As it feeds the vision 2030 objective to become the number one Caribbean brand in the world, the GraceKennedy Group's heavy weighted food division continues to amass the lion's share of its earnings, growing almost 8 per cent at the end of the nine months ended September.
At the end of the reporting period revenues for the food and financial services conglomerate rose to $117.8 billion, 9.7 per cent or $10.4 billion more than that for the same period in 2022. Out-turns for the food division in delivering more than two-thirds of total revenues, accounted for $92.4 billion â€” $6.7 billion more than that last year. Additionally, its share of profit which also brought similar results contributed $5.3 billion of the $6.4 billion earned in overall net profit.
In an analysis of the segment's strong performance, the company's directors in a recent report to shareholders credited robust growth across its manufacturing, distribution, retail and international food businesses, enhanced by effective marketing and brand visibility as being responsible for the results.
During the third quarter revenues climbed to $39.5 billion accompanied by profit of $1.9 billion.
The group's other segments adding positively to the period also saw commendable performances from its banking and investment arm which delivered $6.9 billion in revenues and $478.8 million in profit in addition to $13 billion in revenues and $1.4 billion in profit from its insurance business along with $6.5 billion in revenues and $2.4 billion in profit from its money services division.
CEO Don Wehby, in attributing the group's strong financial performance to its resilience and unwavering commitment to excellence, said the business's success continues to rest heavily on its ability to, "expertly navigate the ever-evolving business landscape, both locally and overseas, with confidence."
"We have been executing well on our strategic initiatives, which are firmly aligned with our 2030 vision for growth and sustainability," he said.
In winding down the curtains of 2023 and looking forward to 2024 when it plans to embark on new strategic plans and looks to unlock greater growth, the over a century-old company through its continued roll out of initiatives such as the much anticipated share buy-back plan and environmental, social and governance (ESG) focus, aims to further increase shareholder value.
"The repurchase of shares [up to 1 per cent] will commence in November and will be conducted on the open market through our stock brokers in Jamaica and Trinidad and Tobago using cash reserves," the directors said in the report.
The group following its announcement of dividend payments of $0.65 per stock unit, payable on December 15, 2023, closed off its payments for 2023, bringing year-to-date payouts to approximately $2.15 billion.