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Legacy Strong. Future Bold.
Legacy Strong. Future Bold.
Legacy Strong. Future Bold.
Legacy Strong. Future Bold.
Online Annual Report 2025
Who we are
Who we are
Who we are
Who we are
Massy is a diversified Group leveraging technology and strategic partnerships to transform industries, unlock synergies, and deliver sustainable growth and superior returns across the Caribbean and the Americas.
Massy is a diversified Group leveraging technology and strategic partnerships to transform industries, unlock synergies, and deliver sustainable growth and superior returns across the Caribbean and the Americas.
1923
Founded
13,000+
Employees
60+
Operating Companies
1923
Founded
60+
60+
Operating companies
Operating companies
13,000+
Employees
1923
13,000+
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shopping_cart
shopping_cart
Integrated Retail
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directions_car
directions_car
Motors & Machines
propane
propane
propane
Gas Products
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attach_money
attach_money
Financial Services
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Integrated Retail
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Motors & Machines
propane
Gas Products
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Financial Services
A geographic view of our business presence and performance
Trinidad & Tobago
Add
Guyana
Add
Barbados
Add
Jamaica
Add
Saint Lucia
Add
Colombia
Add
USA
Add
St. Vincent
Add
A geographic view of our business presence and performance
Trinidad & Tobago
Add
Guyana
Add
Barbados
Add
Jamaica
Add
Saint Lucia
Add
Colombia
Add
USA
Add
St. Vincent
Add
A geographic view of our business presence and performance
Trinidad & Tobago
Add
Guyana
Add
Barbados
Add
Jamaica
Add
Saint Lucia
Add
Colombia
Add
USA
Add
St. Vincent
Add
A geographic view of our business presence and performance
Trinidad & Tobago
Add
Guyana
Add
Barbados
Add
Jamaica
Add
Saint Lucia
Add
Colombia
Add
USA
Add
St. Vincent
Add
Performance Highlights
Performance Highlights
Performance Highlights
Performance Highlights
2025 Performance highlights
2025 Performance highlights
Explore key metrics and achievements that defined our performance this year.
Explore key metrics and achievements that defined our performance this year.
Trinidad & Tobago dollar ($TT)
United States dollar ($US)
Revenue
15,833$M
FY25
15,833
FY24
15,354
FY23
13,801
Profit before tax
1,141$M
FY25
1,141
FY24
1,096
FY23
1,206
Earnings per share
35.92¢
FY25
35.92
FY24
31.45
FY23
38.65
Dividends per share
17.70¢
FY25
17.70
FY24
16.78
FY23
15.83
Dividend payout ratio
48.5%
FY25
48.5
FY24
50.3
FY23
41.0
Total return to shareholders
12.18%
FY25
12.18
-24.01
FY24
FY23
6.97
Total Debt-to-Equity
34%
FY25
34
FY24
37
FY23
46
Net cash generated from operations
1,670$M
FY25
1,670
FY24
1,349
FY23
1,018
Trinidad & Tobago dollar ($TT)
United States dollar ($US)
Revenue
15,833$M
FY25
15,833
FY24
15,354
FY23
13,801
Profit before tax
1,141$M
FY25
1,141
FY24
1,096
FY23
1,206
Earnings per share
35.92¢
FY25
35.92
FY24
31.45
FY23
38.65
Dividends per share
17.70¢
FY25
17.70
FY24
16.78
FY23
15.83
Dividend payout ratio
48.5%
FY25
48.5
FY24
50.3
FY23
41.0
Total return to shareholders
12.18%
FY25
12.18
-24.01
FY24
FY23
6.97
Total Debt-to-Equity
34%
FY25
34
FY24
37
FY23
46
Net cash generated from operations
1,670$M
FY25
1,670
FY24
1,349
FY23
1,018
Trinidad & Tobago dollar ($TT)
United States dollar ($US)
Revenue
15,833$M
FY25
15,833
FY24
15,354
FY23
13,801
Profit before tax
1,141$M
FY25
1,141
FY24
1,096
FY23
1,206
Earnings per share
35.92¢
FY25
35.92
FY24
31.45
FY23
38.65
Dividends per share
17.70¢
FY25
17.70
FY24
16.78
FY23
15.83
Dividend payout ratio
48.5%
FY25
48.5
FY24
50.3
FY23
41.0
Total return to shareholders
12.18%
FY25
12.18
-24.01
FY24
FY23
6.97
Total Debt-to-Equity
34%
FY25
34
FY24
37
FY23
46
Net cash generated from operations
1,670$M
FY25
1,670
FY24
1,349
FY23
1,018
$TT
$US
Revenue
15,833$M
FY25
15,833
FY24
15,354
FY23
13,801
Profit before tax
1,141$M
FY25
1,141
