Massy Holdings strengthens relations with ExxonMobil

Dec 31, 2017 News

after-tax profit dips 23 per cent

Massy’s Chairman, Robert Bermudez

Massy Holdings Ltd and its subsidiaries is reporting profit after tax of $412 million for the year ended September 30, 2017, according to the Trinidad Guardian yesterday.

This represents a 23 per cent decline in after tax profit compared to the prior year.

Chairman, Robert Bermudez said the group performed “well” in the 2017 financial year despite the economic slowdown in its two key markets, T&T and Barbados.

In his statement accompanying the highlights of the audited consolidated financial statements, he said, “the group remains financially strong with market-leading positions in its core industries.”

The group’s total asset position grew in 2017 compared to 2016.

In 2017 the group reported $13.3 billion in total assets compared to 2016 where it recorded $11 billion worth in assets.

Looking at its segmented revenue, the company’s integrated retail business continues to be the highest revenue earner, registering $7 billion in revenue.

Its T&T market remains the most lucrative as compared to the other territories within which the conglomerate operates.

The company also continued on its expansion drive and deepened its footprint in Colombia.

According to Bermudez, “the acquisition of Grupo Automontana brought four car dealerships in Medellin and two car dealerships in Bogota to the group, and more than doubled the group’s annual car sales in Colombia.”

Guyana is another prospect for the company, Bermudez said, because “the group also strengthened its relationships with ExxonMobil and international offshore infrastructure provider SBM Offshore, to best position the group of companies in Guyana to serve these international operators as they move into the development and production phases of their project.”

The report added that: “For the future, the company plans to focus on its acquisition and investment activities on its core industries which it has competitive strengths such as integrated retail, automotive distributorships and dealerships, industrial gas and other plant operations.”

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