Nov 2019 Financial News

GraceKennedy Limited - Press Release re Financial Results for the nine months ended September 30th 2019

Nov 08, 2019

GraceKennedy Group Reports Strong Q3 Performance

Kingston, Jamaica, November 7– In releasing its results for the period ended September 30, 2019, the GraceKennedy Group is reporting improved performance. Profit before tax for the three month period was J$277.0 million or 17.0% higher than the corresponding period of 2018.

For the nine month period profit before other income was J$2.88 billion, 30.2% or J$668.1 million higher than that of the corresponding prior year period, indicating an improved operating margin. The Group achieved revenues of J$77.03 billion, representing an increase of 4.3% or J$3.20 billion over the corresponding period of 2018. Net profit after tax was J$3.71 billion, representing a marginal increase of 0.1% or J$2.04 million over the prior year period. Net profit attributable to stockholders was J$3.27 billion, 1.7% or J$54.2 million higher than that of the corresponding period
of 2018.

“We’re proud to report these results to our stockholders, and we expect that we will meet our financial targets for 2019, while achieving improved operating performance,” said Group CEO, Don Wehby. “We remain focused, and are working on several new and ongoing improvement initiatives across the Group, with a view to producing positive results and improving stockholder value,” he noted. He added that GraceKennedy is keeping itself agile and nimble, readying itself for future growth and transformation.

GraceKennedy Group CFO, Andrew Messado announced dividends of $0.40 per stock unit, payable on December 13.

The Group noted that its results were impacted by increases in non-operating expenses as a consequence of the adoption of the new accounting standard on leases, IFRS 16, and the previously adopted IAS 19 post-employment benefit expenses. Both resulted in a combined negative impact of J$489.0 million.

In terms of segment performance, the Food Trading Division recorded improved revenue and profitability, due to the performance in both its Jamaican and USA Food businesses.

 

Source:
The Trinidad and Tobago Stock Exchange Limited
Friday 8th November, 2019