FY24
1,096
FY23
1,206
Earnings per share
35.92¢
FY25
35.92
FY24
31.45
FY23
38.65
Dividends per share
17.70¢
FY25
17.70
FY24
16.78
FY23
15.83
Dividend payout ratio
48.5%
FY25
48.5
FY24
50.3
FY23
41.0
Total return to shareholders
12.18%
FY25
12.18
-24.01
FY24
FY23
6.97
Total Debt-to-Equity
34%
FY25
34
FY24
37
FY23
46
Net cash generated from operations
1,670$M
FY25
1,670
FY24
1,349
FY23
1,018
Diversified Portfolios Driving Results. Our three core investment portfolios—Integrated Retail, Gas Products, and Motors & Machines—alongside a strategically important Financial Services business, deliver strong revenue streams and operational synergies. This structure enables consistent earnings growth, margin resilience, and superior returns for shareholders across multiple high-performing sectors.
Diversified Portfolios Driving Results. Our three core investment portfolios—Integrated Retail, Gas Products, and Motors & Machines—alongside a strategically important Financial Services business, deliver strong revenue streams and operational synergies. This structure enables consistent earnings growth, margin resilience, and superior returns for shareholders across multiple high-performing sectors.
Integrated Retail
Massy’s Integrated Retail Portfolio combines a modern supermarket network with a regional distribution platform. We operate 66 stores across six territories, supported by six full-service distribution companies and a strategic hub in Jacksonville, Florida. Representing leading FMCG and pharmaceutical brands, this network ensures market access, supply chain efficiency, and operational excellence.
Gas Products
Massy Gas Products is a leading provider of LPG for domestic and commercial use, alongside industrial and medical gases serving sectors from energy and construction to healthcare and manufacturing. Operating across the Caribbean, Guyana, and Colombia, we deliver reliable, compliant, and resilient supply solutions—supported by global best practices and a commitment to safety and service excellence.
Motors & Machines
Massy’s Motors & Machines Portfolio delivers vehicles, equipment, and components across multiple sectors, including marine, energy, and power generation. With a strong regional presence and rental solutions for short- and long-term needs, we provide reliable service, operational excellence, and innovative mobility solutions to support growth across the Caribbean and Latin America.
Financial Services
Massy’s Financial Services plays a strategic role within the Group, generating foreign exchange through remittance operations across multiple territories and providing tailored financing solutions for automotive and industrial equipment in Trinidad. As a licensed foreign exchange dealer, this business enhances financial resilience and hard currency generation, supporting sustainable growth.
Integrated Retail
Massy’s Integrated Retail Portfolio combines a modern supermarket network with a regional distribution platform. We operate 66 stores across six territories, supported by six full-service distribution companies and a strategic hub in Jacksonville, Florida. Representing leading FMCG and pharmaceutical brands, this network ensures market access, supply chain efficiency, and operational excellence.
Gas Products
Massy Gas Products is a leading provider of LPG for domestic and commercial use, alongside industrial and medical gases serving sectors from energy and construction to healthcare and manufacturing. Operating across the Caribbean, Guyana, and Colombia, we deliver reliable, compliant, and resilient supply solutions—supported by global best practices and a commitment to safety and service excellence.
Motors & Machines
Massy’s Motors & Machines Portfolio delivers vehicles, equipment, and components across multiple sectors, including marine, energy, and power generation. With a strong regional presence and rental solutions for short- and long-term needs, we provide reliable service, operational excellence, and innovative mobility solutions to support growth across the Caribbean and Latin America.
