The GraceKennedy Group recorded revenues for 2013 of J$67.3 billion, representing a J$5.9 billion or 9.6 per cent increase over the prior year. This was accompanied by a J$973 million or 23.7 per cent increase in pre-tax profits.
Group CEO, Don Wehby in expressing satisfaction with the Group's results, characterized 2013 as a year of resilience in the face of a challenging economic climate. He noted the added impact of the National and Private Debt Exchange programmes in which the company participated, which led to a one-time loss of J$293 million in the income statement arising from the exchange of instruments.
Despite the significant increase in pre-tax profits, 2013 net profits were flat when compared to 2012 due to a one-off change in the company's deferred income tax in 2012.Group CFO Frank James advised of an increase in dividends paid in 2013.
"The company paid $2.18 per share, compared to $2.00 in 2012, an increase of 9 per cent. We remain focused on growing the company, and increasing our shareholders' returns," he said. He further advised that the Board of Directors had declared a dividend of 70 cents per stock unit.
For 2013, the Group focused on the strengthening of its Jamaican businesses, growing its international footprint–specifically in the United States, Canada and the United Kingdom and new markets in Western Africa and continental Europe, improved capital management, and continued focus on its customers and employees. There was also sustained focus on the Group's commitment to good corporate citizenship, specifically through the work of its Foundations, as well as through its subsidiaries.
With regard to the divisions, GK Foods saw progress being made on the goal to becoming a Global Consumer Group, with growth in revenue both domestically and internationally.The international subsidiaries performed excellently, with much of the growth driven by Canada, Europe and Africa.