Business: Grace Kennedy Goes 50% Up on Half-Year

 In its unaudited results for the six months ended June 30, 2020, the GraceKennedy (GK) Group is announcing a second straight quarter of growth. 

The Group realized revenues of J$56.5 billion, an increase of J$5 billion or 9.8% compared to the corresponding period last year, and a 53.2% improvement in profit before tax to J$4.5 billion. There was a 34.3% increase in Net Profit after tax (J$3.1 billion), with Net Profit attributable to stockholders reflecting a double-digit increase of 36.5% over 2019.

 The Group also registered an increase of 85.6% in Profit before other income to J$3.1 billion, and an increase in Profit from Operations of 60.5% to J$4.56 billion compared to the same reporting period in 2019. Earnings per stock unit for the period was J$2.77.

GK Group CFO, Andrew Messado has also announced a dividend payment of 40 cents per stock unit, payable on 24 September 2020, totaling approximately J$396 million.

According to Group CEO, Don Wehby, the Group’s strong performance in the first half of 2020 is due to increased revenue and improved margin management, as well as increased focus on operational efficiency and cost containment. “These measures will continue for the rest of the year given the magnitude of the spread of COVID-19 and its impact on the economies in which we operate and our consumers,” Mr Wehby said.