Orane GRACE, KENNEDY & Company continues to go from strength to strength recording impressive results for the first quarter of the year ending March 31, 2001.
The unaudited results of the Group for the period ended March 31, 2001 recorded sales for the three-month period of $3,801.4 million, an increase of $215.5 million on last year's corresponding period. The net profit attributable to stockholders increased by 35.6 per cent or$57.5 million over the corresponding period for 2000, moving from $161.3 million to $218.8 million. This represents earnings per stock unit of $1.01 (2000:$0.74).
Company chairman and chief executive officer Senator Douglas Orane said: "It is a source of satisfaction that these results are so buoyant despite the prevailing economic conditions. We believe that our recent restructuring exercises and our new product initiatives are being justified."
Surpassing its budget in both sales and profits was Grace Foods & Services Company which was created out of the former Merchandise Division. The chairman noted that these results were recorded despite the loss of the Unilever products which the company ceased distributing on December 31, 2000.
In the international market, the company recorded an impressive 24 per cent growth in sales over the same period last year.
Senator Orane told The Gleaner: "Our sales growth in the international markets was spurred on by Grace's own brand products. We did very well in the United States, the UK and in some countries in the Eastern Caribbean particularly Trinidad. We have managed to get many of our food products into both Canadian and US supermarkets. I must say that I have noticed recently an increased desire both in the Caribbean and in the US for Jamaican foods."
"The Retail & Trading Division had satisfactory results in sales and profits. Two significant developments in this Division were the opening of the new Hi-Lo store in Barbican and the opening of the Air Marguerita-ville restaurant at Sangster International Airport.
The Financial Services Division continued to perform well. With its recent acquisition of the 51 per cent shareholding owned by Trafalgar Develop-ment Bank (TDB), Trafalgar Commercial Bank (TCB) is now a wholly owned subsidiary of Grace, Kennedy & Company. The Maritime Division showed mixed results in volumes. While the transshipment activity increased by 26 per cent over the period, domestic cargo moved downward by 2 per cent.
Of particular significance was the record levels of productivity increases at the Kingston Container Terminal. The chairman attributes this to the solid investment in training of staff at all levels locally as well as internationally.
Kingston Wharves has expressed interest in the new management contract for the Kingston Container Terminal as requested by the Port Authority.
The Information Services Division continued to show impressive results recording increasing growth and profits in the three areas in which in which it operates.
