GRACEKENNEDY’S net profit last year jumped by 54 per cent over the previous year to $2.57 billion.

All business segments improved during the year under review including the group’s retail and trading segment, which reported an $83-million pre-tax loss but which was an improvement over a $440-million pre-tax loss the year before.

The conglomerate’s banking and investments segment continued to trail behind the other growth segments, largely reflecting the impact of $1.77 billion in losses suffered from irregular bond trading over the course of 2008 and 2009.

The segment did however, post a pre-tax profit of $105 million compared to $26 million the year before.

Money services continued to be the biggest winner for GraceKennedy, raking in $1.4 billion of the $3.65 billion pre-tax profit made by the group.

Insurance services saw an increase in pre-tax profit as well — moving from $455 million in 2008 to $472 million in 2009 — but the improvement was not as significant as that of the food trading segment which saw its pre-tax profit grow from $613 million to $724 million.

For 2010, the GraceKennedy is focused on strengthening the control systems of the group and complete its new distribution centre in Spanish Town by April 2010.

The distribution hub reached practical completion status in December 2009 while deliveries for the export markets are expected to commence this month.

Moreover, during the last quarter of 2009, the group retained the services of an international advisory firm to carry out a review of the “group’s internal controls, risk management and governance processes”.