MASSY’s Q1 Results Show Improvement

• Massy Holdings Limited reported a net profit attributable to owners of the parent company from continuing operations of TTD177.21Mn for its first quarter ending December 31, 2021, which represents an 8.5% or TTD13.84Mn increase relative to the prior period. 
• Revenues grew by 8.4% as the Group’s topline benefited from growth in its three main investment portfolios (Integrated Retail, Gas Products, and Motors and Machines). 
• Management attributed this growth to the rebound in some of the territories that it operates in, particularly, Guyana, and noted that others are rebounding strongly from pandemic-induced recessions. 
• After its first quarter, the company cross-listed on the Jamaica Stock Exchange and its shareholders agreed to a 20-for-1 stock split. The share split has a target date of March 11, 2022, and is intended to enhance retail trading of Massy’s shares in Jamaica as well as in Trinidad and Tobago. 
• Massy’s stock price has decreased by 18.2% since its enlistment on the Jamaica Stock Exchange on January 27, 2022. The stock closed Tuesday’s trading session at $1996.48 and currently trades at a P/E of 13.5x earnings which is below the Main Market Conglomerate Sector Average of 15.7x.

(Source: Company Financials and NCBCM Research)