GraceKennedy Increases Revenue by 5%

The GraceKennedy Group says its revenue has increased by just over 5-percent or $2.5-billion.

The Group’s revenue in its 2017 Second Quarter report is just over $46-billion. This was driven by growth in both its Food Trading and Financial segments.

Group CEO Don Wehby says profitability for the quarter was ahead of the plan, with net profit for the period at just over $2-billion. This represented a decrease of over half billion dollars or just over 19-percent.

In 2016, nearly $424-million was due to a non-recurring gain. Mr. Wehby says this non-recurring gain was realised on the liquidation of some non-operating subsidiaries last year.

Without this, he says net profit for the current period would have been lower than the corresponding period of 2016 by 5-point-5 percent.

Mr. Wehby says, the Group was satisfied with the profits of just over $2-billion, which while below prior year, are ahead of plans.

Factors such as costs associated with expansion were taken into account in the 2017 planning process.

The Group is on track for improved operating performance over prior year.

Last week Thursday, the Board of Directors approved an interim dividend of 38-cents per stock unit to be paid on September 26, a 12-percent increase over the dividends paid in September last year.