In the midst of transformation and tribulation, GraceKennedy Limited (GK), one of the Caribbean’s most enduring conglomerates, has posted a resilient financial performance for the six-month period ended June 30, 2025. While growth slowed slightly in terms of net profit, the company remains steadfast in its dual mission of commercial excellence and community impact.

Revenue climbed 5.5% year-over-year to J$89.02 billion, propelled by solid growth in both the food and insurance businesses. However, profit before tax dipped 5.4% to J$6.11 billion, and net profit attributable to stockholders fell 4.2% to J$4.25 billion. Earnings per stock unit came in at J$4.30 compared to J$4.48 in the prior year. Despite this, GraceKennedy will distribute its third interim dividend for the year—J$0.55 per stock unit—bringing total dividends to approximately J$1.6 billion year-to-date.

The Food Division: Global Strength, Local Investment
GK’s food business, its largest revenue generator, delivered impressive growth despite a volatile global supply chain. Jamaican food distribution saw gains in key categories, albeit tempered by higher logistics costs due to inventory buildup. The company is undertaking supply chain optimizations to maintain service levels and protect margins.

Hi-Lo Food Stores, GK’s supermarket chain, posted revenue and profit gains even amid inflationary pressure, buoyed by renovation projects and strategic upgrades. Internationally, GK Foods USA and Grace Foods UK experienced strong revenue and profit growth, with the Encona brand celebrating its 50th anniversary with refreshed packaging.

Financial Services: Insurance Up, Remittances Recalibrate
The GraceKennedy Financial Group (GKFG) saw a mix of results. Insurance stood out, with GK General Insurance, Canopy, and Key Insurance all posting profit growth. GKFG now owns 98.8% of Key Insurance following a successful acquisition.

Banking performance was robust, especially at First Global Bank, which benefited from loan portfolio expansion. GK Capital Management faced headwinds from a soft equity market but expects a rebound driven by a strong pipeline of corporate finance deals. Notably, its GK Mutual Funds continue to dominate Jamaica’s top-performing fund rankings.

Meanwhile, GK Money Services navigated a difficult global remittance landscape. The segment is investing heavily in digital transformation, with the GK One app leading Jamaica’s digital remittance space. Expansion into other Caribbean territories is on track for completion by year-end.

Remembering a Giant
The quarter was marked by the loss of former Group CEO Don Wehby, OJ, whose vision and leadership helped shape GraceKennedy into a global force. The company paid tribute to his legacy while also formally introducing new Group CEO Frank James during its Annual General Meeting in May.

Commitment Beyond Profit
GraceKennedy continues to deepen its community roots. The Grace & Staff Community Development Foundation reopened its Central Kingston facility, now renamed the Frances Madden Learning and Empowerment Centre. The GraceKennedy Foundation also hosted its 35th annual lecture addressing childhood trauma in Jamaica.

In a year of recalibration, GraceKennedy’s performance reflects a company both honoring its past and engineering its future. With reaffirmed credit ratings from CariCRIS and a newly awarded ESG recognition, the conglomerate’s disciplined strategy and regional leadership signal that it’s well-positioned for long-term, sustainable growth.

GraceKennedy: Unlocking Value. Unleashing Greatness.

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“In accordance with Rule 12.1 of the JSE Takeover and Merger Rules, Kingston Wharves Limited (KW) has provided the following information regarding its recent acquisition of 112,911,980 stock units, being 27% of Cargo Handlers Limited (CHL):

1. The acquisition of 27% of the stock units in CHL by KW was made for investment purposes. KW notes the prospects for growth in logistics generally and for the ongoing development of Jamaica’s North Coast. Cargo Handlers Limited is well positioned to both contribute to and benefit from these important national trends. KW has been recognized as the leading multipurpose terminal and logistics operator in the Caribbean. KW values the opportunity to align with CHL, the CHL board and management, and other CHL stakeholders in the development of CHL’s existing and related business lines.

2. KWL has received an option to acquire additional shares, which, if exercised, would increase KW’s ownership in the company by an additional 13%. KW will be evaluating opportunities for continued investment in CHL stock in line with its investment goals and the needs and prospects of CHL. KW does not immediately intend to make any significant sales (or purchases) of stock units in CHL.

3. KW does not plan to seek control of CHL or to acquire a majority shareholding in the company.”

Kingston Wharves is the leading multi-purpose port terminal in the region, handling bulk, breakbulk, and containerized cargo. KWL operates nine berths at the Port of Kingston, which total 1,655 meters of continuous quay. As a provider of logistics services, KWL offers comprehensive 3PL logistics solutions and manages over 400,000 square feet of warehouse space, along with a global auto-transshipment hub within a Special Economic Zone (SEZ). Well-integrated into the global supply chain, we connect to over 45 international destinations. Additionally, through our subsidiary, Security Administrators Limited (SAL), we provide security services, and industrial workforce services are offered through Newport Stevedoring Services Limited (NSSL).

“This marks an important step forward for our business,” said Kisha Anderson, CEO of IPCL.

The Board of Directors of Image Plus Consultants Limited (IPCL) wishes to advise that we have reached an agreement with Dr Verna Reid for IPCL to acquire the assets and brand of The Woman’s Place (TWP),  a Jamaican company, incorporated and domiciled locally, and has been providing medical imaging services since 2006, with a strong focus on mammography.

TWP, led by Dr Verna Reid, has built a reputation as a trusted provider in its field and has maintained a solid track record of financial performance.

