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Businessuite 2021 #1 Caribbean Company – US$ Revenue |
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US$000 |
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US$000 |
2017 |
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2020 |
2021 |
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2020/2021 |
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2019/2020 |
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TT |
Massy Holdings Limited |
$1,775,858 |
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$1,713,401 |
We are a Group that is inspired by a purpose:
A Force for Good; Creating Value, Transforming Life.
This purpose defines who we are, what we do and how we work.
A Force for Good The Most Responsible and Profitable Investment Holding/ Management Company in the Caribbean Basin.
Presented with the uniquely challenging landscape of 2021, the Group rose to the occasion and answered the call on all fronts. Within and across our companies, we have cultivated a positive, can-do approach, that we value for our shareholders, but we have also brought that same energy to bear in every facet of our operations.
We ensured the mental and physical wellbeing of our people; we provided vital support for pandemic relief and vaccination drives; we took our technology as a means of bringing us closer than ever to the communities that we serve.
2021 Recap
Portfolio executives delivered improved results for Financial Year 2021, reflecting the Group’s ability to adjust and succeed, despite the effects of the global pandemic. All companies maintained critical health and safety protocols while altering their processes to operate in the new environment.
We are proud of our businesses for stepping up to the challenge and upgrading their use of technology to remain safe and accessible to customers.
A resilient response to the pandemic was reflected in the results for 2021, as Massy Group’s Profit After Tax (PAT) from its Continuing Operations grew by 68 percent from $403 million to $678 million.
PAT from Discontinued Operations decreased from $340 million in 2020 to $144 million in 2021, resulting in overall Group PAT growing by 11 percent from $743 million to $822 million. This is consistent with the Group’s strategy to focus on its 3 main Portfolios which are driving significant growth, as it divests non-core and underperforming assets freeing up more capital to be invested in the three core Portfolios.
Our executives have continued to validate the Group’s strategy by consistently delivering improved results. With greater autonomy, Portfolios were able to adjust to the needs of the new environment, quickly innovating new methods to safely satisfy customers’ needs.
I am pleased with the Company’s progress for 2021 and am excited to see Massy’s values of growth and continuous improvement, bolster creative strategies to increase shareholder returns.
The economies of our main territories are regaining some strength from 2020’s economic downturn. Barbados is seeing increased tourist arrivals, while Trinidad & Tobago’s economy benefitted from a recovery in oil and gas prices. Notwithstanding their improvements, these economies are still coping with the prolonged effects of the pandemic.
Massy’s regional footprint allows it to benefit from economies which are recovering more quickly like Guyana and Colombia. Guyana’s economy has experienced expansion in oil and non-oil sectors, the International Monetary Fund (IMF) projects real Gross Domestic Product (GDP) growth of 19.5 percent for 2021. Large expansionary fiscal and monetary stimulus allowed Colombia to stand out from its neighbours, with projections to grow GDP above prepandemic levels.
Governance –
Inculcating a Strong,
Values-Based Culture
We, at Massy, continuously strive for improvements in our governance and in our leadership. We strive to live our Values which means, doing the right thing but also, cleaning up our mistakes when they are made.
How we lead, how we care, how we behave is being sown into the fabric of our culture. We are resolved to nurture this culture because Massy recognises that good Corporate Governance is critical, but can only thrive with strong values at its roots.
The pandemic has brought many lessons home to us, clarifying what was most important, both at a corporate and at an individual level. Our culture therefore, continues to be one of responsibility and love for our people, our communities, our country, our region and our world.
Our businesses provide fertile ground for living our purpose, while working to produce excellent results. Our good corporate governance practices and values are cascaded though the Portfolios who are also working to continuously strengthen their Enterprise Risk Management systems, which underpin the autonomy, agility and bold aspirations which now exist across our businesses.
Extracted from Chairman Report to shareholders
Robert Bermudez
Chairman of the Board
More Information
Annual Reports