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GraceKennedy revenues up $4.5b

Tuesday, August 5, 2014

KINGSTON—In releasing unaudited Group results for the period ending June 30, GraceKennedy Group CEO, Don Wehby is reporting that for the first half of the year, the Group achieved revenues of $37.2 billion, a 13.9 per cent or $4.5 billion increase over the corresponding period of 2013. Net profit attributable to owners of the company increased by $286.3 million or 20.6 per cent compared to the corresponding period of 2013, increasing from $1,392.8 million to $1,679.1 million. 

GK Foods Division recorded strong revenue growth, driven particularly by international growth in the UK and US markets. The foundation for further growth in the US was laid on July 18, with the acquisition of the assets and the brands of La Fe Foods Inc. The acquisition was through GK’s wholly owned subsidiary, GraceKennedy Foods (USA) LLC. 

The Division also made another significant step toward further growth, exporting pepper mash produced at its Grace Agro processing Plant in Hounslow, St Elizabeth. The Financial Services Division recorded mixed results during the period.