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GraceKennedy Limited Businessuite 2020 #1 Jamaica Main Market Company – US$ Revenue

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Businessuite 2020 #1 Jamaica Main Market Company – US$  Revenue
NR NR NR NR US$000 US$000 US$000
2017 2018 2019 2020 Company 2019/2020 2018/19 2017/18
1 1 1 1 JA GraceKennedy Limited $777,626 $735,798 $739,805

Our Vision
“To be a Global Consumer Group, delivering long-term consumer and
shareholder value through brand building and innovative solutions in food and financial services, provided by highly skilled and motivated people.”

GraceKennedy has been serving the needs of Jamaicans at home and across the world since its birth in 1922. Ninety-eight years later, our market spans many different countries, and our audience is broad and diverse. Our company has taken the best of brand Jamaica, and spread it to the world.

GraceKennedy’s journey to becoming a Global Consumer Group continues, and we work towards that goal while demonstrating the best of what Jamaica has to offer, embodying the theme, “The Spirit of Jamaica Inspiring the World.”

In 2019 the GraceKennedy Group experienced both successes and challenges in the execution of our strategy.

The Group balanced continuity with change as we sought to drive agility and efficiencies in the way we do business while keeping our customers at the centre of our strategy.

Our operational strategy for 2019 was focused on investing in our brands and expanding market share, deploying digital and innovative solutions for our customers. The Group continued to enhance its enterprise wide risk management and compliance processes and drive greater operational efficiencies within the Group.

GraceKennedy Limited has positioned itself for future growth with the ongoing
implementation of transformational structural and process improvement initiatives.

Revenue for the Group totalled J$103.09 billion, an increase of J$5.55 billion over 2018. This is a historic achievement, the first time that the Group has surpassed the J$100 billion mark for revenue, ahead of our original target of 2022, which will be the Group’s 100th anniversary.

Profit before other income, increased by J$598.5 million to J$3.74 billion, a 19% increase over 2018, indicating an improved operating margin.

In 2019 GraceKennedy Limited incurred IAS 19 post-employment benefit expenses of J$1.22 billion. This is an increase of J$890 million over the IAS 19 post-employment benefit expenses of J$332 million in 2018. Excluding this non-cash expense, profit before other income would have shown an increase of 43%.

Our results were also negatively impacted by the adoption of the new accounting standard on leases, IFRS 16, resulting in an increase in expenses of J$228 million.

Stockholders will recall that the GraceKennedy Group is a net earner of foreign exchange and has net foreign assets, whose values are subject to movements in foreign currency exchange rates.

During the year, the volatility in the Jamaican foreign exchange market, particularly in the US Dollar exchange rate had a negative effect on the Group’s results when compared to 2018.

Profit before Tax for 2019 was J$6.13 billion, a decrease of 12% or J$835 million compared to 2018. As previously reported, in 2018 the Group had non-recurring gains of J$1.13 billion from the dissolution of a non-operating
subsidiary and an acquisition by an associated company.

Excluding these gains in 2018, together with the IAS 19 and IFRS 16 expenses noted above, Profit before Tax for the year 2019 would have been higher than 2018 by J$1.42 billion or 23%.

Financial highlights:
• Group Revenue for 2019 was J$103.09 billion, representing an increase of J$5.55 billion or 5.7% over 2018 (J$97.54 billion).
• All business segments recorded increased revenue and profits for 2019 compared to 2018
• Profit before other income, excluding IAS 19 expenses, increased by 43%.
• Net profit attributable to the shareholders of the Company was J$4.49 billion for 2019 compared with J$5.01 billion for 2018 a J$518.53 million decrease.
Earnings per share was J$4.52 in 2019 compared with J$5.05 in 2018, a 10.5% decrease.
• Total assets grew by 14.4% or J$19.47 billion from J$135.24 billion in 2018 to J$154.71 billion in 2019. On the adoption of IFRS 16 on January 1, 2019, the Group recognized a right-of-use asset of J$6.24 billion shown in fixed assets, with a corresponding amount being recognized as a lease liability shown in bank and other loans. At the end of 2019, these items increased to J$8.33 billion and J$8.51 billion respectively.
• Dividends totalling J$1.54 billion or J$1.55 per share were paid in 2019 compared with J$1.34 billion or J$1.35 per share in 2018, an increase of 14.8%.
• At the end of 2019, the GraceKennedy stock price closed at J$69.43. This represented a 9.3% increase over the stock price at the close of 2018.

