Following an impressive performance last year, GraceKennedy (GK) Limited said it will target greater exports as part of its plans to continue on a positive growth path.

The company, which, through its top-performing food division, saw some 31 per cent of total production value being exported in 2021, and is intent on pushing that number further starting this financial year.

“As [countries] increase talks around food security, we have also began to look at exporting more of what we produce locally. I believe this is where we need to go and we must increase exports. We have strategised as a team to increase exports to 50 per cent by 2025 and this is a target which I’m holding very near to my heart. We need to export more to earn more foreign exchange for Jamaica and the company,” said GK’s Group CEO Don Wehby during an investors briefing held virtually on Wednesday.

Pointing to a recapitalisation of its manufacturing systems supported by plans for factory consolidations and the roll-out of its digital factory, Wehby said the company will be very strategic in achieving this objective. Last year the company said it had invested over $752 million to increase operational efficiencies in manufacturing and is looking to spend some more.

“This is going to call for additional investments but we are willing to make the investments to produce more. I am seeing a lot more growth in the international food market for GK,” Wehby said, whilst noting the consistent growth of its Grace Foods (USA) LLC and Grace Foods UK subsidiaries as the demand for products expand in those markets.

Locally, the company is planning on opening a new Hi-Lo store, its supermarket chain, in Negril. This will be a second location in the resort town.

“Due to the pandemic, the shipping of equipment has really stalled us, but I believe we should be able to open that store by the end of this year and we are actively looking at two other locations, one in Mandeville and another in Portmore,” Wehby stated.

The group CEO, in identifying some other areas of focus to be priortised this year, cited the roll-out of several new products to come, including its GK mobile app.

Also touting the group’s active pipeline which currently consist of some 11 mergers and acquisitions at varying stages, Wehby noted the soon to be completed acquisition of a market research/data analytics/fintech type entity among the group of mainly financial service enterprises as being one with which the company was most proud.

“The plan going into the future will be to list this company on the [stock] exchange and broaden the ownership base. I’m excited about this acquisition and hopefully in another week or two we’ll be able to make some announcements,” Wehby said.

Acknowledging current headwinds which include challenges surrounding supply chain disruptions, the Russia-Ukraine impasse, foreign exchange volatility and inflationary pressures, much of which continue to weigh heavily on the operation of businesses, Wehby expressed optimism in the group’s risk management strategy which he believes will help it to navigate the hostile environment.

The food and financial services conglomerate, which celebrated its 100th year anniversary last month, at the end of its 2021 financial year secured increased net profits of $8.9 billion and revenues of $129 billion. Through its newly crafted 2030 vision plan, the company said it will be seeking to grow revenues to US$2.5 billion up from the current US$800 million, over the next eight years.