…chairman says company committed to Guyana’s development

MASSY (Guyana) Limited recorded a profit after tax of $2.4B in 2017, its Legal Advisor and Board Secretary, Yolander Persaud, disclosed when the company held its 49th Annual General Meeting (AGM) on Monday.

In presenting the Directors’ Annual Report and the Audited Financial Statements for the year ending September 30, 2017 at Massy’s Ruimveldt office, Persaud pointed out that the group is engaged in trading, manufacturing and service industries in Guyana.

Profit before taxation stood at approximately $3.9B, Persaud reported, while adding that taxes amounted to more than $1.5B. As such, profit after tax for the year ending September 30, 2017 was $2.4B. It was noted too, that retained earnings at the beginning of 2017 totaled $12.5B and with the profit added it increased to $14.9B.
However, with dividends being paid to the tune of $1.1B, in addition to finances for ‘transfer of revaluation adjustments’ and ‘actuarial adjustment’ the retained earnings at the end of 2017 totaled $13.737B.

Additionally, the Directors in their report declared an interim dividend of $1.90 and a final dividend of $0.47 per share, making a total dividend of $2.37 per share for the financial year. The financial report, including the Audited Financial Statements which was compiled by Jack A. Alli Sons & Company, was put to a vote and received no objection.

The directors and shareholders present also voted for the Board chaired by Doodnauth Persaud to be retained, including David Affonso and Roy Errol Cheong, who had retired from the board by rotation but had remained eligible for re-election. The Board Directors include: Shameer Hoosein, David Jardim and Lekhnaraine P. Shivraj. Jack A. Alli, Sons and Company was also reappointed to the company as its auditor.

In his address, the Board Chairman took note of the significant achievements made by Massy Guyana Limited even as he recounted its early beginnings on the corner of Robb and Camp Streets. He recalled that it was in September 1968 that Massy, one of the Caribbean basin’s largest conglomerates started business here when its subsidiary, the Associated Industries Limited, was incorporated.

The company had rented the lower flat of the property owned by the Kissoon family on Camp and Robb Streets, Georgetown. “Massy through its strategic plan, foresight and thirst for growth and expansion moved from those modest facilities…to acquire a property here…in 1973,” he said.

By 1988, the Group’s four companies in Guyana were Associated Industries, Demerara Oxygen, Transportation Services and Demerara Property Investments. NM Services Limited was created during the re-structuring of the company in 2000.
Despite the challenges and difficulties that faced Guyana in the 1970s and 1980s, the Chairman said the company remained positive about the country. According to him, Massy is here in Guyana for the long run.

Today, Massy has approximately nine subsidiaries in Guyana: Massy Guyana Limited, Massy Industries (Guyana) Ltd, Massy Technologies (Guyana) Ltd, Massy Gas Products, Massy Services, Massy Stores, Massy Security, Massy Distribution (Guyana) Inc, Massy Distribution and Massy Trading. The company started with two and a half employees, the Chairman said while pointing that today it has close to 1,600 employees.

Describing the company, as a trail blazer in the area of governance, Persaud said Massy as a result of its exceptional performance and services, has won several awards and recognition. Just recently Massy was applauded by the Director of the Financial Intelligence Unit (FIU), Matthew Langevine, for being the first company in Guyana to host an Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) training seminar for its Directors and Senior Management, he said.

Recommitting the company to excellence, the chairman said Massy will also continue to support local institutions and organisations, including schools as customary. He announced that this year Massy Guyana will be placing major emphasis on suicide – a mental issue that continues to affect all societies. He noted that the company will be providing financial and other resources as it works with the authorities to prevent suicide.

With the country gearing up to pump oil in 2020, Persaud said the company is excited about the future of Guyana, as it was in 1968.