Sun | Feb 23, 2020

GK posts $ 2.7 billion in nine month profits

Published:Tuesday | November 11, 2014 | 12:00 AM

GraceKennedy Limited's latest earnings report shows an overall 15 per cent rise in business year to date.

The food and financial services conglomerate expanded sales by close to $8 billion, to $57 billion at September 2014. For the same nine-month period, profit rose to $2.7 billion or 19 per cent more than the $2.3 billion made in 2013.

Profit in the third quarter amounted to $822 million, up from $695 million.

GraceKennedy will pay a dividend of 85 cents per share on December 16. It paid a dividend of 78 cents per share on September 30.

On the financial services side of the operation, GraceKennedy Money Services (GKMS) piloted CoinXchange in August, a hassle-free service for exchanging coins for notes. GraceKennedy Payment Services Limited also got approval from the Bank of Jamaica to pilot a new mobile money service.

During the third quarter as well, new subsidiary, GK Capital Management Limited, got its securities dealer licence from the Financial Services Commission and received approval from the Jamaica Stock Exchange to begin trading.

Other highlights included the July acquisition of the business and assets of La Fe Foods Inc, which has its operations in New Jersey, Florida and North Carolina, and the purchase of an additional 50 per cent stake in St Lucia-based EC Global Insurance Company Limited in September, making it the majority owner with 80 per cent of the company.