GraceKennedy Limited (GK), one of the Caribbean’s most diversified conglomerates, has reported a strong and steady financial performance for the first quarter of 2025, continuing to deliver value to shareholders despite a challenging global environment.
For the three-month period ended March 31, 2025, GK posted revenues of J$44.22 billion, marking a 4.4% increase or J$1.87 billion over the corresponding period in 2024. The Group’s profit before tax (PBT) rose marginally by 0.4% to J$3.16 billion, while net profit attributable to shareholders climbed by 3.0% to J$2.22 billion. Earnings per stock unit improved to J$2.25, up from J$2.18 in the previous year.
Foods Division Powers Growth
The Food segment remains GK’s cornerstone, showing notable resilience with both revenue and profit before tax exceeding Q1 2024 figures. In Jamaica, Grace Foods & Services and Hi-Lo Food Stores demonstrated robust revenue and profitability, underpinned by cost containment and margin optimization strategies. Strong performances were also recorded by manufacturing entities such as Grace Foods Processors (Meats) and Grace Foods Processors (NALCAN).
Internationally, GK’s food brands continue to resonate with consumers. GraceKennedy Foods USA LLC reported impressive growth in both Grace and La Fe brands, while subsidiaries in Canada and the UK also posted improved results. GK also finalized the acquisition of the remaining 30% of Catherine’s Peak Bottling Company, securing full ownership and reinforcing its position in Jamaica’s bottled water market.
Financial Services: Mixed Results, Promising Outlook
GraceKennedy Financial Group (GKFG) registered revenue growth and increased profitability in both its Insurance and Banking & Investments segments. Notably, First Global Bank’s loan portfolio expansion significantly boosted the Banking segment’s results. The Insurance arm also saw gains, driven by motor and property portfolios. A strategic bid to acquire the remaining 27% of Key Insurance Company Limited is poised to strengthen GK’s footprint in the general insurance space.
However, the Money Services segment faced headwinds, with profits down due to lower remittance flows in Guyana and Trinidad & Tobago. Despite these short-term pressures, GKFG is banking on the long-term scalability of its digital wallet, GK One, which continues to lead the Jamaican market in digital remittances. New app features and regional expansion plans are expected to unlock future growth.
Commitment to Community and Sustainability
Staying true to its “We Care” ethos, GraceKennedy invested over J$185 million in the 2025 ISSA/GraceKennedy Boys’ and Girls’ Championships (Champs), its largest annual sponsorship. This year’s Champs also honored former CEO Don Wehby with a Lifetime Achievement Award for his contributions to youth and sports.
Looking Ahead
As GK continues to implement its strategic priorities—expanding digital financial services, enhancing supply chain efficiency, and deepening market penetration—it remains committed to unlocking value and unleashing greatness. With a declared dividend of J$0.52 per stock unit to be paid on June 20, 2025, the Group underscores its commitment to shareholder returns.
GraceKennedy’s performance in Q1 2025 reflects its strength, adaptability, and focus on sustainable growth—affirming its vision to become the number one Caribbean brand in the world.
Frank James Group Chief Executive Officer
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