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GraceKennedy records increased revenue of $4.5 billion for first half of 2014

Friday, August 01, 2014 | 9:52 AM    

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KINGSTON, Jamaica - GraceKennedy Group is reporting revenues of $37.2 billion, a 13.9% or $4.5 billion increase over the corresponding period for 2013. Net profit attributable to owners of the Company increased by $286.3 million or 20.6% compared with the corresponding period for 2013, increasing from $1,392.8 million to $1,679.1 million.

Group Chief Financial Officer, Frank James disclosed that an interim dividend payment of $0.78c per stock unit will be paid on September 30, up from $0.70c earlier this year.

Group CEO Don Wehby disclosed that the sale of GraceKennedy Group’s equity interest in First Global Financial Services led to a decline in the company’s asset base. However, he noted that the $3.05 billion earned from the divestment would allow the Group to reallocate capital primarily to its banking business.

GK Foods Division recorded strong revenue growth, driven particularly by international growth in the UK and US markets. The foundation for further growth in the US was laid on July 18, 2014, with the acquisition of the assets and the brands of USA Food business La Fe Foods Inc.

The Division also made another significant step toward further growth, exporting pepper mash produced at its Grace Agro processing Plant in Hounslow, St Elizabeth.

The Financial Services Division recorded mixed results during the period.  The Money Services segment recorded strong growth in revenue and profits primarily attributable to its Jamaican and Guyanese operations. The insurance segment showed good recovery demonstrated by an increase in profits, attributable to improved underwriting performance and absence of extraordinary claims losses experienced in 2013. While the banking and investments segment saw a decline in profits, there was strong deposit growth in GraceKennedy’s commercial bank, First Global.

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