GraceKennedy Limited reported a 30.4% increase in revenues over 2007 in its interim report to stockholders for the quarter ended March 31, 2008. Revenues for the period were $13,779.4 million, compared with $10,568.9 million for the corresponding period in 2007. The Net Profit Attributable to Equity holders of the Company increased by $42.1 million over the corresponding period of 2007, moving from $594.6 million to $636.7 million, an increase of 7.1%. This represents earnings per stock unit of $1.95 (2007: $1.83).

The food arm of the company, GK Foods, continued to turn in a strong performance with revenues performing well against targets, and with sales of Grace-owned brands growing 10% over the prior year period. Results were mixed for GK Investments with the Money Services division and Allied Insurance Brokers being some of the companies showing profit and revenue growth over the comparable period in 2007.

Innovation and expansion continued during the period under review with GK Foods launching its range of Grace Cranberry Juices in the Caribbean markets outside of Jamaica, and three new variants of flavoured Corned Beef in the Jamaican market. In GK Investments, First Global Bank and Hardware & Lumber continue to apply new information technologies in their customer service and back office operations. This is expected to result in significant savings in administrative costs in the medium to long term. Jamaica International Insurance Company (JIIC) expanded its operations to Dominica through an appointed agent.

On May 27, 2008 shareholders will receive an interim dividend payment of approximately $163 million, which represents 50 cents per stock unit based on the existing issued shares.

Posted: May 13, 2008