Extracted from Stockholders Report
Don G. Wehby, CD
Group Chief Executive Officer

More Information
https://www.gracekennedy.com/wp-content/uploads/media-center-reports/GK-2019-AnnualReport.pdf

 

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Businessuite 2022 Top 10 Guyana Companies – US$ Profit after Tax

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Businessuite 2022 Top 10 Guyana – US$ Profit after Tax
NR NR NR NR NR NR US$000 US$000
2017 2018 2019 2020 2021 2022 Company 2022/2021 2021/2020
1 1 1 1 1 1 GY Banks DIH Ltd. $38,448 $29,558
3 3 2 2 2 2 GY Demerara Distillers Ltd. $23,950 $18,716
2 2 2 3 3 3 GY Republic Bank Guyana Ltd. $17,909 $17,217
5 5 5 5 5 4 GY Guyana Bank for Trade & Industry Ltd. $9,588 $6,126
4 4 4 4 4 5 GY Citizens Bank Guyana Inc. $5,279 $5,075

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Businessuite 2022 Top 10 Guyana Companies – US$ Revenue         

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Businessuite 2022  Top 10 Guyana       Companies – US$  Revenue         
NR NR NR NR NR NR US$000 US$000
2017 2018 2019 2020 2021 2022 Company 2022/2021 2021/2020
1 1 1 1 1 1 GY Banks DIH Ltd. $199,088 $164,542
2 2 2 2 2 2 GY Demerara Distillers Ltd. $138,271 $118,695
3 3 3 3 3 3 GY Republic Bank Guyana Ltd. $59,504 $56,407
4 4 4 4 4 4 GY Guyana Bank for Trade & Industry Ltd. $27,787 $26,621
5 5 5 5 5 5 GY Citizens Bank Guyana Inc. $18,034 $16,262

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Businessuite 2022 Top Guyana Chief Executive Officer James Foster Guyana Bank for Trade & Industry Ltd.

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Businessuite 2022 Top Guyana       Chief Executive Officer –                         % change US$ Profit after Tax
CR NR US$000 US$000 2022
2022 2022 Company Chief Executive Officer 2022/2021 2021/2020 % change
14 1 GY Guyana Bank for Trade & Industry Ltd. Mr. James Foster $9,588 $6,126 57%

Mr. James Foster Chief Executive Officer  Guyana Bank for Trade & Industry Ltd.

(About from LinkedIn)

I have enjoyed a track record of delivering results through inspiration and innovation.
As a people-focused leader, I strongly embrace knowledge transfer and continuous improvement. My personable and collaborative style fosters team and cross-functional collaboration. As a result, I have successfully completed multi-disciplined roles including Operations, Business Development, Business Transformation, Strategy Planning & Implementation and Sales & Service Management.

Within Canada, the USA and the Caribbean, I have been entrusted with the responsibility for success in the following high-stakes situations:
– Identifying, initiating, and coordinating the purchase offer of an offshore banking operation.
– Developing and implementing strategies to realize growth goals.
– Leveraging technology and processes that improve operating margins & employee & client satisfaction.
– Optimizing operations to enable focus and resources on initiatives that drive profitable growth.
– Outsourcing & in-sourcing processes to improve operating flexibility and resource leverage.
– Purchasing & managing the implementation of PeopleSoft v8.1.
– Developing growth strategies through strategic alliances, and integrating alliance developments into change management strategies.
– Strengthening key operating and functional units in support of ongoing acquisitions.

