GraceKennedy Limited has announced key leadership changes, effective February 14, 2025, coinciding with the company’s 103rd anniversary.

After a distinguished tenure, the Honourable Don Wehby, CD, OJ will retire as Group CEO on February 14, 2025, and step down from the Board of Directors. Mr. Wehby joined GraceKennedy in 1995 and was appointed Group CEO in 2011. During his tenure, the company more than doubled in size with revenue moving from J$58 billion in 2011, to J$155 billion in 2023.

Expansion through mergers and acquisitions has been a hallmark of Wehby’s leadership, enabling the company to grow regionally and globally. Under his guidance, it has become one of the largest and most dynamic entities in the Caribbean, with operations spanning the Caribbean, North and Central America, the United Kingdom, and Europe. “I am proud of the progress we have made during my tenure, and I am confident that the new leadership team will take GraceKennedy to even greater heights,” said Wehby. “I want to thank the Board, my colleagues, and our customers for their support over the years,” he added.

Frank James, current CEO of the company’s Domestic Foods Division and former Group CFO, will assume the position of Group CEO on February 14th, 2025, and be appointed to the Board on the same date. Mr. James joined GraceKennedy in 2005 as Vice President of Strategic Planning and Corporate Development. James quickly moved through the ranks, occupying senior roles in both the Food and Financial Services Divisions, before he was appointed Group CFO in 2012. He was also appointed to the Board of Directors that same year. In April 2019, James was appointed Chief Executive Officer, GK Foods Domestic, the largest division in the group of companies, where he has championed growth and efficiency. Under his leadership, revenues for GK Foods Domestic grew by more than sixty percent up to 2023 and continues on that growth path, with even greater growth in profitability over the period.

“I am honoured to take on the role of Group CEO and lead the GraceKennedy team,” said Mr James. “We will continue to focus on delivering value to our customers, shareholders, and the communities we serve,” he added.

Professor Gordon Shirley, Chairman of GraceKennedy Limited, commented, “Don Wehby is an exceptional leader who sees opportunities in challenges and leads by example. We are grateful for his innovative spirit, impeccable work ethic and dedication to ensuring that the company continues to make a difference in the communities we serve. Don’s leadership and vision has been instrumental in shaping the company into what it is today.”

He added, “We welcome Frank to his new role as Group CEO and I have every confidence that his strong leadership will ensure continued growth and innovation across the business. The best is yet to come for GraceKennedy.”

Professor Shirley also expressed his gratitude to Andrew Messado, GraceKennedy Group CFO, for his exemplary leadership during the transition period, following Don Wehby’s temporary leave of absence as Group CEO, in late 2024. The GraceKennedy Chairman noted, “Mr. Messado’s steady hand ensured the company’s continued momentum, and his contributions during this period are gratefully acknowledged.”

These leadership changes are in keeping with the company’s succession plan and are designed to ensure continuity and drive future growth, in line with its 2030 Vision of becoming the Caribbean’s #1 brand with Jamaican roots and a global reach.

GraceKennedy Limited has named Frank James as its new Chief Executive Officer (CEO) as it announced the retirement of Don Wehby from the post.

In October last year, Wehby announced he was taking temporary leave from his role to focus on his health.

In a media release on Tuesday, GraceKennedy said Wehby will retire as Group CEO on February 14 and step down from the board of directors.

Wehby joined GraceKennedy in 1995 and was appointed Group CEO in 2011. During his tenure, the company more than doubled in size with revenue moving from $58 billion in 2011 to $155 billion in 2023.

Professor Gordon Shirley, Chairman of GraceKennedy Limited, commented, “Don Wehby is an exceptional leader who sees opportunities in challenges and leads by example. We are grateful for his innovative spirit, impeccable work ethic and dedication to ensuring that the company continues to make a difference in the communities we serve. Don’s leadership and vision has been instrumental in shaping the company into what it is today.”

James, who is the current CEO of the company’s Domestic Foods Division and former Group Chief Financial Officer, will assume the position of Group CEO on February 14 and be appointed to the board on the same date.

James joined GraceKennedy in 2005 as Vice President of Strategic Planning and Corporate Development. He quickly moved through the ranks, occupying senior roles in both the Food and Financial Services Divisions, before he was appointed Group CFO in 2012. He was also appointed to the board of directors that same year.

