Revenues from sales of GraceKennedy’s food brands in international markets stood at US$101 million at the end of 2007, an increase of 113% over the preceding year. In his report on the company’s 2007 financials, Chairman & CEO Douglas Orane credits the increased revenue to a combination of organic growth and the acquisition of the UK-based WT Foods.  Mr. Orane said the acquisition of WT Foods brands such as Encona, Nurishment and Dunns River had added US$51 million to international Grace-owned brand sales. 

The GraceKennedy Group achieved Revenues for the period of $48.75 billion (2006: $36.09 billion), an increase of $12.66 billion or 35.1%. The Net Profit Attributable to Shareholders of the Company increased by $1.591 billion over the corresponding period of 2006, moving from $1.845 billion to $3.436 billion, an increase of 86.2%. This represents earnings per stock unit of $10.55 (2006: $5.67). All industry segments in which the group operates showed increased profits over the prior year.  

The company continues to explore new markets, recently making its first shipment of Grace Coconut Water to India, and increasing its shipments of Grace Tropical Rhythms to Ghana.
Expansion was also the focus in GK Investments, the arm of GraceKennedy which includes all its non-food companies.  First Global Bank (FGB) continued to expand its reach,  establishing new branches in Mandeville and Liguanea, bringing the total number of branches to five. FGB has grown to become one of the two largest suppliers of foreign exchange to banking customers islandwide. 

FGB as a new principal member of VISA International, launched an innovative no fee credit card called the FGB Classic. The bank also launched an electronic funds transfer service called Global Direct, which allows clients to make payments to their suppliers and receive credits to their accounts electronically.   

Hardware & Lumber Limited recovered from the setbacks of the 2006 cement crisis to post an increased profit, much of which was realized from sales of household items in its Rapid True Value division. 

Mr. Orane commended GraceKennedy’s over 2,000 employees whom he said had displayed ‘commitment through some challenging times’ as the company reorganized to become more competitive. He also thanked those employees who had volunteered as teachers and mentors for high school students from the inner-city communities bordering the company’s locations in Kingston and St. Andrew

Posted: April 08, 2008