To listen to an audio stream of the GraceKennedy Investor Briefing, please click play below.
Investor Briefing Question & Answers.
Please see below the additional questions that were not covered during the Investor Briefing live stream.
“Has consideration been given to the use of crowdsourcing internally in order to increase employee engagement and truly drive innovation from the inside out?”
We do not currently use a crowdsourcing platform, however, the ideas that are ultimately formalized into a new product/service ideas are sourced from multiple channels such as: market research, competitive scans and/or ideas from employees across the Group. With our decision in 2017 to shift from assessing Employee Satisfaction to Employee Engagement, our Leadership team is committed to encouraging our people at all levels to share solutions that will enhance the value of our offerings.
“Can you say what is the current status of the GKMPay product and the plans going forward?”
GKMPay is a product we are very energized about. Like all new technologies, the first phase is all about “learning”. We have been gathering a tremendous amount of invaluable information about the needs of our growing “early adopter” customer base. Over the next few months, we will be leveraging that learning to deliver even more tangible value to our customers’ everyday lives. In the meantime, do join us on our journey to make financial transactions even easier for more Jamaicans.
“What are the plans for expanding in the online retail space beyond what the Grace brand has achieved on Amazon already?”
We have been closely monitoring the hyper growth in e-commerce for grocery and we remain convinced that this is a great channel for growth. In our international distribution centers we have spaces allocated for fulfilment to online retailers such as Amazon and we will continue to identify opportunities to invest in and grow this channel. Equally, we continue work on our digitalization programme for the Group with a current focus on the Financial Services entities. We are looking to new technologies to deepen customer engagement, unlock new revenue opportunities and optimize our operations.
“What makes up “Other Income” and what are the main reasons for the 34% increase over last year”?
Other Income consists mainly of Investment Income on held for trading portfolio, Fees and Commissions, Interest Income for Insurance business, Net foreign exchanges gains, Rental Income, Rebates, reimbursements and recoveries. There were increases in most areas primarily Investment Income on held for trading portfolio (primarily equities), Fees and Commissions, Net foreign exchanges gains and Rental Income.