Financial Services
Massy’s Financial Services plays a strategic role within the Group, generating foreign exchange through remittance operations across multiple territories and providing tailored financing solutions for automotive and industrial equipment in Trinidad. As a licensed foreign exchange dealer, this business enhances financial resilience and hard currency generation, supporting sustainable growth.
52%
PBT contribution to group
29%
PBT contribution to group
14%
PBT contribution to group
5%
PBT contribution to group
52%
PBT contribution to group
29%
PBT contribution to group
14%
PBT contribution to group
5%
PBT contribution to group
Integrated Retail
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Gas Products
Add
Motors & Machines
Add
Financial Services
Add
Integrated Retail
Add
Gas Products
Add
Motors & Machines
Add
Financial Services
Add
Integrated Retail
Add
Gas Products
Add
Motors & Machines
Add
Financial Services
Add
Business Review
In-depth insights into segment performance and the strategies shaping our future.
Integrated Retail
Add
Gas Products
Add
Motors & Machines
Add
Financial Services
Add
Business Review
In-depth insights into segment performance and the strategies shaping our future.
Integrated Retail
Add
Gas Products
Add
Motors & Machines
Add
Financial Services
Add
Business Review
Business Review
Business Review
In-depth insights into segment performance and the strategies shaping our future.
Integrated Retail
Gas Products
Motors & Machines
Financial Services
Integrated Retail
In FY2025, the Portfolio advanced its disciplined growth strategy, strengthening core markets, expanding in Guyana and the U.S., and investing in technology-driven efficiency. The Portfolio delivered robust results with revenue up 4%, profit before tax up 4%, and EBITDA up 6% year-on-year, supported by operational excellence and supply chain resilience. Strategic investments in automation, digital platforms, and distribution infrastructure position Massy for scalable growth and sustained shareholder value.
7,100+
Employees
698$M
Profit before tax
Revenue % by country
2025
2024
Trinidad & Tobago
31
34
Barbados
23
23
Eastern Caribbean
17
17
Guyana
16
14
USA
12
13
Jamaica
0
0
10%
EBITDA Margin
1,028$M
EBITDA
9,897$M
Third Party Revenue
Integrated Retail
Gas Products
Motors & Machines
Financial Services
Integrated Retail
In FY2025, the Portfolio advanced its disciplined growth strategy, strengthening core markets, expanding in Guyana and the U.S., and investing in technology-driven efficiency. The Portfolio delivered robust results with revenue up 4%, profit before tax up 4%, and EBITDA up 6% year-on-year, supported by operational excellence and supply chain resilience. Strategic investments in automation, digital platforms, and distribution infrastructure position Massy for scalable growth and sustained shareholder value.
7,100+
Employees
698$M
Profit before tax
Revenue % by country
2025
2024
Trinidad & Tobago
31
34
Barbados
23
23
Eastern Caribbean
17
17
Guyana
16
14
USA
12
13
Jamaica
0
0
10%
EBITDA Margin
1,028$M
EBITDA
9,897$M
Third Party Revenue
Integrated Retail
Gas Products
Motors & Machines
Financial Services
Integrated Retail
In FY2025, the Portfolio advanced its disciplined growth strategy, strengthening core markets, expanding in Guyana and the U.S., and investing in technology-driven efficiency. The Portfolio delivered robust results with revenue up 4%, profit before tax up 4%, and EBITDA up 6% year-on-year, supported by operational excellence and supply chain resilience. Strategic investments in automation, digital platforms, and distribution infrastructure position Massy for scalable growth and sustained shareholder value.
7,100+
Employees
698$M
Profit before tax
Revenue % by country
2025
2024
Trinidad & Tobago
31
34
Barbados
23
23
Eastern Caribbean
17
17
Guyana
16
14
USA
12
13
Jamaica
0
0
10%
EBITDA Margin
1,028$M
EBITDA
9,897$M
Third Party Revenue
Investment Case
Investment Case
Investment Case
Investment Case
Resilient cash flows
year after year
Resilient cash flows year after year
Resilient cash flows
year after year
Massy’s consistent performance reflects the quality of its assets, the scale of operations and the resilience of the businesses, while the strategic decision to invest in people and technology is driving results.
