May 16, 2025
GraceKennedy Group Ltd (GK)
Unaudited financials for the first quarter ended March 31, 2025:
GraceKennedy Group Ltd (GK) for the first quarter ended March 31, 2025, reported a 4% increase in revenues totalling $44.22 billion compared to $42.35 billion in the corresponding three months last year.
Direct and operating expenses amounted to $42.28 billion (2024: $40.35 billion), this represents an increase of 5% year over year. Consequently, profit before other income decreased by 4% to $1.79 billion compared to $1.87 billion for the first quarter ended March 31, 2024.
Other Income increased by 5% to close at $1.18 billion (2024: $1.12 billion), while Interest Income – non-financial services increased by 21% from $175.28 million in 2024 to $212.69 million for the three months. Also, Interest expense – non-financial services for the first quarter amounted to $510.24 million, a 10% increase relative to $463.10 million reported in 2024.
Share of Results of Associates & Joint Ventures for the three months amounted to $489.13 million, a 10% increase relative to $444.61 million reported in 2024.
Profit Before Taxation totalled $3.16 billion, a marginal increase from the corresponding period last year. (2024: $3.15 billion).
Taxation for the first quarter ended March 31, 2025, amounted to $852.97 million, relative to $849.54 million reported in 2024.
Net Profit for the three months had a slight increase to reach $2.31 billion (2024: $2.30 billion).
Net profit attributable to shareholders for the three months amounted to $2.22 billion, a 3% increase from the $2.16 billion reported in 2024.
Consequently, Earnings Per Share for the three months amounted to $2.23 (2024: EPS: $2.17). The twelve-month trailing EPS was $8.52, and the number of shares used in these calculations was 995,289,524.
Notably, GK’s stock price closed the trading period on May 15, 2025, at a price of $71.72 with a corresponding P/E ratio of 8.42x.
Balance Sheet Highlights
The company’s assets totalled $242.60 billion (2024: $225.80 billion). The growth in total assets was mainly driven by increases in the following: Loans ($4.93 billion), Investment securities ($3.83 billion) and fixed assets ($3.45 billion).
Shareholder’s equity was $89.72 billion (2024: $81.15 billion), representing a book value per share of $90.14 (2024: $81.54).
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