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GraceKennedy hikes profit 78% to $2.7 billion over six months

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GraceKennedy Group is reporting revenues of $44.1 billion for the six month period ending June 30, 2016, a 12.3 per cent or $4.8 billion increase over the corresponding period in 2015 when inflows were $39.27 billion.

Net profit increased by $1.2 billion or 78.4 per cent, compared with the corresponding period of 2015, moving from $1.5 billion to $2.7 billion.

Earnings per share for the period were $7.36 compared to $3.75 at June 2015.

Group CEO Don Wehby, in commenting on the results noted that, as reported in the first quarter, a non-recurring gain was realised on the dissolution of some non-operating subsidiaries. Without this gain, the net profit would have increased by 50.5 per cent or $763.8 million “resulting from strong operating performance in the Food Trading, Money Services and Insurance segments”.

Published in the Observer
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