Massy’s consistent performance reflects the quality of its assets, the scale of operations and the resilience of the businesses, while the strategic decision to invest in people and technology is driving results.
Scale advantages
Market trust
Growing competitive advantage
Disciplined capital allocation
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Strong free cash flow generation
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Resilience through a diversification
Add
Significant runway for growth
Add
Growing competitive advantage
Disciplined capital allocation
Add
Strong free cash flow generation
Add
Resilience through a diversification
Add
Significant runway for growth
Add
Growing competitive advantage
Disciplined capital allocation
Add
Strong free cash flow generation
Add
Resilience through a diversification
Add
Significant runway for growth
Add
Growing competitive advantage
Disciplined capital allocation
Add
Strong free cash flow generation
Add
Resilience through a diversification
Add
Significant runway for growth
Add
Strategic enablers & what they mean for Massy
Experts in delivering “market essentials”
Add
Clearly defined strategy
Add
People at the core
Add
Agile & adaptive business model
Add
Global relationships & reach
Add
Strategic enablers & what they mean for Massy
Experts in delivering “market essentials”
Add
Clearly defined strategy
Add
People at the core
Add
Agile & adaptive business model
Add
Global relationships & reach
Add
Strategic enablers & what they mean for Massy
Experts in delivering “market essentials”
Add
Clearly defined strategy
Add
People at the core
Add
Agile & adaptive business model
Add
Global relationships & reach
Add
Strategic enablers & what they mean for Massy
Experts in delivering “market essentials”
Add
Clearly defined strategy
Add
People at the core
Add
Agile & adaptive business model
Add
Global relationships & reach
Add
Leadership Insights
Legacy strong.
Future bold.
FY2025 marked a pivotal year for Massy—delivering resilient growth amid headwinds while laying the foundation for a new era of performance. With disciplined execution, record cash flow, and a sharper operating model, the Group enters FY2026 stronger, more agile, and ready to scale. Our ambition is clear: accelerate hard currency earnings, embed technology and data at the core, and expand into high-growth markets—creating sustainable value for shareholders and communities alike.
Robert Riley
Chairman
James McLetchie
President & Group Chief Executive Officer
Ivette Zuniga
Group Chief Financial Officer
Leadership Insights
Legacy strong. Future bold.
FY2025 marked a pivotal year for Massy—delivering resilient growth amid headwinds while laying the foundation for a new era of performance. With disciplined execution, record cash flow, and a sharper operating model, the Group enters FY2026 stronger, more agile, and ready to scale. Our ambition is clear: accelerate hard currency earnings, embed technology and data at the core, and expand into high-growth markets—creating sustainable value for shareholders and communities alike.
Robert Riley
Chairman
James McLetchie
President & Group Chief Executive Officer
Ivette Zuniga
Group Chief Financial Officer
Leadership Insights
Legacy strong.
Future bold.
FY2025 marked a pivotal year for Massy—delivering resilient growth amid headwinds while laying the foundation for a new era of performance. With disciplined execution, record cash flow, and a sharper operating model, the Group enters FY2026 stronger, more agile, and ready to scale. Our ambition is clear: accelerate hard currency earnings, embed technology and data at the core, and expand into high-growth markets—creating sustainable value for shareholders and communities alike.
Robert Riley
Chairman
James McLetchie
President & Group Chief Executive Officer
Ivette Zuniga
Group Chief Financial Officer
Leadership Insights
Legacy strong.
Future bold.
FY2025 marked a pivotal year for Massy—delivering resilient growth amid headwinds while laying the foundation for a new era of performance. With disciplined execution, record cash flow, and a sharper operating model, the Group enters FY2026 stronger, more agile, and ready to scale. Our ambition is clear: accelerate hard currency earnings, embed technology and data at the core, and expand into high-growth markets—creating sustainable value for shareholders and communities alike.
Robert Riley
Chairman
Executing Boldly, Scaling for Growth.
