GraceKennedy revenue climbs 7.8 per cent to $167 billion, profit surges to $8.4 billion in 2024

 

 

For the year ended December 31, 2024, GraceKennedy Limited reported revenue of J$167.0 billion, an increase of 7.8 per cent over 2023, while profit before tax (PBT) for 2024 rose to over J$12.3 billion, an increase of 8.6 per cent when compared to prior year.

In 2024 profit before other income increased to i$8.0 billion, representing a 6.0 per cent increase, and profit after tax totaled J$8.9 billion, compared to J$8.4 billion in 2023, an increase of J$485 million or 5.8 per cent.

Net profit attributable to stockholders was J$8.4 billion, 8.1 per cent or J$633 million higher than the corresponding period of 2023.

Earnings per stock unit for the period was J$8.52 (2023: J$7.86). In 2024 GK’s total dividend pay-out was approximately J$2.35 billion. A dividend ofJ$0.55 per stock unit has been declared, totaling approximately J$543 million, payable on April 7, 2025.

Operational segments are including Foods under which the manufacturing business delivered improved results led by improved performance from Dairy Industries Jamaica Limited (DIJL) and Grace Foods Processors (NALCAN).

Grace Agro-Processors’ performance was negatively impacted by the passage of Hurricane Beryl and multiple periods of drought and intense rainfall affecting Jamaica in 2024.

Supermarket chain, Hi-Lo Food Stores has been renovating its stores, with recent upgrades completed at its University of the West Indies (UWI) Mona campus and Manor Park locations.

Renovations are also underway at its Spanish Town, St. Catherine, and Church Street, Montego Bay locations, further elevating Hi-Lo’s commitment to being the leading Jamaican supermarket for customer experience.

International food businesses delivered strong results in 2024, led by revenue growth from Grace Foods UK Limited, driven by the outstanding performance of key product lines in the British market, including Nurishment.

In the US, revenue saw an uptick compared to 2023, with growth in the La Fe and Grace brands. Grace Foods Canada produced results compared to prior year, delivering significant growth in both its top and bottom line.

The GraceKennedy Financial Group continued to grow in 2024, delivering increased revenue and profit compared to prior year with improved performance that was driven by the banking and investment segment.

First Global Bank Limited, the group’s Jamaican commercial bank, surpassed its 2023 revenue and PBT, primarily attributable to notable growth in its loan portfolio, increased investment income, and effective cost management.

GK General Insurance Company Limited (GKGI) and Canopy Insurance Limited both exceeding revenue and PBT over prior year.

A collaboration with Scotia General Insurance Agency Limited as the underwriter for ScotiaProtect, resulting in increased in written premiums in 2024.

GraceKennedy Money Services (GKMS) experienced a decline in revenue and PBT compared to 2023, largely due to reduced transaction activity and lower remittance flows in key markets, particularly Guyana.

In May, GraceKennedy Remittance Services launched its first ‘digital sub agent’ in partnership with Lynk Jamaica, which has since seen growth in usage. The GK One app was reported as Jamaica’s leading digital wallet for remittances in 2024, with growth in its number of users and a strong repeated usage rate.

In December, the company introduced direct-to-wallet functionality to the app, enabling remittance senders to transfer funds directly to a GK One user’s mobile wallet.

Linkedin photo of former GK Group CEO Don Wehby greeting Prime Minister Andrew Holness while Port Authority head Professor Gordon Shirley looks on. The occasion was the opening of GK's new headquarters five years ago.

Caribbean Money Daily.

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