GraceKennedy's profits up 14.3% in second quarter

GraceKennedy Ltd (GK) – which trades on the TT and Jamaica stock exchange – has reported a profit after tax of J$4.19 billion, for the six months ended June 30.

This represents a 14.3 per cent increase as compared to J$3.67 billion in the previous period.

In its unaudited consolidated statements, published on the TT Stock Exchange on Wednesday, GK said the group’s profit before tax was J$6.14 billion or J$716.7 million higher than the previous comparable period.

The group’s revenue was J$78.23 billion, an increase of 7.8 per cent or J$5.64 billion over the corresponding period in 2022.

According to the release, the earnings per stock for 2023 was J$4.22 compared to J$3.70 in 2022.

In the interim report to stockholder, GK chairman Gordon V Shirley announced a dividend of J$0.52 per stock. This will be payable on September 22.

“This is the third interim payment for 2023 and brings the year-to-date total dividend pay-out to approximately J$1.5 billion,” Shirley said.

The CEO of GK is Don Wheby.