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Grace grows all segments in 2012
27 March 2013
Grace grows all segments in 2012

Net profit jumps 28 per cent

GraceKennedy Group posted solid earnings in the 2012 financial year, growing annual net profits by 28 per cent to $3.8 billion.

Total revenues were five per cent higher in 2012 at $61.3 billion, with sales up across all the group's major segments — food trading, retail and trading, banking and investments, insurance, and money services. But pre-tax profit increased marginally to $4.1 billion during the year compared to 2011.

GraceKennedy Group CEO Don Wehby said it was "both a challenging year and a year of achievement" for the company, which over the year concentrated on growing its international footprint, innovation to drive revenue growth, managing costs and better capital management.

The flagship food trading division increased sales by six per cent to $40.5 billion over the year under review, with the company reporting "creditable growth" in North America, Europe and Africa.

Grace intends to earn a half of its profit from outside of Jamaica as it moves to become a global consumer group within the next seven years. Last year the company expanded on the African continent, where the goal is to make 15 per cent of its revenue by 2020. It also increased its shareholding in its Central American subsidiary, GraceKennedy (Belize) Limited.

Wehby said that the firm expects 2013 to be another "challenging year" but noted that the company sees the challenges "... as opportunities, and stepping stones to GraceKennedy's achievement of its vision of becoming a global consumer group".

Wehby added: "We are focused on growth organically through acquisition and merger opportunities, and have the team and infrastructure with the appropriate risk mitigation in place to achieve our goals."