Massy eyes listing on the JSE

Amid its improving financial performance over the last nine months, Massy Holdings Limited has indicated that it will seek to cross list on the Jamaica Stock Exchange (JSE) by January 2022 following the appointment of its financial advisors.

Massy, a Trinidad-based group of companies, will join Guardian Holdings Limited (GHL) as one of the largest capitalised companies on the JSE when it eventually cross lists. Massy can list through introduction as GHL did, raise additional capital through a secondary market offer or list through the sale of shares by an existing shareholder(s). Massy’s stock price is up 33 per cent year to date at TT$81.15 ($1,792.60) with a market capitalisation of TT $7.98 billion ($181.56 billion) on the Trinidad and Tobago Stock Exchange.

Massy’s third quarter (June 30) revenue jumped by 23 per cent to TT $2.69 billion which was led by its home market which posted a 11 per cent improvement in third-party revenue to TT $986.49 million. Apart from Jamaica and Guyana which posted double-digit rise in revenues plus Colombia’s triple-digit growth, Barbados, the Eastern Caribbean and other markets performed lower relative to the comparative period. Trinidad and Tobago was under lockdown from May 3 to July 12 while Colombia and St Vincent and the Grenadines experienced issues locally at the time.

Consolidated net profit from continuing operations was 30 per cent higher at TT $125.88 million which was partially influenced by the TT $71.6 million gain on the sale of Roberts Manufacturing Limited and Massy Pres-T-Con Holdings Limited during the quarter. Consolidated net profit from continuing operations for the nine months is 22 per cent higher at TT $432.07 million with earnings per share at TT $4.11 relative to TT $3.37 in the prior period. When factoring in discontinued operations, Massy’s consolidated net profit totalled TT $500.30 million over the nine months. Except for motors and machines, the rest of Massy’s segments such as integrated retail, gas products and financial services all saw higher operating profit.

Massy’s total assets declined by two per cent TT $12.84 billion while its equity attributable to shareholders rose by 10 per cent to TT $6.37 billion. Cashflow from operations decreased by 16 per cent to TT $227.33 million with cash closing the period at TT $1.76 billion. Total liabilities declined slightly to TT $6.31 billion.