The GraceKennedy Group, after surpassing the US$1-billion revenue mark at the end of its 2023 financial year, is now almost midway in reaching its vision 2030 milestone target of US$2.1 billion.

After bagging $155 billion during its last financial year ended December 31, 2023, the food and financial services company saw revenues climb almost 10 per cent above the prior year buoyed by increased profits of $8.4 billion and a solid asset base of $219.5 billion.

The group’s 12-month performance driven by strong out-turns from its heavy weighted food division benefitted from the continued growth of its distribution business as well as its Hi-Lo supermarket chain, Grace Foods UK and GK Foods USA. Contributions from the food segment accounted for the lion’s share of overall revenue totalled $122.6 billion. This was supplemented by commendable results from the insurance segment which delivered over $15 billion in revenues — significantly bolstered by GK’s March 2023 acquisition of Scotia Insurance Caribbean Limited (SICL), rebranded GK Life Insurance.

Contributions from the group’s banking and investments and money services divisions also amounted to $9.6 billion and $8.8 billion, respectively.

“Our strong 2023 performance is a testament to our team’s commitment to executing our strategy, as we work to achieve our vision of becoming the number one Caribbean brand in the world by 2030. We made significant strides towards that vision last year, improving operational efficiency across the group and executing our merger and acquisition strategy effectively,” commented Group CEO Don Wehby.

Pleased with the year’s performance, Group CFO Andrew Messado, in declaring the company’s first dividend payment for 2024, indicated that $0.52 per stock unit, which amounted to some $515 million, was to be made payable to shareholders on April 5, 2024.

The GK Group, which has been laser-focused on becoming a global food company by 2030, has outside of its ambitious revenue target, set a number of strategic goals it wants to achieve within the next six years. Some of these include earning 70 per cent of its profit and revenue outside Jamaica, growing its profit before tax (PBT) to US$250 million and listing a few of its businesses on overseas stock exchanges.

In building out its presence and strengthening its base in markets which it operates, the group last year managed to accomplish a list of achievements which ranges from growing its footprint in the spring/bottled water market following increased ownership in Catherine Peak and acquisition of UniBev as well as a number of technological advancements and the initiation of a share buy-back programme through which it intends to repurchase up to 1 per cent of shares currently in issue over a one-0year period.

“All these actions support our long-term vision for growth. GK remains steadfast in our commitment to delivering value to our shareholders, customers, and the communities we serve around the world. Looking ahead, I am confident that we are well-positioned to continue building on our successes,” Wehby said in the company’s recently published report to shareholders.