In April 2019, James was appointed Chief Executive Officer, GK Foods Domestic, the largest division in the group of companies, where he has championed growth and efficiency. Under his leadership, revenues for GK Foods Domestic grew by more than 60 per cent up to 2023.

In commenting on his new role, James. said, “We will continue to focus on delivering value to our customers, shareholders, and the communities we serve.”

Q2 2024 (Ended September 30, 2024 ) continued to be impacted by both local and international challenges, inflation and increased costs. The Group continued to experience softness in the overall advertising market as businesses repotted the continued impact of local and global economic conditions. The Group’s advertising revenues were more than last year due to the broadcast of the Olympic Games in July and August 2024. The quarter was also impacted by some one-off costs of approximately $25 million incurred related to restructuring expenditure as part of the move to a new target operating model (TOM)

The Group recorded a pre-tax loss of $1 18 million and an after-tax loss of $103 million for the quarter, compared to a pre-tax loss of $79 million and an after-tax loss of $65 million for the prior year period. This profit performance represents an improvement over the quarter to June 2024 where the pre- and post-tax losses were $183 million and $167 million, respectively. This loss reduction is directly attributable to the Implementation of cost management strategies and efforts to ensure that advertising revenues were maximized from programmes aired during the period.

Primary contributors to this quarter’s performance, compared to prior year were:

• An overall improvement of $56 million (3.9%) in the Group’s revenues, driven mainly by an increase in the Broadcast Division revenues associated with the airing of the Olympic Games (for which the company held the broadcast rights for Television only).
• A decline in revenue in the Audio segment of $24.5 million (12%); a result of the pressure on advertising budgets, highlighting the need to find new strategies to attract businesses to this medium
• A decrease in other income of $7million (17%), as a result of a reduction in income from noncurrent investments held.
• An increase in direct expenses of $73 million (10.8%), due to the increased costs associated with the broadcasting of the Olympic Games,
• An increase in selling expenses of $13.9 million (5.2%), commensurate with increased revenues.
• An increase in administrative expenses of $2.4 million (0.6%) which was offset by the reduction in other operating expenses by $5.6M (2.6%). The containment in costs is a result of cost-saving initiatives that have been implemented. The expense movement was driven primarily by increases in staff-related costs, insurance costs and higher depreciation expenses relating to investments in infrastructure upgrades. While there has been an overall loss in the quarter, the Group continues to implement measures that will lead to further cost reductions through restructuring our expenditure profile as part of the move to a new target operating model (TOM).

Management continues to focus on the implementation of the five strategic imperatives designed to return the Group to sustained profitability. Implementation of the web-based top-up product (partnering with an overseas entity) will be completed in the next quarter Implementation of the NCB Go rewards platform is one of the most significant revenue diversification opportunities and we are hoping to launch the platform in the fourth quarter of the financial year. Initiatives relating to the digital transformation of our products are also being pursued for future revenue impact.

The Group will continue to focus on increased presence and influence in the digital space while producing content that fulfills the needs of the market.

 Anthony Smith Chief Executive Officer RJRGLEANER Communications Group (the Group) 

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Income Statement
Our revenue for the quarter was $2.07 billion, representing an increase of 16.2% over the $1.78 billion for the corresponding quarter of the previous year. Operating profit grew by 26.9%, going from $80.8 million to $102.6 million. Despite increased income tax liabilities (see below), net profit for the quarter was $60.5 million, or 1.5% less than that reported for the same period last year.

We saw increased revenues in all our locations, including our newest store in Portmore which has largely maintained their break-even monthly sales. Transaction counts, average spend per customer, and prescription counts continue to show month over month gains as we grow our footprint in St. Catherine.

Cost of sales increased by 9.9% (compared to 16.2% for revenues) resulting in gross profit moving from $603.2 million to $774.5 million, a 28.4% increase over Q1 last year. Our efforts to capitalize on economies of scale within our procurement and inventory management activities, resulted in a higher gross margin of 37.5%, up from 33.9% in the prior year.

Operating expenses grew by 28.6%, ending the quarter at $671.9 million compared to $522.3 million last year. This was partly attributable to the opening of our Portmore store in November 2023, along with increased staff costs across the network. As we continue to focus on staff retention, engagement and satisfaction, costs and benefits contributed to 58% of the operating expenses increase over last year. Provisions were also made for senior staff retiring in 2025, some with over 50 years of service. We continue to make inroads into industrial security and insurance rates, as well as improve on our conservation efforts as we saw increases in our utilities.

