For the year to September, profit for Massy Holdings rose only 2 percent, to $555 million or $5.68 cents per share.
Profit for the September quarter amounted to $190 million and is up a strong 23 percent over the 2013 results. The yearly profit is negatively affected by a $58 million cost incurred in relating to the company changing its name and form Neal and Massy to Massy Holdings along with other rebranding expenses. Earnings per share for 2015 should end up around the $6 levels, on the assumption that measures needed in the Trinidad economy to deal with the fall in oil price will not have any serious negative effect on the Group’s operations in that country. The PE for the stock will be around 11 times 2015 earnings and should provide a basis for the price to increase during next year as the target should be around 15.
Total revenues for the year is up 14 percent to $10.7 billion, and up 18 percent in the September quarter to $2.77 billion, the latter benefitted from the acquisitions in Columbia that contributed $123 million in revenues and $2.5 million in segment profit. Additionally, the group acquired majority interest in a supermarket business in St Lucia in late December last year. The income form that operation is included in the October quarter but would not be there in 2013.
Segment profit before rebranding cost saw growth in Automotive and Industrial Equipment increasing by 5 percent, Integrated Retail gaining a mere 2.5 percent, Insurance up by 17.6 percent, Energy and Industrial Gases 52.4 percent, Information Technology Communications 10.3 percent and Other Investments down 21.5 percent. Jamaica contributed 37 percent more in profits to the group in 2014 than in 2013, Trinidad from which the bulk of profit comes saw a 6.7 percent increase and Guyana 4.7 percent.
Massy Holdings is listed on the Trinidad & Tobago Stock Exchange and is involved in a wide range of products and services.
Massy Holdings profit jumps 23% in Q4
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