Profit rises 14% at GraceKennedy

Revenues at GraceKennedy rose 9.7 percent to $117.8 billion, over $10.4 billion earned for the nine months to September over the same period in 2022. Profit before tax reached $8.8 billion, up by J$1.1 billion, or a 14 percent increase, while net profit after tax rose 14.2 percent to $6.4 billion.
Profit attributable to stockholders hit $6 billion, a 15.3 percent increase over the corresponding period last year. Earnings per stock unit for the period were $6.02, compared to $5.23 in 2022.
Earnings per share for the full year ending in December should hit the $8 market, with PE ratio of 9 based on Thursday last traded price of $71.50.
The company stated that “GK’s food business demonstrated strong performance, with notable growth in revenue and profitability for the period. GraceKennedy Financial Group also delivered a positive performance, driven by strong top-line growth”.
A dividend of $0.65 per stock unit has been announced and will be payable on December 15, 2023, totalling approximately $643 million. This is the fourth and final dividend payment by GK for 2023, bringing GK’s year-to-date total dividend pay-out to approximately J$2.15 billion.