Finance costs saw an increase of 25.3%, moving from $52.6 million in Q1 last year to $65.9 million this quarter, this was mainly attributable to foreign exchange losses on the lease liability (IFRS16) as well as the new store. Other income also grew by 7.7% ending the quarter at $35.7 million as we seek to tap into new revenue streams in the Portmore store.

Fontana Pharmacy has now been listed on the Junior Stock Exchange for 5 years as at January 2024. This achievement means that we now have liability to corporate income taxes, which required a provision of $11.9 million for the quarter. Earnings per share remained constant at $0.05 for both comparable quarters.

Balance Sheet
Total assets at the end of the quarter stood at $5.6 billion, up from $5.2 billion in the previous comparative period, reflecting an increase of 6.2%.
Our cash and cash equivalents remain favorable at $1.2 billion, 4% less than the previous comparative period, this is after the August 2024 dividend payment of $312.3 million. Shareholder’s equity grew to $2.7 billion, up from $2.5 billion or 6.1% over the prior corresponding quarter. This puts us in a strong position to pursue further expansion opportunities as they come up.

Outlook
At the end of this quarter, we were far advanced in the development and adaptation of 2 efficiency tools:
PIMS integrated point of sale system for the pharmacy department – accommodating patient profile access across all stores, adding to the efficiencies for central ordering and inventory management A new integrated HR software – improve efficiencies as well as enhance the experience of team members. Faster processing times, better data analytics and a reduction in errors is expected.

We continue to invest in technology that will improve our efficiency and contribute to a better control environment.
These two initiatives are the ones among the many that keep us relevant and differentiated from our competitors. We are cognizant of the ongoing impact of Hurricane Beryl on the Jamaica’s economic landscape. Early indicators such as the softening of demand for non-essential home items, toys and home décor have been noted. We will continue to monitor these indicators and implement the required strategies to manage the potential impact.

At 7 stores strong, the organization is experiencing a tremendous period of growth and development, well positioned as one of the most recognized retail brands in Jamaica and the premier pharmacy chain across the country. Our second quarter is anticipated to be the best yet!

Anne Chang Director CEO Fontana Limited 

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RA William’s gross profit increased by 14%, mainly driven by the introduction of new products across several of our product lines. We recorded a net loss before tax for the quarter of $13.9M, compared to a net loss of $792K for the same period last year.

Our operating expenses ratio for this quarter stands at 45%, up from 38% in the prior year. This increase is primarily attributed to the right of use costs related to our new location at New Brunswick Village, as well as higher technology, staffing, and distribution expenses.

We achieved a revenue of $367M which represents a 0.95% increase compared to the same quarter of the previous year. During this period, we encountered significant challenges, including supply constraints in certain product categories and the effects of Hurricane Beryl, which disrupted operations for many of our key customers, particularly along the south coast.

There was an increase in total assets, of $1.4B. The increase in assets reflects our strategic investments in infrastructure, including the opening of our new office and warehouse at the beginning of the quarter. These investments position us to expand our partnerships with pharmaceutical manufacturers and further strengthen our business.

Enhanced Product Portfolio And New Distribution Channels

Our ongoing efforts to enhance distribution channels, collaborate with stakeholders to manage supply and demand, and fortify our position in a competitive market have allowed us to navigate these challenges effectively. Looking ahead, we anticipate revenue growth driven by the reintroduction of key products under our newly added Fourrts line, expected early in the third quarter.

During the quarter, we were proud to add several new products to our portfolio. Notably, we introduced ColdStop (an over-the-counter day & night cold and flu pack), GasStop (an over-the-counter antacid), and DandZap Plus (a prescription shampoo for dandruff and seborrheic conditions), in partnership with Canadian-based Ryvis Pharma. These additions reflect our ongoing commitment to expanding our market offerings and increasing our market share.

RA Williams remains committed to being a responsible corporate citizen, with a strong focus on education and health and wellness. This quarter, we deepened our support for pharmacists and pharmacy professionals through our sponsorship of the Pharmaceutical Society of Jamaica’s Annual Conference – the premier pharmaceutical event in the English-speaking Caribbean. Our sponsorship provided an opportunity to network with industry professionals, and we also hosted a soft launch for Iracet, the first generic Levetiracetam available in Jamaica, in collaboration with our long-time pharmaceutical partner, Square Pharmaceuticals,
as part of a workshop on epilepsy. Additionally, we sponsored the University of Technology’s School of Pharmacy Pinning Ceremony, where a house was named in honour of our Founder and Chief Quality Officer, Evelyn Williams. These initiatives are a testament to our ongoing commitment to the next generation of pharmaceutical professionals.

