Following growth of some 50 per cent in the production capacity for its bottled water business, GraceKennedy Group is looking to increase revenues as it also eases supply challenges within the segment.

Group CEO Don Wehby, speaking at an investor briefing on Tuesday, credited its acquisition of large contract manufacturer Unibev for this achievement. With the acquisition of large bottled water companies 876 Spring Water in 2021 and Catherine’s Peak, after a doubling of its stake to 70 per cent last year, GK is also looking to pour significant returns from this segment.

“UniBev specialises in fully integrated spring water production, and we figured and strategised very carefully that if we buy from the source to the bottling plant to the distribution company it would have been a big win-win for us. We acquired the company in October 2023 and I’m happy to report that since then our production output has gone up by 50 per cent.

“The team has worked hard to secure growth in this area. During the year we had put in a new generator and we also looked over the business processes and injected new working capital which have [all] been working very well so far,” he stated.

Pointing to supply challenges experienced for Catherine’s Peak during its first-year post-acquisition, the expectation, Wehby said, is for revenues “to go up significantly in 2024”.

After surpassing the US$1-billion mark in revenues during 2023 a year earlier than projected, the food and financial services conglomerate, which continues to bank on growth across all its subsidiaries, is, Wehby said, also now focused on improving operational efficiencies across its entire business.

The group, as it continues to invest millions in technology and renewable energy, said it is also judicious in its management of cash and its preservation of working capital.

“We have big plans at GK to meet our 2030 vision, a key one being acquisition which, if we’re going to do, will require significant cash, as well as our buyback of shares,” Wehby said.

He noted that with some 10 active discussions now underway in and outside of Jamaica concerning acquisitions, cash availability must be prioritised.

Outling some other core areas of focus for this year, the group, he believes, will continue to unlock more of its Vision 2030 objective if it keeps up with revenue growth and employee engagement strategies. Improved competitiveness across manufacturing companies and the transformation of money services business models, as well as the continued unlocking of digital transformation, Wehby said, will also help to achieve key objectives.

The Group CEO said that while he is not expecting to be at the helm of leadership up to 2030 mark, he is happy with the level of growth realised by the group over the last few years and is even more confident that those tipped to succeed him will do a good job in carrying on the baton.

“I doubt it very much that I will be around up to that time, but I have a great team in place as we have very good succession planning at GK, so I’m sure that whoever I hand the baton to will be more than capable in taking the company to earning the US$2.1 billion with 70 per cent of its revenue and profit coming from outside of Jamaica,” he stated.

“I believe other people must be given a chance to play their role in the company. I’ve played mine, having been CEO since July 2011, though I still have a little way to go,” he declared.