While companies around the world have been suffering financially as a result of COVID-19, the GraceKennedy Group has recorded its best results in recent times.
For the three months ended March 31, 2020, the Group achieved revenues of J$28.85 billion, an 11.3% increase or J$2.93 billion over the corresponding period of 2019.
Profit before tax for the period was J$1.99 billion, a 50.6% increase over the corresponding period of 2019.
Net profit after tax for the period was J$1.45 billion, an increase of 42.8% or J$435 million over the prior year period, while net profit attributable to stockholders was J$1.32 billion, 46.9% or J$421 million higher. Profit before other income was J$1.28 billion, 44.7% or J$396 million higher than that of 2019 corresponding period, indicating an improved operating margin. Earnings per stock unit for the period was J$1.33.
As a result of this Group CFO Andrew Messado, announced a dividend of $0.25 per share or approximately J$248 million payable on June 15, 2020.
While highlighting the company’s financial performance, GraceKennedy Group CEO, Don Wehby lauded the company’s focus on its corporate social responsibility over the last couple of months, in light of the COVID-19 pandemic.
“Our financial performance is important, but so is GK’s ‘we care’ ethos. There is great need as a result of this pandemic, and where we can, we have been playing our part in assisting in the countries and communities in which GK operates,” he said.
In Jamaica, GK’s contributions have included a donation of J$10M towards the Private Sector Organization of Jamaica’s initiative to purchase ventilators for the island’s hospitals, and the provision of a 3D printer from our STEM Centre to assist with the production of face shields for the protection of our nation’s healthcare workers.
The Group advised that its Annual General Meeting on May 27 will be streamed live via the internet because of restrictions in place as a result of COVID-19.
“It is a very challenging time for GK, but I am proud to say that our great team has pulled even more closely together to face the challenge head on. I thank them for their commitment and hard work, in the true spirit of ‘we care’. Despite the uncertainties that exist, we are confident that we will emerge, stronger together, from this crisis. We would like to take this opportunity to thank all our stakeholders for their continued support as we navigate this journey, guided by our core principles of Honesty, Integrity and Trust. We wish everyone the best, and encourage all to take the necessary precautions to keep themselves and their families safe,” Wehby said.