the Chairmen of our three main Portfolios to develop specific market strategies including building networks to generate credible target opportunities for global expansion of our three main Portfolios. These efforts will be augmented by the capabilities of the Corporate Strategy and Transactions Team in the Group to support broader searches, screening, and execution against target opportunities.

Mr. E. Gervase Warner, President &
Group CEO
Massy Group of Companies

For More Information CLICK THIS LINK