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GraceKennedy earnings up 21%

GraceKennedy

GRACEKENNEDY saw its earnings climb 21 per cent in the first three months of 2014.

The food and financial services conglomerate posted a net profit of $941 million in its first quarter this year, compared to $776 million in the corresponding period in 2013.

Higher earnings reflected increased revenue, which grew by $2.1 billion or 13 per cent to $18.2 billion during the review period, and stronger performance of the insurance division as well as money services, which benefited from higher inflows of remittances.

But the group’s food division saw its profit decline, despite higher revenue that was driven mainly by growth in Europe and Belize.

GraceKennedy group CEO Don Wehby called the current economic environment “challenging”, while escalating raw material prices squeezed the Jamaican manufacturing operations.

Published in the Jamaica Observer
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