Who we are…
In 2023 the Massy Group of Companies proudly celebrated 100 years of existence with a rich history in the Caribbean since our beginnings in Trinidad & Tobago in 1923. We have certainly come a long way and today the Massy Group is an Investment Holding Company generating over US$2 billion in revenue with operations in Barbados, Colombia, Guyana, Jamaica, St. Lucia, St. Vincent, Trinidad & Tobago, and the USA (Florida).
Today we have three main industry Portfolios: Integrated Retail (Retail and Distribution), Gas Products (LPG, Industrial Gases, Energy Services) and Motors & Machines (Car Dealerships, Trucks & Heavy Equipment Dealerships, Fleet Rental and Automotive-related Distribution). We also have strategic investments in the Financial Services sector which includes our Remittances businesses as well as Massy Finance GFC. Massy currently has more than 13,000 employees and is publicly listed on the Trinidad & Tobago Stock Exchange and Jamaica Stock Exchange.
…and the benefits of strategic focus
As you can imagine, being in business for a century has allowed our company to learn from a myriad of experiences with peaks and troughs. This has enabled the Group to become more resilient over time and has assisted us with shaping our aspirations and strategy for the future. In recent years, we made some bold moves to strategically focus our Group on the industry segments that we know well, with enough scale, talent, and capabilities for global expansion into new larger markets under our parentage.
In the pursuit of this strategy, we responsibly divested several businesses, reducing our industry diversification. Today, we are an Investment Holding Company focused on those three Portfolios and no longer a traditional Conglomerate trying “to be all things to everyone”. The benefits can be seen in our improved financial performance and returns to shareholders in recent years, and our employees are enjoying greater autonomy and participation in driving the direction of the businesses, as well as sharing in the greater rewards when we do well.
Doing ‘local business in’ and ‘global business from’ Barbados…
I reckon that most people in Barbados know Massy for the main businesses we operate here which include:
- Retail: Massy Stores (Super Centre, Supermarket, Pharmacy, Express, Home) and Price Lo.
- Distribution: Massy Distribution, Massy Trading, Massy Logistics, Farm & Garden and Knights Limited.
- Financial Services: Massy Finance Remittances (Western Union and Moneygram)
In the financial year 2023, our Barbados operations contributed 15% and 11% of the Group’s revenues and pre-tax profits respectively, with nearly 1,700 employees so this country continues to be an important market for the Massy Group.
In addition to the local operating companies, we have several holding companies in Barbados. For example, Massy (Barbados) Ltd, which forms part of the Group’s Corporate Office, provides key services to fulfil the mandate of a global Investment Holding Company including Corporate Finance, Strategy, Corporate Secretarial & Governance, Wellness & Benefits, and Internal Audit. It should also be noted that Massy owns all its Automotive, Gas Products and Energy Services subsidiaries in Colombia via various industry-specific holding companies here in Barbados. Moreover, there is Massy Finance (Barbados) Ltd which acts as a vehicle for investments in international equity, bond, and other markets in our efforts to optimally allocate capital.
…with a Caribbean Heart
As a responsible corporate citizen, Massy engages in projects and programmes which support the development of the societies in which we operate – of course, including right here in Barbados. We do this in various ways – through the Massy Foundation which is very active in charitable assistance of community development, disaster relief and educational programmes, as well as directly through our various subsidiaries on the island. In recent years we also launched NUDGE, a social enterprise powered by Massy, that involves working with entrepreneurs across the region, including Barbados, to help bring their ideas to the market and support the overall development of their businesses.
In closing…
All the above could not be possible for Massy in Barbados without a favourable international business environment, relevant tax treaties, adequate airlift to regional and international markets, reliable technology infrastructure, strong local talent and a warm, friendly culture that makes it fun to do business. Barbados really is a shining example of how small island developing states can structure their economies to enable large international firms to effectively operate locally while simultaneously pursuing global ambitions. It is an incredible place to live and work…welcome to the beautiful island of Barbados.
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