Businessuite #1 Caribbean Ranked Public Company For 2016
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Businessuite 2016 #1 TT Company – US$ Revenue |
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| Nat Rank |
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Listed Company |
US$000 |
| 2016 |
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2015 |
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Massy Holdings Limited |
1,856,46
1 |
Market/Stock Exchange: Trinidad and Tobago
Company: Massy Holdings Limited
2016 Rank: #1
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
2015 Financial Review
“2015 was a commendable year for the Massy Group. The Group’s Third Party Revenue grew by 12 percent from $10.7 billion to $12 billion and the Group’s Earnings per Share grew by 15 percent from $5.69 per share to $6.53 per share. Profit Before Tax (PBT) also increased by 10.4 percent to $919 million.
2015 was the first full financial year with all subsidiaries operating under the Massy brand, with the single exception being our supermarkets in St. Lucia, which will be rebranded in 2016. 2015 was also the first full year in which Consolidated Foods Limited, Massy Energy Colombia S.A.S. and Massy Delima Grupo Automotriz S.A.S. were part of the Massy Group. These acquisitions contributed $80 million to the Group’s PBT in 2015 compared to $38 million in 2014. Given the Group’s robust performance, a final dividend of $1.59 was declared, which when added to the interim dividend of $0.51, gives a total dividend for the year of $2.10, a 10.5 percent increase over 2014 dividend of $1.90.”
Chairman: Mr. Robert Bermudez
“Many onlookers and analysts have provided very dismal predictions for the world economy
based on recent developments, such as the fall in oil prices, economic instability in Europe and
unrest in many developed nations caused by the irresponsible actions of radical, fundamentalist
groups. Massy acknowledges that this is a particularly challenging time for all businesses,
worldwide, but we believe that it is in these times that companies have to work even harder
and be even more creative to rise to the challenge to grow. Massy in fact was birthed in such
an environment. In the global depression of the 1930s most import/export and distribution
businesses were in difficulty. It was as a result of this recessionary pressure that Harry Neal
and Charles Massy decided to merge their companies – an engineering company and a motor
company to form Neal & Massy Engineering in 1932. As it was then, our commitment over
the past year was about being smarter about how we operate, finding and building strategic
partnerships and seeking out opportunities for growth because we will not allow pessimism to
re-define our purpose.”
President & Group CEO: Mr. E. Gervase Warner,
REGIONAL OVERVIEW
The Massy Group continues to be A Force for Good in the CARICOM region and uses its strong reputation and balance sheet to make investments to assure future growth.
In Trinidad and Tobago, Massy pre-launched its new Internet and TV service. This will revolutionise the telecommunications industry, as the Group pioneers a fully fibre-optic network,
literally bringing fibre to the home providing lightning fast internet connections and the most high definition (HD) TV channels in the market.
In September 2015, the Group and its partners, Mitsubishi Corporation and Mitsubishi Gas Corporation made the Financial Investment Decision to proceed with the construction of a Methanol and Dimethyl Ether (DME) plant at Union Estate in La Brea.
Through Massy Motors Ltd., the Group also acquired 50 percent of the Volkswagen Dealership, Best Auto Limited, from Southern Sales & Services Co. Ltd. to attain full control.
While an official recession was announced in December 2015, and the country continues to adjust to the “new normal” in global energy prices, Massy will continue to seek out new opportunities for growth in order to add value to both our shareholders and customers.
The economic outlook in Barbados continues to be cautious. The country’s well-capitalised banking sector and efforts to repair its national finances should provide a platform for growing business confidence and investment opportunities for the future. Our operating companies have performed creditably in 2015 and we will continue to focus on operational efficiency and improved productivity in this challenging economic climate. Massy remains committed to growing and investing in its businesses in Barbados, which includes our planned new Massy Stores location at Kendal Hill and the renovation of the Massy Stores Sunset Crest location.
This year, in reviewing our asset portfolio, the decision was made to divest our shareholdings in Banks Holdings Ltd. and Magna Rewards Caribbean Inc.
Our recent acquisition of Consolidated Foods Limited, operating in St. Lucia and St. Vincent and the Grenadines, has shown positive results. In the latter part of the year, the stores in St. Vincent and the Grenadines were successfully rebranded and in 2016 the St. Lucia stores will be re-branded.
Massy continues to invest in Guyana and is in the process of developing two Massy Stores locations to be opened in 2016.
Our recent investment in the expansion and centralisation of our warehousing facility, concluded in 2015, strengthened our value chain and augers well for new growth in this area. While reduced income earned from gold, rice and sugar throughout 2015 have tempered the high growth trajectory for the country, it continues to experience economic growth.
In Jamaica, economic improvement continues at a moderate pace. The country continues to adjust as mandated by the International Monetary Fund and is making strides in that regard. The debt to GDP ratio is expected to improve from 147 percent in 2012 to roughly 120 percent from 2015 going forward into 2016. Increasing tourist arrivals and a lower oil import bill have provided unexpected green shoots which are supporting economic recovery. Massy will continue to focus on the organic growth of its businesses there.
The economic outlook for Suriname remains positive. With a significant investment pipeline that spans new projects in the gold, oil and other extractive industries, GDP growth is expected to remain healthy at around 2-3 percent per year.
Massy Energy was able to make a significant breakthrough into this territory for the second time with two ongoing projects in the new oil refinery under construction by Staatsolie Maatschappij Suriname, the State Oil Company.
Our foray into the Latin American market, through our acquisitions of Massy Delima Grupo Automotriz S.A.S. and Massy Energy Colombia S.A.S., has proven to be successful as we recorded a full year of positive results, operating both businesses in this territory. Colombia remains the growth leader among all Latin American countries for 2015. Though lower oil prices have led to a significant devaluation of the Colombia Peso, creating an inflationary environment, the outlook remains positive and GDP growth is expected to continue in the order of 3-5 percent in the next few years.
Source 2015 Annual Report
To view full report click HERE
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