GraceKennedy Group Quarterly Profits Drop


The GraceKennedy Group is announcing that while Group performance was ahead of plan, profit for the quarter was below the corresponding period of the prior year.

For the three months ended March 31, 2019, the Group recorded increased revenues of nearly $26 billion for the three months ended March 31.

This just over 4% or a $1 billion more than the revenues in the corresponding period last year.

However, there was a decline in net profit after tax of 22.6%.

Net profit attributable to stockholders was $897-million, nearly 25% or over $297-million lower than that of the corresponding period in 2018.

According to Group CEO, Don Wehby, the indicators that the Group performed well, are clear.

Unfortunately he says that positive performance was adversely impacted by the ongoing volatility in the Jamaica foreign exchange market, particularly as it regards the US Dollar.

Over the three-month period, shareholders’ equity increased by over a billion dollars to nearly $46 billion, which resulted in a book value per share of $46.6.

The Company declared an interim dividend of 40-cents per stock unit, payable to shareholders on June 14.

In 2018, Tauna won the UNICEF Media Award for Excellence in Reporting on Children’s Rights. She graduated from CARIMAC in 2015 and joined NNN in 2016. Since then, she’s covered several high-profile court cases including the X6 murder trial, the police death squad trial and is currently covering the Uchence Wilson Gang trial. Thomas is the Producer of Talking History heard on Nationwide Radio every Saturday.

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