FY2025 was about turning strategy into action—strengthening operational discipline, accelerating technology adoption, and unlocking efficiencies across our portfolios. With record cash flow, sharper forecasting, and disciplined capital allocation, Massy is positioned to scale hard currency earnings and expand in high-growth markets. Our next chapter focuses on execution excellence, digital transformation, and sustainable value creation for shareholders.
James McLetchie
President & Group Chief Executive Officer
Delivering Resilient Growth & Strategic Momentum
FY2025 underscored Massy’s ability to perform with discipline in a challenging environment. Our Investment Holding Company model continues to unlock value through tighter capital allocation, improved forecasting, and operational visibility. As we enter FY2026, the Group stands ready to deliver sustainable returns and long-term value for shareholders.
Ivette Zuniga
Group Chief Financial Officer
Leadership Insights
Legacy strong.
Future bold.
FY2025 marked a pivotal year for Massy—delivering resilient growth amid headwinds while laying the foundation for a new era of performance. With disciplined execution, record cash flow, and a sharper operating model, the Group enters FY2026 stronger, more agile, and ready to scale. Our ambition is clear: accelerate hard currency earnings, embed technology and data at the core, and expand into high-growth markets—creating sustainable value for shareholders and communities alike.
Robert Riley
Chairman
Executing Boldly, Scaling for Growth.
FY2025 was about turning strategy into action—strengthening operational discipline, accelerating technology adoption, and unlocking efficiencies across our portfolios. With record cash flow, sharper forecasting, and disciplined capital allocation, Massy is positioned to scale hard currency earnings and expand in high-growth markets. Our next chapter focuses on execution excellence, digital transformation, and sustainable value creation for shareholders.
James McLetchie
President & Group Chief Executive Officer
Delivering Resilient Growth & Strategic Momentum
FY2025 underscored Massy’s ability to perform with discipline in a challenging environment. Our Investment Holding Company model continues to unlock value through tighter capital allocation, improved forecasting, and operational visibility. As we enter FY2026, the Group stands ready to deliver sustainable returns and long-term value for shareholders.
Ivette Zuniga
Group Chief Financial Officer
Strategic Vision
Strategic Vision
Strategic Vision
Strategic Vision
Strengthening today, positioning for tomorrow
Strengthening today,
positioning for tomorrow
Strengthening today, positioning for tomorrow
Our strategic aspiration is bold and clear: to build a high-performing, values-driven Group that delivers intergenerational returns, prosperity, and impact.
Our strategic aspiration is bold and clear: to build a high-performing, values-driven Group that delivers intergenerational returns, prosperity, and impact.
To achieve this, we are advancing four focus areas:
1
Developing vertical leadership
through the organisation
Developing vertical leadership
through the organisation
“Vertical leadership” unleashes leadership everywhere —not only at the top. We are equipping store managers, supervisors, specialists, and Portfolio CEOs to act with clarity and accountability.
2
Raising commercial and operational standards across all businesses i.e. “Massy Excellence”
Raising commercial and operational standards across all businesses i.e. “Massy Excellence”
We are strengthening Mergers and Acquisitions (M&A), Corporate and commercial Finance, People development and commercial capabilities e.g., pricing routines, improving inventory decisions, lifting productivity - ensuring clearer accountability across Group, Portfolios, and businesses.
3
Accelerating investment in technology, digital, data, and AI to improve execution
Accelerating investment in technology, digital, data, and AI to improve execution
We are upgrading forecasting tools, operational visibility, digital credit and risk models, and modern core systems— giving our people better information and faster insights.
4
Strengthening our core markets while scaling expansion in high-growth geographies
Strengthening our core markets while scaling expansion in high-growth geographies
We will deepen performance in the Caribbean while scaling growth in Guyana, Colombia, and selective US markets. Across all territories, we will use Massy’s scale to partner with global OEMs, technology innovators, and digital platforms.
Downloads
Downloads
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Who We Are At A Glance
Who We Are At A Glance
Integrated Retail Review
Integrated Retail Review
Motors & Machines Review
Motors & Machines Review
Business Review
Business Review
Leadership Insights
Leadership Insights