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Massy Holdings Limited, a Trinidad-based conglomerate with regional scope, has so far this year, expanded the capacity of its gas operations in Jamaica, a move which the company says is aimed at offering its more competitive pricing. At the same time, the company is reporting that the cross-listing of its shares on the Jamaica Stock Exchange, JSE, in January this year has increased local share ownership close to 90-fold.
“We increased our LPG storage capacity in Jamaica in the second quarter of 2022 by completing the installation and commissioning of four additional liquid petroleum gas, LPG, storage tanks with a capacity of 360,000 gallons,” Massy said in a recent investor update on its quarterly results to March 2022.
“This gives us the ability to import larger volumes of LPG and will allow for more competitive pricing to our existing and potential customers,” according to the company statement.
Massy, through its Gaspro brand, which it acquired from marketing company Shell in 2006, is a major supplier in Jamaica of LPG. Consumers and businesses mainly use LPG for cooking, but it is also evolving as a fuel source for motor vehicles.
The Jamaica gas operations earned revenues of US$27 million in the quarter, or 23 per cent of the group’s gas revenues, which totalled US$117 million in the quarter. The group operates gas businesses in Trinidad, which earned 32 per cent of segment revenue, followed by Colombia, at 29 per cent, and Guyana, at 16 per cent. Massy operates many segments, and its gas operations comprise 13 per cent of group revenue.