$47.6m Massy pot

Massy is cooking up more profits in Barbados on consumers’ appetite for ready-to-eat and prepared foods.

Audited financial statements for the year ended September 30, show that the Trinidad and Tobago group earned a $47.6 million profit here in 2025 as part of its overall $230 million in net income.

Massy Holdings Limited, which under its Massy Stores brand operates five supermarkets, the Warrens Super Centre, two home locations, eight pharmacies and two Express locations in Barbados, made what management called a “strategic shift” to categories including bakery, deli, and prepared foods to target higher profit margins.

Chairman Robert Riley and new president and chief executive officer (CEO) James McLetchie, indicated that the decision was already paying off here and in the Organisation of Eastern Caribbean States (OECS).

“Third-party revenue grew by four per cent, driven by enhanced customer engagement strategies and a strong performance from Guyana,” McLetchie, who previously served as chief financial officer and deputy CEO, reported.

“We also benefited from a strategic shift toward higher margin categories such as bakery, deli, and prepared foods, which contributed to double-digit growth in operating profit in Barbados and OECS markets year-over-year.

“The Rowe’s IGA 2023 acquisition continues to serve as the anchor for United States (US) dollars net operational cash flow,” he added in the latest management discussion and analysis.

His assessment was supported in a separate report by Riley, who said the integrated retail portfolio (IRP) remained the group’s largest contributor, “delivering another year of steady volume-led growth”.

Massy’s third party revenue increased by four per cent to $3 billion, “driven by broad-based volume growth across Trinidad, Barbados, Guyana and the OECS”.

Profit before tax rose four per cent to $338.6 million, and earnings before interest, taxes, depreciation, and amortisation increased six per cent to $560 million, “reflecting higher margins and continued operational efficiencies”.

Riley said: “Growth was strongest in bakery, deli, and prepared foods, which achieved double digit gains and now represents a growing share of the overall product mix.

“Guyana again delivered standout performance with double digit sales expansion driven by the new Giftland store and strong basket performance. Barbados and the OECS benefited from tourism improvement and retail expansion in St Lucia.

“Despite inflationary pressure and supply chain challenges, improved logistics, data driven inventory management and working capital efficiency supported a strong cash conversion cycle,” he said.

“The IRP continues to demonstrate Massy’s ability to deliver consistent, quality earnings growth while enhancing customer experience and profitability.”

Massy has operating companies in Trinidad and Tobago, Barbados and the Eastern Caribbean, Guyana, Jamaica, US and Colombia. The group is organised into four main business segments – integrated retail, gas products, motors and machines, and financial services.

The audited financial statements detailed that for the financial year ended September 30, Massy’s revenue from Barbados was $764.4 million, up from $732.9 million in 2024.

This was the most after Trinidad and Tobago’s $1.55 billion in revenue, down from 2024’s $1.65 billion and ahead of Colombia’s $734.5 million, up from $646.6 million in 2024 and Guyana’s $687 million, up from $595.2 million in 2024.

Other revenue contributions during the year came from the Eastern Caribbean’s $508.6 million ($478 million in 2024), the US $441.8 million ($430.7 million in 2024), and Jamaica’s $246.7 million ($247.1 million in 2024).

Profit before tax in Barbados increased to $51.6 million, up from $45.3 million in 2024. This was behind Trinidad and Tobago’s $134.8 million ($150.7 million in 2024), and Guyana’s $103.7 million ($94.6 million in 2024).

Net profit from Barbados was $47.6 million after the group incurred a $3.6 million tax expense.

Massy has been reducing its assets in Barbados. The financial statements recorded Massycard (Barbados) Limited and Massy Properties (Barbados) Limited as “held for sale entities”.

With $7.4 million in assets on September 30, Massycard “has signed a sale agreement for the sale of the credit card portfolio and supporting assets. The sale is expected to be completed within the new financial year”.

Massy Properties, with reported assets of
$27.1 million and home to all remaining investment properties “has been reclassified to be held for sale as several properties have been earmarked to be sold within the next year”. (SC)

The post $47.6m Massy pot appeared first on nationnews.com.