Food and financial services conglomerate GraceKennedy (GK) Limited reported $84.4 billion in revenues during the first six months of its current financial year, with almost 80 per cent of that earned by its food division.

The performance for the half year up to the end of June, represents a near 8 per cent increase in revenues compared to the same period last year. On the other hand, GK’s profit climbed to $4.7 billion with the lion’s share, or approximately $4.4 billion, also coming from the food division.

For the second quarter alone, revenues amounted to $42.1 billion accompanied by a net profit of $2.4 billion.

The company, which started out as a general mercantile and commercial business with manufacturing in February 1922, has, throughout its more than a 100-year lifespan, added a number of distribution and retail businesses, under which it now holds local and internal subsidiaries. Some of these include supermarket chain Hi-Lo, GK Foods UK Limited, World Brands Services, Dairy Industries, and several others.

“GK’s food business delivered a strong performance for the first half of 2024, recording growth in both revenue and profit. During the period, our Jamaican food business successfully executed strong margin management, cost containment and marketing initiatives which contributed to a positive bottom-line performance. Within the sales and distribution segment, Grace Food and Services (GFS), Consumer Brands Limited (CBL) and World Brands Services all reported growth in revenue and profit,” a report to shareholders accompanying the company’s latest financial filing stated.

“Our international food business also reported positive results for the first half of 2024. Grace Foods UK Limited, performed exceptionally well delivering strong growth. GraceKennedy Belize and Grace Foods Latin America and the Caribbean also achieved bottom-line growth when compared to the same period last year,” the report also stated.

In assessing reduced growth for other subsidiaries such as its GraceKennedy Foods (USA) LLC, the company, in planning a comeback from setbacks, said it remains focused on its execution of plans as it works to address lower-than-expected supply chain disruptions, which impacted service levels in some regions.

In Jamaica, the group in also monitoring any potential post-Beryl impacts on supply chain and raw material availability, said it continues to lend support to national recovery efforts especially to players in the agricultural sector, particularly farmers who may need assistance to rebuild their livelihoods after being badly affected by the powerful Category 4 storm that rattled Jamaica’s south coast on July 3, 2024.

GK’s food division in standing as a critical driver for some of the objectives outlined under the group’s ambitious Vision 2030 -its goal to become the number one Caribbean brand in the world– is well-positioned to help the large conglomerate in reaching US$2.1 billion in revenues by 2030. Already halfway to the mark, the continued addition of new acquisitions and their growth, including bottle water lines, Catherine Peak and 876 Spring Water (on which it plans to double down with new innovations), should further help the group in hitting its milestone objectives.

GK Foods, in looking to host its first food festival on August 24, 2024, said that the festival will be a celebration of the company’s rich history and deep-rooted connection to Jamaica, as well as its commitment to bringing people and families together through the joy of food.

“For more than 102 years, Grace has been more than just a brand; we’ve been a part of the fabric of Jamaican life. This festival represents a new era for Grace Foods as we continue on our mission of creating memorable moments by connecting families for life through food,” CEO of Grace Foods Domestic Business Frank James said during a launch event, held recently.