Higher profits at Massy Group

MASSY GROUP is reporting increased profitability, including a larger income contribution from its operations in Barbados.

The Trinidad and Tobago-based entity’s president and chief executive officer David Affonso says the group “has delivered another strong quarter with significant improvements in both profit before tax and cash flow from operations”.

He said that for the six-month period ended March 31, 2025, the group’s profit before tax from continuing operations increased by 16.3 per cent to $163.7 million, while net cash from operations showed remarkable strength at $219 million, representing an 80.4 per cent increase from the prior year.

Information from the company’s unaudited consolidated financial statements for the period shows that revenue from Barbados was $397 million at March 31, which is the end of the second quarter of Massy’s financial year. This is compared with $377.6 million for the same period last year.

Profit before tax from Massy’s Barbados operations was $28.8 million at the end of March, up from $24.7 million at the end of March 2024.

Affonso said the group’s results demonstrate the “successful execution of its business strategy and ongoing commitment to creating value”.

He noted that revenue group revenue increased by 3.9 per cent to reach $2.3 billion compared to $2.23 billion in the same period last year, reflecting the strength of Massy’s diverse business portfolio across markets.

Profit after tax from continuing operations rose by 20 per cent to $107.3 million, showing improved performance and efficiency across our business lines. The Group’s earnings before interest, taxes, depreciation, and amortisation also saw “healthy growth” of 12 per cent, reaching $273.1 million and highlighting enhanced profitability and effective cost management initiatives.

Leverage technology

“The strong financial performance has allowed the Massy Group to maintain its focus on key strategic areas. We continue to target growth opportunities in stable markets while enhancing our digital capabilities to better serve customers,” the Massy boss said. “Our operational improvements leverage technology to increase efficiency and maintain competitive pricing.

“Team development remains a priority, with ongoing investments in training and leadership programmes that align with our values and support both business success and local talent development. Our commitment to transparent investor communication remains steadfast.

The Group has declared a dividend of 1.04 cents per share for the second quarter of 2025. This represents a half-year dividend of 2.08 cents per share.

Affonso said this was “a 125 per cent increase over the prior year interim dividends, reflecting our strong financial position and our commitment to delivering substantial returns to shareholders”.

His outlook was that “with a solid financial foundation and well-performing businesses, Massy is well-positioned to capitalise on future opportunities while continuing to support the communities where we operate”.

(SC)