Businessuite #1 Caribbean Ranked Public Company For 2015
Market/Stock Exchange: Trinidad and Tobago
Company: Massy Holdings Limited
2016 Rank:
2015 Businessuite Rank: #1
2014 Businessuite Rank: #1
Chairman: Mr. Robert Bermudez
President & Group CEO: Mr. E. Gervase Warner,
Address: 63 Park Street Port of Spain Trinidad, West Indies
Telephone: (868) 625-3426
Facsimile: (868) 627-9061
E-mail: nmh@neal-and-massy.com
Website: www.neal-and-massy.com
Annual Reports and Performance
Company Profile:
Massy Holdings Limited (the ‘Company’) was incorporated in the Republic of Trinidad and Tobago in 1923. The Company and its subsidiaries, (together, the Group) are engaged in trading, manufacturing, service industries and finance in Trinidad & Tobago and the wider Caribbean region.
The Group is organised into six main business segments:
1 -Automotive and Industrial Equipment;
2 -Energy and Industrial Gases;
3 -Integrated Retail;
4 -Insurance;
5 -Information Technology and Communications (ITC)
6 -Other Investments
What They Believe And Committed To Achieve in The Pursuit Of Opportunities Outside CARICOM.
The following edited extract was taken from the company’s 2013 Annual Report to shareholders.
Financial Review Highlights
• Group Third Party Revenue increased 14% from $9.4 billion to $10.7 billion.
• Profit Before Rebranding Costs and Tax increased by 8%, from $825 million in 2013 to $890 million in 2014.
• Profit After Tax (PAT) increased from $597 million to $600 million.
• Earnings Per Share (EPS) was 5.69, 2% above 2013.
• The cost to rebrand most of the Group companies was $58 million in 2014.
• Group Debt increased by $1.3 billion to $2.5 billion.
• Group cash was $1.6 billion, compared to $1.1 billion in 2013.
• Debt to Debt and Equity Ratio increased, from 25% in 2013 to 38% in 2014.
• The Group issued a $1.2 billion bond in July 2014.
• The Group invested $996 million in Capital expenditure in 2014 (2013: $620 million).
• Current ratio was 1.4 in 2013, compared to 1.8 in 2014.
Overview of Business Unit Performance
Massy’s Business Units closed the year with strong operating results crossing $1 billion dollars in profit before rebranding costs in 2014, compared to $948 million in 2013. With the exception of our Other Investment portfolio, all other Business Units showed strong growth over 2013. Notably, the contributions from the new acquisitions (primarily retail operations in St. Lucia) and the commendable performance in our Consumer Finance Line of Business, Energy & Industrial Gases and ITC Business Units resulted in the growth in 2014.
The Group also expanded our geographical reach in 2014, by investing in new territories, namely Colombia and Costa Rica, and by increasing our ownership in the retail business in St Lucia.
The regional economies continue to be weak as many governments are saddled with mounting debt. The commodity based economies of Trinidad and Tobago and Guyana both had strong trading environments. The Trinidad and Tobago operations contributed 53 percent to third party revenue and 61 percent to profit before head office and other adjustments, rebranding costs and tax compared to 60 percent in 2013. The new investments in territories of Colombia and Costa Rica contributed $123 million in revenue for 2014. In addition, our revenue and profit contribution from the Eastern Caribbean also increased by $737 million and $35 million respectively, with the investment in the retail business in St Lucia.
Overall in 2014, the Group reported 14 percent growth in Group revenue, with 9 percent growth ($69 million) in operating profit from our continuing subsidiaries, before rebranding costs. Excluding rebranding costs, EPS increased by 10 percent to $6.14. With the rebranding costs of $58 million, EPS grew by 2 percent. BM
ROBERT BERMUDEZ is a Non-Executive Director. He was elected to the Board of Neal & Massy Holdings Limited, now Massy Holdings Ltd., in 1997 and has served on the Company’s Audit and Governance and Compensation Committees. He is also the Chairman of the Board of Directors of the Bermudez Group of Companies and has led the growth of the Bermudez Group from a local, family-owned business, to a regional business throughout the Caribbean and Latin America. Mr. Bermudez has enjoyed a distinguished career in business and is associated with several other corporate bodies in Trinidad and Tobago and the Caribbean. The Board of Directors, in noting his excellent standing and relationships throughout the region, as well as the quality of the contributions he has made to the Board, appointed Mr. Bermudez as Chairman of the Board in July 18, 2014.