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GraceKennedy profit declines by half-billion; Africa market underperforms

Published:Wednesday | March 2, 2016 | 12:00 AM

GraceKennedy added $9 billion to its revenue base but its bottom line shrank by half-billion dollars in 2015.

The food and financial services conglomerate, which operates in the Caribbean and on three continents, made $3.25 billion in net profit on revenues of $79.7 billion, or 14 per cent less profit than a year earlier when the group made $3.8 billion.

The United States now contributes the second highest revenues to the group, while Africa's contribution shrunk considerably in the year.

Specifically, the group continued to earn most of its revenues from Jamaica at $40.2 billion, followed by the US at $14.98 billion, then United Kingdom at $13.05 billion, Canada at $4.76 billion, other Caribbean countries at $5.25 billion, other European countries at $1.23 billion, Africa at 96.3 million, and other countries at $116.1 million.

The greatest increase came from the US, up 56 per cent, or $5.43 billion, followed by Jamaica, up 7.2 per cent, or $2.7 billion.

The biggest reduction came from Africa, formerly defined as a growth market but which recorded a 47 per cent decline, or $86.6 million.

The conglomerate closed the year with slightly less cash of $7 billion, compared to net cash of $7.9 billion in 2014. Its net value rose to $39 billion from $38 billion a year earlier.