Neal and Massy have good year in Guyana
Stabroek News
February 9, 2007
Neal and Massy, the Trinidadian based conglomerate reported profits for the group of TT$402 million for the year ended 30th September, 2006.
Speaking to shareholders at the annual general meeting in Port-of-Spain Chief Executive Officer Bernard Dulal-Whiteway said the Guyana Group had also produced very good results, with all the operations exceeding expectations. This performance was commendable, he said, in view of disruptions caused by criminal activities over the past year. The core businesses of this group remained strong and investments are being made to expand infrastructure and capacity to achieve improved market penetration.
Associated Industries Limited (Ainlim), the core business "performed very well for the period under review. Tenders were won from Government agencies for the supply of excavators and motor vehicles, which enhanced the Company's performance. Ainlim will look to strengthen its competencies in machinery and equipment supplies and services, a segment which is expected to grow as the economy expands", he said.
He said CCS Guyana Limited continues to be the leading provider in Guyana of radio communications equipment and office products. Its emphasis during the year on upgrading technical support services led to significant improvements in sales and profits. In the IT solutions business the Company is proceeding with plans to become a total solutions provider.
Another subsidiary, Demerara Oxygen Company Limited (Docol), enjoyed a successful year. The company was proud to surpass the milestone of 365 days without any lost work day due to accidents. As part of the safety process, a new fire fighting system was recently installed.
It is anticipated that high petroleum prices worldwide will continue to affect the market for LPG, but demand for industrial gases is expected to show some improvement due to increased industrial activity in the country, the CEO said.
NM Services Limited continued to experience growth in its Moneygram remittance operation and also enjoyed improved performance in its equipment financing business.
In March 2006, the Group purchased Securicor International's 51% shareholding in Securicor Guyana Limited, thereby assuming 100% ownership of the company. As part of the agreement, the Company's name was changed to NM Security Solutions Inc. Efforts over the remainder of the year were concentrated on restructuring the business and upgrading the asset base to provide a platform for sustainable growth.
The Guyana Group consolidated its distribution businesses under a single entity, Trading & Distribution Inc. The restructuring was well managed, the CEO said, and the results for the combined unit surpassed expectations. Efforts will now be directed towards acquiring new lines to fill gaps in product offering expanding distribution coverage and increasing market share.