By LCN Business Desk
A conglomerate has seven countries in its accounts, and the smallest of the two largest is catching the other.
Massy publishes the country split itself, in a segment table at the foot of its quarterly highlights. Its financial year closed on 30 September 2026, so the nine months to 30 June are the most recent figures it has put out.
What does the country table show?
Guyana second on profit, fourth on revenue, and first on margin.
| Country | Third-party revenue, TT$000 | Change | Profit before tax, TT$000 | Change | Margin |
|---|---|---|---|---|---|
| Trinidad and Tobago | 3,897,684 | +3.0% | 309,036 | -2.9% | 7.9% |
| Guyana | 1,843,513 | +12.1% | 295,200 | +13.8% | 16.0% |
| Barbados | 1,832,864 | +2.0% | 119,410 | -11.4% | 6.5% |
| Eastern Caribbean | 1,331,447 | +1.5% | 114,594 | +0.5% | 8.6% |
| Colombia | 2,258,784 | +27.1% | 63,178 | +38.3% | 2.8% |
| Jamaica | 604,209 | -1.1% | 55,176 | -26.1% | 9.1% |
| U.S.A. | 881,392 | -3.9% | 11,783 | -54.4% | 1.3% |
| Corporate Office and other adjustments | - | (185,342) | |||
| Total | 12,649,893 | +6.8% | 783,035 | -3.3% | 6.2% |
Source: Massy Holdings Ltd, Highlights of the Unaudited Consolidated Financial Statements for the nine months ended 30 June 2026. Percentages calculated from the table.
Both columns reconcile exactly. The seven countries' third-party revenue sums to the consolidated figure. Their profit before tax sums to TT$968,377 thousand, and the corporate office line is a cost, which brings it to the reported total. The prior year closes the same way.
How much has the gap narrowed?
From TT$58.849 million to TT$13.836 million in twelve months.
Guyana's profit before tax rose by TT$35.694 million over the year and Trinidad's fell by TT$9.319 million, closing TT$45.013 million of the distance between them.
Guyana now stands at 95.5 per cent of Trinidad's profit before tax, against 81.5 per cent a year earlier.
Trinidad remains much the larger operation, with Guyana at 47.3 per cent of its sales.
Why is the Guyana margin higher?
The statements give the figures and do not explain them.
Guyana's margin is the highest of the seven countries, and roughly double the group's own.
The summary highlights carry no reason for it. They are a three-page extract, not the full accounts, and they give no country commentary beyond the chairman's statement. That statement records that Guyana "continued to grow" in the Integrated Retail portfolio and refers to "growth in Guyana" in Gas Products, without numbers attached to either. The other two reporting portfolios are Motors and Machines and Financial Services.
So the margin is a measured fact from the company's own table. Any account of what produces it would need the segment notes in the annual financial statements, which are not in this document.
What happened to the headline profit figure?
It fell by 31.9 per cent, and the largest single item in that fall moved no money.
Profit for the period was TT$369.997 million against TT$543.248 million. Profit from continuing operations fell far less, by 7.3 per cent to TT$490.790 million, and profit before tax from continuing operations by 3.3 per cent.
The difference between those two rates is the sale of Massy Distribution (Jamaica) Limited, which produced a TT$109.747 million loss on disposal. The chairman's statement sets out what it consists of:
"resulted in a TT$109.7 million accounting loss on disposal, principally reflecting the reclassification through the profit or loss of TT$137.3 million of accumulated foreign currency translation losses. This was an accounting consequence of the disposal rather than a current cash outflow."
The statement of changes in shareholders' equity carries the same figure travelling the other way. It shows a line reading "Accumulated foreign exchange losses recycled to the profit and loss on disposal of subsidiary", at TT$137,270 thousand, added to equity.
The same TT$137.3 million is therefore deducted in the income statement and added back in the equity statement. It reduced reported profit and left shareholders' funds where they were.
Which markets went backwards?
Three, and the largest fall by proportion is the United States.
Barbados sold more and earned less, so its decline is in margin rather than in sales.
On Jamaica the chairman cites "the temporary impact of Hurricane Melissa on Jamaica's tourism market and our businesses there". That storm is the same one behind the Fund's zero growth forecast for Jamaica this year, examined in The IMF Put Latin America and the Caribbean at 2.3 Per Cent, and behind the resilience financing Jamaica has been pressing on the region, set out in Jamaica Wants a Caribbean Visitor Levy for Resilience.
Colombia is the only country advancing on both measures, and does so from the lowest margin base of any. The trading relationship between Colombia and the region is the subject of Colombia and CARICOM Are Finishing a Deal Manufacturers Cannot See.
What is the group building in Guyana?
