Massy enters 2025 with strong momentum, building on a successful 2024. Last year, we delivered record revenue growth and cash flow and enhanced our balance sheet. These results provide a solid foundation for continued growth and long-term value creation for our shareholders and all stakeholders.

At our Annual General Meeting (AGM) on January 15, 2025, shareholders reaffirmed their confidence in our strategy. We remain committed to driving sustainable growth with our commitment to being the vehicle of intergenerational wealth for our shareholders and stakeholders.

This year, we will focus on advancing strategic clarity, ensuring disciplined growth, optimising capital allocation, and expanding our hard currency earnings. With our balance sheet continuing to strengthen, we are well positioned to seize opportunities that enhance shareholder value.

QI 2025: A Strong Start to the Year

Massy’s performance in QI 2025 underscores our ability to drive sustainable growth while maintaining strong financial discipline.

• Revenue increased 6% Year over Year (YOY) to TT$4.2B, demonstrating the continued strength of our diversified portfolio
• Profit Before Tax (PBT) grew 4% YOY to TT$303M, with Profit After Tax (PAT) increasing 2% YOY to TT$202M

‘Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) continued to show growth of 3% to TT$478.5M and represents our core profitability by stripping out financing and accounting costs. This provides insight into how operational performance before non-cash expenses and capital structure impact the bottom line •Net cash generated from operations surged 227% YOY, from TTD $164M to TTD$537M, reflecting our continued disciplined approach to cash and working capital efficiency

• Our strengthened financial position ensures the agility and resilience to navigate the future with confidence

Portfolio Performance and Growth Drivers

Integrated Retail Portfolio (IRP)

Our Integrated Retail Portfolio delivered a strong performance, with a 14%-year over-year (YOY) increase in PBT and 13%-year over-year (YOY) increase in Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA), driven not only by topline growth of 4% YOY to TT$3B but also by an improved gross profit margin resulting from a shift in product mix. This significantly enhanced the bottom line, leading to a more significant 14% increase in PBT and 13% increase in EBITDA. Retail sales growth continues to drive performance while distribution remains stable across our core markets.

Gas Products Portfolio (GPP)

The Gas Products Portfolio experienced a 4.5% YOY revenue growth to TT$559M, primarily fuelled by robust LPG performance in Guyana and sustained demand for industrial and medical gases (IMG). However, PBT declined by 8.5% and EBITDA declined by 9.5% YOY to TT$88M and TT$131M respectively, due to increased LPG input costs, the absence of revenue from the recently sold CIG associates business, and weaker performance in our other associate businesses. Included in expenses this quarter is an additional accrual of TT$6.8M in pre-turnaround activity for a significant maintenance turnaround at one of our Trinidad plants scheduled for later this year.

Motors & Machines Portfolio (MMP)

Revenue in the Motors & Machines Portfolio grew by 14% YOY to TT$886M, with PBT and EBITDA increasing by 2%, to TT$47M, and 4% to TT$87.3M respectively. Macroeconomic conditions in Colombia are improving, and we have made significant progress in the market, driving increased sales. In Trinidad and Tobago, where USD availability remains constrained, disciplined inventory management has supported a resilient performance. However, the Machines business in Trinidad continues to face challenges due to reduced capital investment and infrastructure spending in the market. We are actively addressing these challenges and remain committed to the long-term success of this business.

Looking ahead, we expect Colombia, a key market for us, to continue its trajectory of strength and growth. Additionally, we are introducing financing options to support our customers in Guyana, which we anticipate will drive further expansion in this market.

Continued Focus on Delivering Value to Shareholders

As part of our ongoing commitment to rewarding shareholders, the Board has declared a dividend of 3.54 cents per share for QI 2025, marking the beginning of our shift to quarterly dividend payments. This move reflects our unwavering dedication to delivering consistent, long-term returns and our recognition of the integral role our shareholders play in our success.

Charting the Future: Strategic Priorities for 2025

As we continue to execute our growth strategy, our focus for Q2 and the rest of FY 2025 will be on providing even greater clarity and transparency on strategy. We believe that by keeping our shareholders well-informed about our strategic direction, we can ensure that you feel involved and confident in the future potential and value of our businesses and the overall Group.

1.Strengthening our core businesses through talent and leadership development, operational efficiency and disciplined cost management.

2.Enhancing shareholder value through innovation and leadership in driving investor confidence, market engagement and transparency.

3.0ptimising capital allocation to ensure sustainable, long-term returns.

4.Detailing our strategic roadmap allows for more precise insights into future growth opportunities.

We remain focused on disciplined execution and operational excellence to ensure that Massy continues to build a resilient, growth-oriented future. I extend my sincere appreciation to our employees, shareholders, and stakeholders for their trust and support. Together, we will continue to deliver intergenerational wealth, economic progress, and a legacy of enduring value.

Robert Riley Chairman Massy Holdings Group

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Businessuite 2024 Top 100 Caribbean Companies – Profit after Tax        

Businessuite 2024 #1 Caribbean Company – US$ Revenue Massy Holdings Limited