From my international assignments, I have developed a unique combination of business, project and people acumen, cross-cultural heritage, emerging market expertise, and a wide network. My breadth of experience, multi-industry and international exposure allows me to work effectively with people at all levels and cultures, and has seen me develop the skills and understanding to engender transformational change and maximize the yield of scarce resources.

I enjoy sport, flying and travel. Above all, I am a committed father and I contribute time to events that support children and sport.

Corporate Profile

Guyana Bank for Trade and Industry Limited has a rich and successful history of over 185 years that began with the establishment of the first commercial bank in British Guiana, the Colonial Bank, in May 1836, continuing with the operations of Barclays PLC.

In 1987 the assets and liabilities of Barclays PLC were acquired by the Government of Guyana and renamed Guyana Bank for Trade and Industry Limited, whose doors were opened to the public on 1st December 1987. In January 1990 G.B.T.I. merged with Republic Bank (Guyana) Ltd. formerly Chase Manhattan Bank N.A, and in 1991, the bank was privatised. With over 1,800 shareholders, the majority shareholder of the bank is Secure International Finance Company Inc. with 61% of the issued shares.

Today, GBTI provides an extensive range of services to its corporate and individual clients through its thirteen (13) countrywide branches – personal savings, business and investment accounts; personal, housing and business financing; GBTI Debit Card and VISA International Prepaid and Credit Cards, Online Banking and Mobile Banking.

Financial Performance

The positive economic growth has increased the demand for financing and the Bank has embraced this thrust prudentially. Our Loan Portfolio truly reflects the economic sector of our country as we continue to be a lead lender in the Agriculture sector.

The Oil and Gas services sector has provided good opportunities for lending as reflected by the portfolio growth. Household borrowings have also increased on account of the booming real estate market and government’s housing initiatives.

Loan portfolio quality improved with net nonperforming loan (NPLs) below 10%. The
crystallization of our remedial efforts has led to the improved quality. Even with these positive developments, the Bank made additional prudential provisioning in line with the increased regulatory requirements.

Total Income on Loans and Advances was $3.9B, an increase of 35% over 2020. The Bank extended relief to our customers who experienced challenges caused by the pandemic. These included interest rate reductions, moratoriums and realigned payment patters that aligned with realistic expectations.

Investments And Treasury

Total Investments were $54B at year’s end, a growth of 26%. The Bank continued to deploy excess funds in safe liquid instruments. Our largest exposure continues to be local Treasury Bills. Given the market volatility that ensued in 2021, the Bank took prudent measures to ensure stability. Interest from Investments was recorded at $1.35B, a decline from last year. Expected Credit Losses on our Investment Portfolio remains marginal.

Cash and cash equivalent holdings at the end of the year was $31B. As the volume of local treasury bills issued increased, the Bank took advantage of these short-term interest-bearing instruments. While the returns are lower, these instruments allowed for access to liquidity.

Good growth from foreign exchange trading and commission income were also realized.

Deposits

Deposits offers a sound stable base of funding for our lending and investing activities and GBTI continues to be among the leading deposit institutions in the economy. Our deposit portfolio remained consistent and ended the year $123B a growth of 12%.

Capital Adequacy

During 2021, the Central Bank introduced Basel II. GBTI’s Capital Adequacy Ratio under this new more stringent regime was 16% exceeding the benchmark of 8%. The Bank’s Liquidity Coverage Ratio (LCR) was, 101% and the Net Stable Funds Ratio was 192%, both significantly above benchmarks. Stress Testing results confirmed the adequacy of the Bank’s capital to withstand market shocks.

GBTI Mutual Funds

GBTI family of Mutual Funds was launched in 2018 as an alternative investment vehicle for potential investors in Guyana. On account of the recovery in the international markets as well as efficient portfolio management, the funds showed improved performance in 2021 and recorded a net profit after tax of $208M. Assets under management grew by 15% to $1.7B and supported a distribution of $44M.

