GraceKennedy Limited declared a 0.55 dividend per share after unaudited financial statements showed improved performance for the half-year reached on June 30, 2024.

The financial services and manufacturing conglomerate achieved revenues of $84.39 billion, an increase of 7.9 per cent or $6.16 billion over 2023. Its profitability also improved by 5.1 per cent with profit before tax increasing to $6.46 billion.

Net profit attributable to stockholders was J$4.44 billion, a 5.8% increase. Earnings per stock unit for the period were J$4.48, compared to J$4.22 in 2023.

GK Group  delared its third interim dividend payment for 2024, bringing the year-to-date total dividend pay-out to approximately $1.6 billion. 

Commenting on GK’s half-year performance, Group CEO Don Wehby said, “GraceKennedy continues to demonstrate our strength and resilience, with both our food and financial services divisions achieving growth in the first half of 2024. These results are a reflection of the culture of excellence we are building across our Group, and I am confident in our ability to sustain and build on this momentum throughout the rest of the year.”

He continued, “Our progress towards our 2030 vision of becoming the number one Caribbean brand in the world is driven by the exceptional commitment of our amazing team. We are grateful for their dedication and the continued support of our customers, business partners, shareholders, and the communities we serve around the world.”

GraceKennedy said its food division delivered a strong performance, with its Jamaican and international businesses reporting increased revenue and profitability. The company credits the success to strong margin management, cost-containment and marketing initiatives.

“Unibev Limited, GK’s most recent acquisition specialising in integrated beverage solutions, positively impacted the performance of the group’s manufacturing segment during the period. Ongoing optimisation initiatives at Unibev are expected to further strengthen GK’s competitiveness in the Jamaican spring water market,” GK Group outlined.

Internationally, Grace Foods UK and Grace Foods Canada Inc reported an improved performances over 2023.

In terms of financial services, GraceKennedy Financial Group also reported growth during the first half of the year, with strong output from its banking and investments and insurance segments. However, GK Money Services (GKMS) continues to face challenges in its main remittance markets. GKMS has addressed these challenges by improving service delivery through its agent network and investing in the growth of its digital platforms.

One of its platforms, GK ONE, GraceKennedy’s mobile wallet app, continues to record steady growth in customer numbers and transaction volumes, with significant increases in remittances and bill payments compared to 2023.