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Businessuite 2022 Top Jamaica Main Market Company- US$ Revenue |
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US$000 |
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US$000 |
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2017 |
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2021 |
2022 |
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Company |
2022/2021 |
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2021/2020 |
31-Dec |
1 |
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JA |
GraceKennedy Limited |
$833,773 |
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$809,235 |
GK’s vision of being a Global Consumer Group includes achieving 60% of our revenue outside Jamaica.
In a year which continued to be characterised by the COVID-19 pandemic, GraceKennedy defied the odds yet again in 2021, delivering outstanding results and building on our record-breaking 2020 performance. This kind of success does not come overnight. It takes vision, hard work, determination and drive, qualities that are not in short supply at GraceKennedy, and as such, have been guiding forces in our business for over a century.
One hundred years ago, on February 14, 1922, a small trading establishment called Grace, Kennedy & Company Limited was born at 64 Harbour Street in Kingston, Jamaica. Over many decades our Company would go on to make a habit of defying the odds. From a little island in the middle of the Caribbean Sea, our small Jamaican trading establishment transformed into one of the largest and most dynamic Jamaica-based multinational corporations, which now serves millions of customers, employs thousands, and which is loved the world over – the GraceKennedy (GK) Group.
GraceKennedy Limited (GKL) is a publicly listed company on the Stock Exchanges of Jamaica and the Republic of Trinidad & Tobago. The Company was founded on February 14, 1922 and is the parent company of a Group of subsidiaries operating mainly in the Food and Financial Services industries – The GraceKennedy (GK) Group.
2021 Financial Performance
GK realized revenues totaling J$129.3 billion in 2021, an increase of 12% over its 2020 revenues, which stood at J$115.4 billion.
Profit before other income increased by J$492.1 million to J$7.3 billion, a 7.2% increase over 2020, while profit before tax (PBT) for 2021 was J$11.7 billion, a notable increase of 20.3% or J$2.0 billion when compared to 2020.
Profit after tax totaled J$8.9 billion, compared to J$6.8 billion in 2020, an increase of J$2.1 billion or 30.4%.
Total assets grew by 16.4% to J$199.8 billion in 2021, while total liabilities grew by 18.3% to J$128.8 billion.
Capital comprised shareholders’ equity of J$67.6 billion and non-controlling interests of J$3.4 billion.
Return on equity for 2021 was 12.8%, compared to 11.1% for 2020, while earnings per share improved from J$6.28 to J$8.27.
GK’s revenue growth was driven by increased earnings from all operating segments. Our Food Trading Division realised growth, primarily due to the outstanding performance of both its Domestic and International segments, which saw double digit growth in both revenue and profitability when compared to 2020. Our Insurance segment reported strong revenue growth of 20%, followed by our Food Trading segment, recording 12% growth. Banking & Investments reported 9% growth over prior year, and our Money Services segment achieved a creditable 8% growth in revenue. Food Trading achieved a noteworthy 40% growth in pre-tax profits, followed by Insurance at 35%, and Money Services at 2%. Banking & Investments reported a decline of 9% in pre-tax profits.
For 2021, the Group generated 46.4% of its revenue outside Jamaica. North America accounted for 26.5% of revenue, compared with 27.3% in the prior year, and grew in dollar terms. European markets, including the UK, showed growth, moving to 13.1% of total revenue in 2021, when compared with 12.5% in 2020.
During 2021, growth in our Group’s asset base was mainly attributable to an increase in cash and deposits of J$5.7 billion, as we converted improved profits to cash, and larger holdings of other liquid assets. Fixed and intangible assets also grew significantly, with capital expenditure of J$3.8 billion, due to increased investments in our manufacturing plants and our retail chain stores, as well as significant investments in information technology, including the establishment of our Digital Factory in the first quarter. The 18.3% increase in GK’s liabilities was primarily due to an increase in customer deposits of J$6.5 billion, and an increase in payables totalling J$7.8 billion.
The growth in our Group’s equity was largely due to net profit of J$8.2 billion for the year and other comprehensive income of J$1.4 billion, which was primarily due to foreign currency translation adjustments related to our overseas subsidiaries
Don Wehby, CD
Group CEO
Prof. Gordon Shirley, OJ
Chairman
https://www.gracekennedy.com/wp-content/uploads/GracKennedy-AR-2021-FINAL.pdf