GBTI Property Holdings Inc

The property management arm of the group continues to show good improvement and with the growing real estate market, is expected to see increased activity. Profit after tax was recorded at $2.4M.

https://www.gbtibank.com/wp-content/uploads/2022/05/GBTI_Annual_Report_2021_0411_single_pages.pdf

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Businessuite 2022 Top Guyana Company – US$ Profit After Tax Banks DIH Ltd.

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Businessuite 2022 Top Guyana Company – US$ Profit After Tax
NR NR NR NR NR NR US$000 US$000
2017 2018 2019 2020 2021 2022 Company 2022/2021 2021/2020
1 1 1 1 1 1 GY Banks DIH Ltd. $38,448 $29,558

 

 

 

 

 

 

 

 

 

Principal Activities
The Principal Activities of the Group are brewing, blending, bottling and wholesale marketing of beers, wines, liquors, and assorted beverages; the processing of food items; the operation of restaurants, bars, laundry services, hotel, the operation of commercial banking, transportation and alternative energy products and services.

In the final analysis, success comes down to how hard you work and the effort you are prepared to expend to achieve the goal. The dream of success drives athletes to go beyond their own limits, it drives scientists to expend countless hours on experiments and research; it drives businessmen to innovate and regularly refresh their business models. Success is what motivates humans and moves us forward and is what can be described as the fuel of humanity. Even though it was not described or understood in the same way, success was important to our cavemen ancestors. It still is important to us in this age and will be equally important as we journey together into the future.

Revenue and Profits
For the period ended September 30 2021 the Profit after Tax for the Company was $6.777 billion compared to $5.271 billion, an increase of $1.506 billion or 28.6%. This improvement in performance was as a result of an increase in physical sales by 6%, the increase in dollar sales turnover by 17.7%, management of operational expenses and better yields derived from raw material utilisation.

The Group’s Profit before Tax also improved from $8.899 billion to $11.078 billion by $2.179 billion or 24.5%.

Profit after Tax for the Group attributable to shareholders of the Parent Company was $7.170 billion compared to $5.666 billion in 2020, an increase of $1.504 billion or 26.5%.

The Group’s Net Asset Value per share has increased from $50.89 to $58.87 by 15.7%.

The Board of Directors has recommended a dividend proposal of $1.70 per share unit resulting in an overall cost of $1.445 billion as compared with $1.147 billion in 2020,
an increase of $298.0 million or 26%.

Revenue generated by the Company was $35.858 billion compared to $30.468 billion in 2020, an increase of $5.390 billion or 17.7%.

The Profit before Tax for the Company was $9.439 billion compared to $7.329 billion, achieved in 2020, an increase of $2.110 billion or 28.8%, while the Profit after Tax for the Company increased from $5.271 billion to $6.777 billion by $1.506 billion or 28.6%.

Future Outlook
My Fellow Shareholders, as we look to the future, perhaps it is apposite to ask the question in paraphrase of ourselves and our Company as we look to the new year ahead. “Where are we going?” The global reality of a disrupted supply chain and its consequences will impact everyone regardless of where we may be. My Fellow Shareholders, of the many lessons learnt from this experience, one stands out and bears being repeated.

We must remain positive and committed to the words of our Mission Statement that we are committed to building on our traditions of excellence by providing quality products and services. We will remain committed to achieving those goals which are supported by the platforms of our core competencies. My Fellow Shareholders, you will recall that the Board of Directors approved last financial year a modification to the Company’s business model.

Our most recent addition to the Group, Banks Automotive and Services Inc., will be the division to lead in the development of our future solar power and automotive initiatives, to add value for shareholders and investors.

Clifford Barrington Reis Chairman and Managing Director

https://www.banksdih.com/sites/default/files/document/Banks%20Annual%20Report%202021.pdf

 

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Businessuite 2022 Top Guyana Company – US$ Revenue Banks DIH Ltd.

