March 3, 2025
GraceKennedy Group Ltd (GK)
Audited financials for the year ended December 31, 2024:
GraceKennedy Group Ltd (GK) for the year ended December 31, 2024, reported an 8% increase in Revenues totaling $167.04 billion compared to $155.00 billion in the corresponding period last year. Revenues for the fourth quarter had a 9% increase to close at $40.65 billion compared to $37.19 billion for the comparable quarter of 2023.
Direct and operating expenses amounted to $158.55 billion (2023: $146.92 billion), this represents an increase of 8% year over year. Consequently, profit before other income increased by 6% to $7.99 billion compared to $7.54 billion for the year ended December 31, 2023. The company booked profit before other income of $1.59 billion for the fourth quarter versus $1.43 billion reported for the similar quarter of 2023.
Other Income increased by 11% to close at $4.54 billion (2023: $4.10 billion), As such Profit from operations amounted to $12.53 billion (2023: $11.64 billion). For the fourth quarter, Profit from operations totalled $2.74 billion, relative to $2.77 billion booked in the same period last year.
Interest Income – non-financial services increased by 27% from $681.68 million in 2023 to $863.33 million in the period under review, while interest expense – non-financial services for the year ended December 31, 2024, amounted to $1.95 billion, a 13% increase relative to $1.72 billion reported in 2023.
Share of Results of Associates & Joint Ventures for the year ended December 31, 2024, amounted to $899.95 million, a 16% increase relative to $774.13 million reported in 2023. Share of Results of Associates & Joint Ventures for the fourth quarter amounted to $171.70 million (2023: $135.72 million).
Profit Before Taxation totalled $12.34 billion a 9% increase from the corresponding period last year. (2023: $11.37 billion).
Taxation for the year ended December 31, 2024, amounted to $3.48 billion, a 16% decrease relative to $2.99 billion reported in 2023. As such, Net Profit for the year ended December 31, 2024, had a 6% increase to reach $8.86 billion (2023: $8.38 billion).
Net profit attributable to shareholders for the year amounted to $8.41 billion, an 8% increase from the $7.78 billion reported in 2023. For the fourth quarter, Net profit attributable to shareholders was $1.79 billion (2023: $1.82 billion).
Consequently, Earnings Per Share for the year amounted to $8.45 (2023: EPS: $7.82), while Earnings Per Share for the quarter totaled $1.80 (2023: EPS: $1.82). The twelve-month trailing EPS was $8.45 and the number of shares used in these calculations was 995,240,996.
Notably, GK’s stock price closed the trading period on February 28, 2025, at a price of $73.53 with a corresponding P/E ratio of 8.70x.
Balance Sheet Highlights
The company’s assets totalled $236.64 billion (2023: $219.48 billion). The growth in total assets was largely due to ‘Investments Securities’ increasing by $9.68 billion or 18% to close at $63.79 billion (2023: $54.11 billion). Notably, ‘Fixed assets’, ‘Loans and Receivables’ and ‘Inventories’ increased by $3.35 billion, $3.57 billion and $2.10 billion, respectively.
Shareholder’s equity was $86.98 billion (2023: $79.08 billion), representing a book value per share of $87.40 (2023: $79.45).
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