The group reports breaking ground on a distribution hub at Houston, on the East Bank.
The chairman, Robert Riley, reports that Massy "recently broke ground in the planned Massy Hub at Houston, Guyana, where we will consolidate and expand our food and pharmaceutical distribution and automotive operations". No cost, completion date or capacity is given.
Massy's distribution arm is already a route to market in the region for Guyanese production. It signed a distribution agreement covering supermarket and hospitality channels in Trinidad and Tobago with a Guyanese agro-processor, reported in Guyana's President Launched a Lusignan Pepper Sauce in Doha.
The wider setting for the Guyana numbers is an economy the IMF records as having grown 19 per cent, examined in Guyana's Economy Grew 19 Percent.
What do these statements not settle?
The figures are unaudited highlights rather than full accounts, and the prior year has been restated.
The notes state the highlights "do not include all information and disclosures required in the Annual Financial Statements, and should be read in conjunction with the Group's Annual Financial Statements as at 30th September 2025".
The same notes record that "For comparative purposes, adjustments and reclassifications to the interim prior year have been made to conform to the current year reporting." Every year-on-year movement above is therefore against a restated base.
The chairman names "foreign exchange constraints" among the conditions affecting the group, without saying where. Trinidad's own shortage, and its absence from the central bank's forward plan, was the subject of Trinidad's Central Bank Published a Five-Year Plan.
And the company publishes no forward reporting date. Its investor financial calendar page carries placeholder text and a 2019 date, so when the full year to 30 September 2026 will be reported is not stated on the site.
The entities
- Massy Holdings Ltd is the Trinidad-headquartered conglomerate publishing these statements.
- Robert Riley is the chairman, whose statement is dated 6 August 2026.
- Massy Distribution (Jamaica) Limited is the subsidiary sold, within discontinued operations.
- Massy Hub at Houston is the Guyana distribution facility the group reports breaking ground on.
- Integrated Retail and Gas Products are two of the four reporting portfolios.
- Motors and Machines and Financial Services are the other two.
- Hurricane Melissa is the storm the chairman cites for the Jamaica result.
What the title card shows
Every data point on the article's title card, in text.
- TT$295.200m. Guyana profit before tax, nine months to 30 June 2026. Source: Massy Holdings summary statements.
- TT$309.036m. Trinidad and Tobago profit before tax, same period, same source.
- TT$13.836m. The gap between them, narrowed from TT$58.849m a year earlier.
- 16.0 per cent. Guyana's profit before tax as a share of its third-party revenue, against 7.9 per cent in Trinidad.
- 47.3 per cent. Guyana's third-party revenue as a share of Trinidad's.
- Panel note: figures are unaudited highlights; prior-year comparatives are restated.
Frequently Asked Questions
How much profit does Massy make in Guyana?
Profit before tax of TT$295.200 million for the nine months to 30 June 2026, on third-party revenue of TT$1.844 billion. That is up 13.8 per cent on the restated prior period.
Is Guyana Massy's most profitable country?
Not yet. Trinidad and Tobago is first at TT$309.036 million. Guyana is second at TT$295.200 million, a gap of TT$13.836 million, down from TT$58.849 million a year earlier.
Which country has the highest margin?
Guyana, at 16.0 per cent of third-party revenue. Trinidad is 7.9 per cent, Jamaica 9.1, the Eastern Caribbean 8.6, Barbados 6.5, Colombia 2.8 and the United States 1.3. The group as a whole is 6.2 per cent.
Why did Massy's profit fall 32 per cent?
Profit for the period fell 31.9 per cent to TT$369.997 million, largely on a TT$109.747 million loss on the sale of Massy Distribution (Jamaica) Limited. Profit from continuing operations fell 7.3 per cent, and profit before tax from continuing operations fell 3.3 per cent.
Did that loss cost the company cash?
The chairman states it did not, describing it as "an accounting consequence of the disposal rather than a current cash outflow". It principally reflects TT$137.3 million of accumulated foreign currency translation losses being reclassified through profit or loss, and the same TT$137.270 million is added back in the statement of changes in equity.
Which Massy markets declined?
The United States, down 54.4 per cent to TT$11.783 million; Jamaica, down 26.1 per cent to TT$55.176 million; Barbados, down 11.4 per cent to TT$119.410 million; and Trinidad and Tobago, down 2.9 per cent.
Are these audited figures?
No. They are unaudited summary highlights for a nine-month period, and the notes state they do not include all the information required in annual financial statements. Prior-year comparatives have been restated to conform to current-year reporting.
What is Massy building in Guyana?
A hub at Houston, Guyana, which the chairman says will consolidate and expand the group's food and pharmaceutical distribution and automotive operations. No cost or completion date is published.