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Businessuite 2022  Top Guyana Company – US$  Revenue
NR NR NR NR NR NR US$000 US$000
2017 2018 2019 2020 2021 2022 Company 2022/2021 2021/2020
1 1 1 1 1 1 GY Banks DIH Ltd. $199,088 $164,542

 

 

 

 

 

 

Principal Activities
The Principal Activities of the Group are brewing, blending, bottling and wholesale marketing of beers, wines, liquors, and assorted beverages; the processing of food items; the operation of restaurants, bars, laundry services, hotel, the operation of commercial banking, transportation and alternative energy products and services.

Revenue and Profits
For the period ended September 30 2021 the Profit after Tax for the Company was $6.777 billion compared to $5.271 billion, an increase of $1.506 billion or 28.6%. This improvement in performance was as a result of an increase in physical sales by 6%, the increase in dollar sales turnover by 17.7%, management of operational expenses and better yields derived from raw material utilisation.

The Group’s Profit before Tax also improved from $8.899 billion to $11.078 billion by $2.179 billion or 24.5%.

Profit after Tax for the Group attributable to shareholders of the Parent Company was $7.170 billion compared to $5.666 billion in 2020, an increase of $1.504 billion or 26.5%.

The Group’s Net Asset Value per share has increased from $50.89 to $58.87 by 15.7%.

The Board of Directors has recommended a dividend proposal of $1.70 per share unit resulting in an overall cost of $1.445 billion as compared with $1.147 billion in 2020, an increase of $298.0 million or 26%.

Revenue generated by the Company was $35.858 billion compared to $30.468 billion in 2020, an increase of $5.390 billion or 17.7%.

The Profit before Tax for the Company was $9.439 billion compared to $7.329 billion, achieved in 2020, an increase of $2.110 billion or 28.8%, while the Profit after Tax for the Company increased from $5.271 billion to $6.777 billion by $1.506 billion or 28.6%.

Capital Expenditure
Fellow Shareholders, during the period under review the Company continued to invest in new technology and other assets to sustain growth, by upgrading our production capabilities, to achieve better operational efficiencies.

Capital projects completed, included the upgrade of the malts packaging line to enhance the efficiencies of the bottling process. The Soft Drinks Plant benefitted from upgrades to the Blow moulder, Filler, Labeller, Shrink Wrapper and Pallet Wrapper, and the Rum and Winery operations received a new Labeller and CIP System and new Fermenters respectively.

In the Trisco Division, the Bakery was upgraded with a new Intermediate Proofer, Conveyors and Moulders while a new Sugar Pulveriser Mill was installed on the Biscuit Plant in order to improve the quality of our cookie, cake and pastry products. A new Crate Washer was installed in the Dairy Plant.

Our route to market channels was strengthened with the acquisition of new Trucks and Forklifts. Our customer experience was also enhanced as we continue to provide them with Merchandising Coolers, Freezers and Water Dispensers.

Other projects completed, included the new Record Storage Facilities, and a new Motorised Truck Washing Facility. Our Information & Communication Technology capacity was further enhanced with the addition of new Hardware and Software as well as the replacement of several old items of equipment.

At the time of reporting, there were capital projects which are ongoing and are expected to be completed within the new financial year. These include the acquisition of lands at Vreed-en-Hoop and Bartica to facilitate the construction of two new Qik Serv Restaurants.

The Soft Drinks Plant Syrup Room and Blending Facility are being upgraded to facilitate the production of Minute Maid products under license from the Coca-Cola Company, a new Malt and Rice mill as well as a new Centrifuge System will be added to the Brewery. A new Bottled Water packaging line will be installed at the Industrial Site location.

Clifford Barrington Reis, C.C.H. Chairman/Managing Director

https://www.banksdih.com/sites/default/files/document/Banks%20Annual%20Report%202021.pdf

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