Mar 2015 Financial News

GraceKennedy sees revenue growth despite Ja dollar depreciation

Mar 03, 2015

KINGSTON, Jamaica — The GraceKennedy Group says it has recorded revenues of J$77.97 billion for 2014, a J$10.71-billion or 15.9 per cent increase over the prior year.

Group CEO Don Wehby expressed satisfaction with the Group’s results, noting that 2014 was a year in which the company achieved “significant strategic investments, in keeping with its goal of becoming a Global Consumer Group”.

He also noted that despite the continued depreciation of the Jamaican currency, as well as changes in consumer demand due to decreased purchasing power, the Group was able to grow its revenues in the local market.

This revenue performance was accompanied by a net profit of J$3.8 billion. The earnings per share increased from J$9.66 in 2013 to J$9.90 in 2014 a news release from the company said Monday afternoon.

Group CFO Frank James advised of an increase in dividends paid in 2014.

“The company paid dividends totalling J$2.33 per share in 2014 compared to J$2.18 in 2013, an increase of 6.9 per cent,” he said. "At the end of 2014, the GraceKennedy stock price closed at J$61.03, a 10.8 per cent increase over the prior year, despite there being a 5.3 per cent decline of the Jamaica Stock Exchange Market Index over the same period,” he said.

The release said the Group’s main areas of focus were the strengthening of its Jamaican businesses; extending its reach in international markets – more so in Western Africa, continental Europe, and the USA’s east and west coasts; improved capital management, cost containment and continued focus and commitment to customers and employees.

Source:
Jamaica Observer
Tuesday March 3, 2015

http://www.jamaicaobserver.com/business/GraceKennedy-sees-revenue-growth-despite-Ja-dollar-depreciation