Positive Future Outlook
We are encouraged by our continued revenue growth and the expansion of our product portfolio. RA Williams continues to be a preferred distributor to pharmacies and healthcare professionals. Our focus remains on expanding our offerings and improving the customer experience. We are confident in our ability to continue improving access to high-quality, affordable medications in the months ahead.

Audley Reid Managing Director R.A. Williams Distributors Limited

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Financial Performance
Scotiabank Trinidad and Tobago Limited (The Group) reported another year of solid financial performance for the fiscal year ended 31 October 2024, achieving a Profit After Taxation of $658 million. This marks an increase of $3 million compared to the restated figures for the 12 months ended 31 October 2023. The Group’s financial health has shown steady growth, with Income after Tax for the 4th quarter amounting to $170 million. This represents an increase of $5 million or 3% from the previous quarter ended 31 July 2024 (albeit $15 million or 8% lower than the restated 4th quarter of the previous year).

Key Financial Metrics
The Earnings per Share (EPS) saw a positive trajectory, increasing to 373.4 cents, driven by the overall rise in profitability. The Group maintained a stable Return on Equity (ROE) of 14.5% and a Return on Assets (ROA) of 2.2%. These metrics reflect the Group’s efficient management of equity and assets, leading to sustainable profitability.

Dividend Declaration
Based on these solid financial results, Scotiabank Trinidad and Tobago Limited is pleased to declare a dividend of 70 cents per share for the 4th quarter. This brings the full-year dividend yield to an impressive 5.08% and a payout ratio of 76%. This declaration underscores the Group’s commitment to delivering value to its shareholders.

Management Commentary
Gayle Pazos, the Managing Director of Scotiabank Trinidad and Tobago Limited, expressed her satisfaction with the Group’s financial performance. She remarked, “I am pleased to report that Scotiabank has once again delivered another year of solid financial results, achieving over $650 million in annual net income after tax. One of our key financial achievements for the year was seeing Total Net Loans to Customers exceed $20 billion for the first time in our history. This significant growth was achieved in all segments, but especially within our corporate and commercial line of business where we continue to ably support business and government sector entities with the funding to allow them to invest and support the local economy.”

Recognition and Awards
Scotiabank Trinidad and Tobago Limited has not only excelled financially but also received significant recognition on a global platform. Earlier this year, the Bank was honored with the Global Finance Best Bank award. Continuing this trend of excellence, Scotiabank was named Trinidad and Tobago’s Best Consumer Digital Bank 2024 for the 4th consecutive year. Additionally, the Bank received accolades from Global Finance in the sub-category for the Best Mobile Banking App in the country for the second time. These awards highlight the Bank’s commitment to innovation and excellence in digital banking services, as we remain focused on our clients and improving our accessibility in providing banking services.

Growth in Loan Portfolio
The fiscal year 2024 was particularly noteworthy for Scotiabank due to the remarkable growth in its loan portfolio. Total Net Loans to Customers registered  growth of $2.1 billion or 11% compared to the previous year. This growth was broad-based, encompassing all segments but with a notable impact in the corporate and commercial sectors. The Bank’s strategy of supporting business and government sector entities has played a crucial role in this achievement, providing the necessary funding to stimulate investment in support of the local economy.

Digital Transformation
The recognition as the Best Consumer Digital Bank for four consecutive years is a testament to Scotiabank’s commitment to digital transformation. The Bank has continually invested in enhancing its online platforms to provide customers with seamless and efficient banking experiences. The award for the Best Mobile Banking App further underscores the effectiveness of these efforts. Scotiabank’s mobile banking app has become an essential tool for customers, offering a wide range of functionalities that cater to their banking needs conveniently and securely.

Future Outlook
Scotiabank Trinidad and Tobago Limited remains focused on sustaining its growth trajectory and enhancing shareholder value. The Group plans to continue leveraging its strengths in digital banking and customer service to drive further growth. The ongoing support for corporate and commercial clients will remain a priority, ensuring that they have access to the necessary funding to fuel their investments and contribute to the local economy.

Gayle Pazos, the Managing Director of Scotiabank Trinidad and Tobago Limited,

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