Goddard Enterprises Limited (GEL) is looking to shore up its automotive sales in 2026 as it rolls out the Chinese GAC Motors fleet of vehicles across the Caribbean.

The Barbadian conglomerate saw a three per cent increase in its automotive division’s revenue to BBD$122.06 million ($9.73 billion) but had flat sales for its September 2025 financial year (FY). The company’s 2025 annual report noted that vehicle sales held steady in Barbados and declined in Jamaica, the group’s two main markets. This was against the backdrop of the group recording gains in St. Lucia, Grenada and St Vincent and the Grenadines.

“In addition, the limited product offering from legacy brands constrained competitiveness in the key small and mid-sized SUV segments, particularly in hybrid and EV categories where Chinese and Korean brands have advanced rapidly. This was particularly relevant in Jamaica, St Lucia, St Vincent and Grenada, where the dealerships were previously dependent on a single brand prior to the GAC introduction,” the directors’ report stated.

The automotive division in turn saw a 55 per cent dip in operating profit from BBD$5.02 million to BBD$2.28 million, with profit before tax declining from BBD$4.82 million to BBD$231,000. The reduced performance was impacted by group efforts to reduce inventory levels; increased finance charges associated with the GAC (Guangzhou Automobile Group Co) brand of vehicles across all its markets and a BBD$1.3 million revaluation loss on a Barbadian investment property.

Despite these headwinds, GEL automotive leadership team crafted a new five-year strategy to improve competitiveness, enhance operational efficiency and improve product diversification.

GEL launched the GAC brand of motor vehicles in four markets during the 2025 FY and launched the Chinese brand in Jamaica during November 2025. The GAC brand is being exclusively managed by Fidelity Motors Limited, Goddard’s Jamaican automotive subsidiary that also distributes the Nissan brand of vehicles. GEL introduced the Emkoo and Emzoom, internal combustion engine vehicles, in September 2025 along with the Aion V and Aion Y which are electric vehicles.

The GAC introduction is expected to reduce dependency on legacy brands and enhance competitiveness in markets preferring well priced and equipped SUVs, hybrids and electric vehicles.

“Looking ahead to fiscal year 2026, the Division will focus on accelerating the rollout of GAC vehicles, expanding into the Jamaican market and strengthening its position in the SUV segments,” said Alan Bayne, CEO of GEL’s automotive division in the 2025 annual report.

Label Crafts Jamaica Limited, a 51 per cent subsidiary, also maintained healthy gross margins according to Nicholas Mouttet, CEO of GEL’s manufacturing division. The Jamaican business is also expected to receive additional investments to drive growth, save costs and enhance production volumes. Goddard Catering Group (Jamaica) Limited is currently implementing SAP S/4HANA which is a new enterprise resource planning (ERP) system.

With respect to Acado Limited (formerly Caribbean Distribution Partners Limited), had a strong financial year as both revenue and gross profit improved for the period. The business also focused on the development of a modern warehousing and logistics hub in Guyana and acquired the remaining 20 per cent stake in Acado Trading Canada Limited. Acado is currently working on closing the acquisition of Massy Distribution (Jamaica) Limited (MDJL) which is currently waiting on Fair Trading Commission (FTC) approval in Jamaica. Acado is a joint venture between GEL and Agostini Limited, but GEL accounts for the business as an associate while Agostini accounts for it as a subsidiary. Christopher Alcazar is the CEO of Acado.

According to Massy Holdings Limited’s 2025 audited financials, MDJL reported a five per cent dip in revenue to TTD$352.44 million ($8.32 billion) with operating profit before finance costs and expected credit losses down 30 per cent to TTD$27.66 million ($653.36 million). Profit before tax declined 32 per cent to TTD$26.93 million with net profit for the September 2025 FY down 29 per cent to TTD$24.29 million ($573.75 million). The business had TTD$244.80 million ($5.78 billion) in total assets which included TTD$70.05 million in trade and other receivables and TTD$23.53 million ($555.63 million) in cash. It had total liabilities of TTD$64.93 million which leaves it with net assets of TTD$179.87 million ($4.25 billion).

Goddard’s consolidated revenue increased 38 per cent to BBD$1.85 billion ($147.37 billion) due to the 93 per cent rise in manufacturing revenue from BBD$479.75 million to BBD$924.87 million. This was underpinned by the turnaround at Ecuador Kakao Processing Proecuakao S.A. (Ecuakao) which completed the installation of its fourth production line, adding another 50 per cent growth in capacity.

After deducting the cost of sales, consolidated gross profit rose 21 per cent to BBD$620.17 million with operating profit increasing 28 per cent to BBD$96.69 million. With share of profit from its associates rising along with a lower tax bill, GEL’s consolidated net profit grew 46 per cent to BBD$76.8 million, with BBD$63.97 million ($5.1 billion) attributable to shareholders.

GEL’s consolidated asset base grew nine per cent to BBD$1.77 billion with equity of BBD$943.08 million, with BBD$74.57 million attributable to shareholders.

Goddard’s stock price remained unchanged in 2025 at BBD$2.40 and was the only security that traded in the week of January 2. The company paid BBD$0.06 in dividends during 2025, translating to a dividend yield of 2.50 per cent. Goddard will pay a BBD$0.03 dividend totalling BBD$6.87 million on February 27 to shareholders on record as of January 30.

Sagicor Group (Barbados) remains the largest shareholder in Goddard with a 11.21 per cent stake via its managed funds. Neptune Investments Limited is the second largest shareholder with a 6.35 per cent stake, with the overall 10 largest shareholders owning 42.46 per cent of the company.

Goddard will hold its 87th annual meeting of shareholders on January 29 at the Central Bank of Barbados. Current Goddard chairman A. Charles Herbert, directors William P Putnam and Ryle L Weekes are set to retire from the board of directors at the shareholder meeting.

With these retirements, the company has proposed five new directors to join the company’s board. Goddard’s board would expand to nine directors if all proposed directors are elected at the meeting. These proposed directors include Steven O Gooden, Grant J McDonald, G Craig Patterson, Joseph W Ward and John M B Williams. Gooden is currently the deputy chairman of the Jamaica Stock Exchange, former CEO of NCB Capital Markets Limited and founder and principal of White River Capital Inc.