“This marks an important step forward for our business,” said Kisha Anderson, CEO of IPCL. “We look forward to continuing to serve the patients of The Woman’s Place under the Apex Radiology banner, while broadening access and enhancing what they have come to expect in terms of care and service. We anticipate ongoing patient satisfaction, profit and operational benefits as we incorporate these resources into our service offerings.”

The proposed acquisition is still subject to the successful execution of a definitive sale and purchase agreement. Once concluded, further information will be shared through market disclosures. Operational developments will be communicated directly to patients and referring physicians. Dr Karlene McDonnough, Chairman of the board, noted that the acquisition is aligned with IPCL’s growth priorities: “The addition of these assets and the established brand fits neatly into our plans to inorganically grow market share and enhance our service offering in this specialized area of diagnostic imaging. We are also elated that Dr Reid will continue to offer her caring services to patients as a part of the team of committed Consultant Radiologists at Apex Radiology.”

The Board of Key Insurance Limited has been advised by GraceKennedy Financial Group Limited (GKFG) that its takeover offer made to shareholders closed as scheduled on July 11, 2025. The offer received significant acceptance, with the majority of ordinary shares held by minority shareholders being tendered. Once these shares are transferred to GKFG, its ownership position in Key Insurance will increase to 98.9%. GKFG has also advised that the Company’s Registrar is actively working with the JSE and the Lead Broker to facilitate the transfer of these shares to GKFG and ensure the prompt settlement of amounts due to the accepting shareholders. All actions are being conducted in accordance with the provisions of the offer’s terms and the Rules of the JSE.

Unilever’s decision to separate its global ice cream business marks a turning point for the British-Dutch consumer goods giant, ending a long chapter defined by household brands like Magnum, Ben & Jerry’s, and Wall’s. For Caribbean markets, including Jamaica and Trinidad where Unilever’s ice cream presence has been part of local summers for decades, the announcement signals more than just a corporate restructuring – it reveals how major multinationals are rethinking their portfolios in an era where margins matter as much as market share.

Unilever’s ice cream roots run deep. The company became the world’s largest ice cream maker through a series of acquisitions starting with Wall’s in the UK in 1922, then later adding iconic names like Ben & Jerry’s in 2000 for $326 million, and Magnum’s global expansion through the 1990s and 2000s. Ice cream was once seen as a reliable cash cow, buoyed by strong branding and premiumisation strategies that turned chocolate-coated sticks into €3 indulgences.

But the market has shifted. Ice cream remains a seasonal business, with strong summer peaks but low winter sales in Europe and North America. It is also capital-intensive, requiring cold chain infrastructure from factory to freezer, unlike Unilever’s personal care and home care products that sit easily on any shelf. While indulgence has driven growth in emerging markets, competitive pressures from local brands and private labels have squeezed margins.

Globally, the decision to separate ice cream was driven by financial discipline. Unilever’s management, under pressure from shareholders after years of underperformance, has been streamlining its business model. CEO Hein Schumacher, appointed in 2023, has prioritised sharper strategic focus and operational efficiency. Ice cream, with its complex supply chain and different retail dynamics, increasingly looked like an outlier in a portfolio that is otherwise shifting towards high-margin beauty, personal care, and health products.

In markets like the Caribbean, this separation could create both uncertainty and opportunity. Ice cream production, distribution, and marketing are deeply integrated into local Unilever operations. A new standalone ice cream entity, if it replicates moves seen in Europe or Asia, could seek local partnerships, contract manufacturing, or even divestments to agile regional players better able to manage distribution economics. This is not theoretical: in 2018, Nestlé sold its US ice cream business to Froneri, a joint venture with R&R Ice Cream, in a move that allowed it to keep brand rights while outsourcing operations to a specialist. Similar models may emerge for Unilever’s brands in smaller markets.

in 2018, Nestlé sold its US ice cream business to Froneri, a joint venture with R&R Ice Cream, in a move that allowed it to keep brand rights while outsourcing operations to a specialist. Similar models may emerge for Unilever’s brands in smaller markets.

Daniela Bucaro Chairman Unilever Caribbean Limited

For Unilever, the separation clears the path to focus on growth categories where it can maintain pricing power. It aligns with the broader FMCG trend of portfolio concentration. PepsiCo shed Tropicana and Naked juice brands in 2021 to focus on snacks and beverages with stronger profitability. Johnson & Johnson spun off its consumer health division into Kenvue in 2023. The logic is simple: investors reward companies that know what they want to be.

What remains to be seen is how the new ice cream entity, projected to be a €7 billion business, will navigate independent life. Without Unilever’s scale, brand investment may tighten, or it could become a more aggressive player, free from the bureaucracy of a sprawling multinational. Private equity interest is a possibility, though managing seasonality and complex cold chain operations will require operational expertise as much as financial engineering.

In the Caribbean, consumers are unlikely to see immediate changes. Magnum, Cornetto, and Ben & Jerry’s will still be on shelves. But behind the scenes, distribution contracts, manufacturing strategies, and regional employment structures may evolve. For Unilever, it is one more step towards becoming a leaner consumer goods giant, one that believes future growth lies not in ice cream freezers but in personal care aisles and health cabinets.

The separation is expected to be completed by the end of 2025. For now, Unilever’s corporate kitchen is busy carving out its sweetest business. The challenge ahead will be ensuring both companies can thrive – one scooping profits from beauty and wellness, the other proving that, even as a standalone, ice cream remains a timeless indulgence the world will never give up.