00:00Massey says the $11.7 billion in revenue came as a result of marked improvement across all
00:06of its portfolios, as at June 30, 2024, up 13 percent from fiscal 2022-2023.
00:15Massey says its main portfolios continue to be in integrated retail, gas products and
00:21motos and machines.
00:23Despite this performance, the $0.7 billion in profit before tax recorded is a 4 percent
00:29decline from the year prior, but an upward trajectory from the 7 percent decline that
00:35was seen at the mid-year mark.
00:38According to the conglomerate, there was a 239 percent improvement in its year-over-year
00:43increase in cash generated from operations, equalling $640 million.
00:51calculated from sales minus operating expenses.
00:55The integrated retail portfolio, which accounts for 64 percent of the revenue,
01:00generated $0.5 billion of the overall $0.7 billion in profit before tax.
01:07This is being attributed to growth in core markets and the group's acquisition of
01:12Roe Supermarkets in Florida.
01:14In terms of the gas products portfolio, Massey reports that profit before tax increased by
01:2010 percent, with sales up 33 percent year-over-year to $1.6 billion, and the motos and
01:28machines portfolio sales increased by 11 percent to $2.5 billion, but there was a
01:35decrease in profit before tax, totalling $0.9 million.
01:41This decline is being attributed to macroeconomic challenges in Colombia and financing
01:47constraints in Guyana, which the group states is being addressed by Massey Guyana,
01:52through its pursuit of agreements to bring third-party funding to customers in Guyana.
01:57Massey says it is aiming at a minimum increase of 50 percent in revenue between $23 billion
02:04and $25 billion in its roadmap strategy to 2030 and similar growth when it comes to profit
02:11before tax and cash flow from operations.
02:14Alicia Boucher, TV6 News.
