Sat | Sep 23, 2017

GraceKennedy profit spikes to $4.5b

Published:Friday | March 3, 2017 | 3:00 AMSteven Jackson

GraceKennedy Limited grew its annual earnings by 39 per cent to $4.5 billion.

That equated to earnings per share of $4.03, up from $2.78 a year earlier.

The company, led by Group CEO Don Wehby, benefited from a 10.7 per cent rise in revenues during the financial year, to $88 billion, while keeping expenses at bay.

Wehby will host an investors' briefing on the group's financial performance on Tuesday.

The conglomerate is organised into two divisions, namely GK Foods and GK Financial Group, but reports four operating segments.

The food-trading segment earning $1.33 billion in profit before tax on $68.8 billion in revenues; the banking and investments segment earned $378 million on revenues of $5.58 billion; insurance earned $789.2 million on revenues of $6.03 billion; and the money services arm earned $3.07 billion on revenues of $7.8 billion for year ending December 2016.

The GK stock trades on the Jamaica and Trinidad & Tobago exchanges. It is currently trading at $40.95 in Kingston and TT$2.63 in Port-of-Spain.

steven.jackson@gleanerjm.com