Grace grows Q3 profit 7%

Grace HStRevenues for Grace Kennedy rose a strong 14.4 percent in the nine months to September, this year, to $59.7 billion from $52.2 billion generated in the corresponding period of 2014. Profit attributable to owners of the group for the third quarter of 2015 was 7 percent higher than for the similar period last year, reaching $754 million.
Profit declined by $338 million or 14.2 percent for the year to date, compared with the similar period of 2014, moving from $2.38 billion to $2.05 billion.
The earnings per stock unit to September amount to $6.19, down from $7.21 in 2014, for the full year should end around $3.4 billion or $10.30 per share.
“The Group’s performance was in part impacted by the costs associated with the integration of our expanded US Food operations through GraceKennedy Foods (USA), recognition of the total asset tax liability in the first quarter, lower foreign exchange gains and higher finance costs”, Group Chief Executive Officer, Don Wehby and chairman Gordon Shirley said in his report to shareholders.

Group Chief Executive Officer, Don Wehby

Group Chief Executive Officer, Don Wehby

Segments|The Food Trading segment reported revenue growth of 17 percent over the corresponding period last year but with falling profit of $754 million compared with $1.02 billion in 2014. The distribution businesses in Jamaica, UK, Canada and Belize reported higher profits when compared to prior year, the report stated. “The Banking and Investments segment reported higher profits when compared to the prior period due to growth in First Global Bank’s net interest income and non-interest income. The growth in net interest income was bolstered by year over year growth in loans and deposits of 28 percent and 21 percent respectively. The Insurance segment delivered higher revenue and profits due to the improved underwriting performance of GK General”, the report to shareholders further stated.
“The Money Services segment recorded higher revenues and profits due to higher remittance transactions and increased market share in Jamaica, higher revenues from our cambio operations in Trinidad, and cost containment initiatives implemented by the segment”, Wehby and Shirley stated.
Shareholders’ equity stands at $37.2 billion with book value per share of $112.47. The company will pay a third interim dividend of 90 cents per stock unit on 16th December.
Grace’s shares are listed on the Stock Exchanges of Jamaica and Trinidad and last traded at J$68.11 and TT$3.60 giving it a PE of 6.7 times 2015 earnings leaving room for quite some growth.

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  1. […] to end at $23.50 with 213,601 shares trading, Carreras closed at $65, while trading 6,840 units, Grace Kennedy ended with 165,900 shares trading to close at $83 after declining by 95 cents, the stock traded in […]

  2. […] Gains| First Citizens rose 1 cent while trading 22,620 shares at $35, with a value of $791,618, Grace Kennedy had 2,100 units changing hands at a 52 weeks’ high of $4.71 for a 5 cents gain and Sagicor […]

  3. […] with bids higher than the last selling price and 10 stocks with offers that were lower. Gains| Grace Kennedy closed with a rise of 3 cents at a 52 weeks’ high of $4.68 while trading 13,000 shares and Sagicor […]

  4. […] with bids higher than the last selling price and 9 stocks with offers that were lower. Gains| Grace Kennedy had 784 units changing hands at a 52 weeks’ high of $4.65 for a 10 cents gain, JMMB Group had […]

  5. […] with bids higher than the last selling price and 7 stocks with offers that were lower. Gains| Grace Kennedy gained 28 cents to 52 weeks’ high of $4.50 (J$84.60) with 25,500 units trading and had a bid to […]

  6. […] with bids higher than the last selling price and 8 stocks with offers that were lower. Gains| Grace Kennedy had 1,000 units changing hands at a new 52 weeks’ high of $4.22, for a 7 cents gain. The price in […]

  7. […] last selling price and 9 stocks or 22.5 percent of listings with offers that were lower. Gains| Grace Kennedy traded 170,732 units valued at $703,415, to close with a rise of 2 cents at a 52 weeks’ high […]

  8. […] with bids higher than the last selling price and 9 stocks with offers that were lower. Gains| Grace Kennedy traded 1,300 shares to gain 3 cents and closed at a 52 weeks’ high of $4.15, Guardian Holdings had […]

  9. “> says:

    […] changing hands, Gleaner Company traded 145,708 shares to close at with a loss of 30 cents at $2.40, Grace Kennedy fell to $80.21, with a fall of $3.79, as 114,095 units changed hands. Jamaica Broilers jumped $1.51 […]

  10. […] Jamaica Stock Exchange main market fell on Tuesday as Grace Kennedy, Scotia Group and Scotia Investments fell by more than $2, while JMMB Group an Pan Jam fell by […]

  11. […] Fund traded 2,007 shares to close at $22.75, First Citizens had 3,109 units changing hands at $35, Grace Kennedy closed at $4.04 with 2,481 shares changing hands, One Caribbean Media traded 5,500 shares at $22 and […]

  12. […] Trades| First Citizens ended with 87,905 units with a value of $3,076,675 changing hands at $35, Grace Kennedy closed at $4.04 with 55,000 shares changing hands, National Commercial Bank closed at $2.12 while […]

  13. […] with bids higher than the last selling price and 6 stocks with offers that were lower. Gains| Grace Kennedy closed rose by 1 cent to $4.04 with 122,053 shares valued at $493,081 changing hands, Guardian […]

  14. […] Grace Kennedy has sold its 58.15 percent interest in Hardware & Lumber (H&L) with the shares traded over the Jamaica Stock Exchange floor today by today by GK Capital Management for 47,013,417 at $18.50 per share. The sale of its shares is to, Argyle Industries Inc. (“Argyle”) a St. Lucian Company special purpose vehicle incorporated for the purposes of acquiring and holding the Investor’s equity interests in Hardware & Lumber. The investors in Argyle include a group of investors led by, ABBECO INVEST S.A. ( a Bahamian investment company), Sterling Asset Management along with its affiliates and associates and Greystone Equity Partners Inc. along with its affiliates and associates a release from Grace Kennedy said. Grace Kennedy Group CEO, Don Wehby, stated “As previously indicated GraceKennedy’s decision to sell our shares in H&L was not an easy one, however, this divestment is consistent with our present strategy of concentrating on the food business locally and internationally and financial services in the region.” He added, “I feel very positive about the continued growth of H&L under the prospective new owners, Argyle, who are excited about the possibilities for the future.” […]

  15. […] at $18.20, with 33,096 shares trading, Carreras closed at $60.75, with 11,295 units changing hands. Grace Kennedy fell 1 cent with 4,184 units changing hands, to finish at $80.10, Jamaica Broilers rose 45 cents to […]

  16. […] with bids higher than the last selling price and 5 stocks with offers that were lower. Gains| Grace Kennedy gained 5 cents with 4,889 units changing hands at $4.05, Guardian Holdings with 7,613 shares […]

  17. […] the high level of 199,910 units on Wednesday, to 5,604 units on Christmas eve, to close at $35. Grace Kennedy had 18,000 units changing hands at $4, National Commercial Bank traded 100,000 shares at $2.05, […]

  18. […] and authorized agent of Western Union, CEO Don Wehby announced recently. With this new market, Grace Kennedy through its money services subsidiaries now represents Western Union in ten countries across the […]

  19. […] Fund closed with 8,361 shares at $22.65 First Citizens Bank traded 1,072 shares to close at $35.01, Grace Kennedy closed unchanged at $3.75 with 185,500 shares changing hands for a value of $695,625, JMMB Group […]

  20. […] trading at $30.02, Gleaner Company traded at 391,191 shares and gained 1 cent to end at $1.92, Grace Kennedy traded 767,772 shares and closed with loss of 29 cents at $74.01, Jamaica Broilers traded 147,050 […]

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