Massy Posts Higher FY2025 Profit As McLetchie Takes The Helm

The Trinidad conglomerate grew earnings across a steadier 2025 even as a new chief executive and sharper portfolio focus reshaped the group.

A Diversified Model Holds Its Footing

Massy Holdings Limited, the Trinidad and Tobago based conglomerate that anchors much of the Caribbean's retail, energy and motoring trade, closed its 2025 financial year with steadier earnings and a fresh hand on the wheel. For the twelve months ended September 30, 2025, third-party revenue rose 3% to TT$15.83 billion, or roughly US$2.3 billion, while profit attributable to the parent's owners climbed 9% to TT$722.24 million.

Profit before tax advanced 4% to TT$1.14 billion, and operating profit after finance costs jumped 15% to TT$1.12 billion as the group trimmed finance costs by 12% to TT$256.76 million. Earnings per share reached TT$0.37, up from TT$0.33 a year earlier. Group President and CEO James McLetchie said the results demonstrate the resilience and strength of the group's diversified business model.

Three Portfolios, Uneven Weather

Massy now reports through three consolidated portfolios, and their fortunes diverged. The Integrated Retail Portfolio, spanning supermarkets and distribution across Trinidad, Barbados, Guyana and the OECS, delivered the standout, lifting profit about 14%. The Motors and Machines Portfolio added 2%, helped by resilient demand and strength in Colombia. The Gas Products Portfolio, long a hard-currency engine, saw profit slip about 8.5% on softer volumes, though management noted cost discipline protected profit before tax.

Financial services, folded into the wider group, deepened customer engagement by linking credit, digital payments and foreign-exchange offerings, part of a push to convert everyday transactions into recurring revenue across the islands.

New Leadership, Sharper Focus

The year also marked a leadership handover. McLetchie, formerly chief financial officer, became Group President and CEO on October 1, 2025, succeeding David Affonso, who retired after roughly 18 months in the role. Affonso had taken the top job in April 2024 following the early retirement of Gervase Warner, who led Massy for some 14 years. Ivette Zuniga stepped up as executive vice president and Group CFO, while Robert Riley chairs the board. Riley framed the agenda as advancing strategic clarity, ensuring disciplined growth, optimising capital allocation, and expanding hard currency earnings.

Hard currency remains the strategic thread. Since cross-listing on the Jamaica Stock Exchange in early 2022 to broaden its capital base, Massy has pressed a United States foothold, buying the Rowes supermarket chain in Jacksonville, Florida for US$47 million and adding a 170,000 square foot warehouse as a distribution hub. To fund the next leg, the group secured US$150 million in unsecured financing from IDB Invest, structured as a US$90 million ten-year term facility and a US$60 million revolving supply-chain line. Management has pointed the balance sheet toward a TT$25 billion revenue ambition by 2030, with further US and Latin American expansion in view.

For a house whose roots reach back more than a century in Port of Spain, the message from Massy's boardroom is continuity over spectacle: consolidate the core, defend the hard-currency earnings, and let disciplined capital, rather than headline acquisitions, carry the group into its second century.