← News Fri May 25, 2018 - 5:36 pm - 0 comments

GraceKennedy records $1.3B in profit

The GraceKennedy Group has posted profit of $1.3 billion for first quarter of 2018, 15 per cent over profits recorded a year earlier.

Group CEO Don Wehby, in a report to shareholders, expressed satisfaction at the company’s result. He noted that the Group’s results were led by strong performance of key business lines and new acquisitions. GraceKennedy’s newest acquisitions, Consumer Brands Ltd and Gray’s Pepper Products Ltd, have proven to be a very good fit and are integrating well within the Group, according to Wehby.

“We are very clear about delivering shareholder value. This comes from meeting the needs of our consumers, providing relevant, quality products and services and continuous innovation. I’m very proud of the strides we continue to make in both our Foods and Financial Services segments,” he said.

Revenues for the first quarter totalled $24.9 billion, a 5.1 per cent increase over the comparative quarter of 2017.

Group CFO, Frank James, said the Group was proactive in preparing for, and therefore successfully adopting the new International Financial Reporting Standards (IFRS) which became effective on January 1. IFRS 9 addresses the recognition, classification and measurement of financial instruments while IFRS 15 addresses the recognition of revenue from contracts with customers.

Published in the Jamaica Observer
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