November 7, 2024
GraceKennedy Group Ltd (GK)
Unaudited financials for the nine months ended September 30, 2024:
GraceKennedy Group Ltd (GK) for the nine months ended September 30, 2024, reported a 7% increase in Revenues totaling $126.39 billion compared to $117.81 billion in the corresponding period last year. Revenues for the third quarter had a 6% increase to close at $42.01 billion compared to $39.58 billion for the comparable quarter of 2023.
Direct and operating expenses amounted to $119.64 billion (2023: $111.47 billion), this represents an increase of 7% year over year. Consequently, profit before other income increased by 5% to $6.39 billion compared to $6.11 billion for the nine months ended September 30, 2023. The company booked profit before other income of $2.12 billion for the third quarter versus $1.91 billion reported for the similar quarter of 2023.
Other Income increased by 23% to close at $3.40 billion (2023: $2.76 billion). As such, Profit from operations for the nine months ended September 30, 2024, amounted to $9.79 billion (2023: $8.87 billion).
Interest Income – non-financial services increase by 34% from $474.87 million in 2023 to $638.68 million in the period under review. while interest expense – non-financial services for the nine months ended September 30, 2024, amounted to $1.48 billion, a 22% increase relative to $1.21 billion reported in 2023.
Share of Results of Associates & Joint Ventures for the nine months ended September 30, 2024, amounted to $728.25 million, a 14% increase relative to $638.41 million reported in 2023.
Profit Before Taxation totalled $9.67 billion a 10% increase from the corresponding period last year. (2023: $8.77 billion).
Taxation for the nine months ended September 30, 2024, amounted to $2.61 billion, a 10% increase relative to $2.37 billion reported in 2023. Consequently, Net Profit for the nine months ended September 30, 2024, had a 10% increase to reach $7.06 billion (2023: $6.40 billion).
Net profit attributable to shareholders for the nine months amounted to $6.62 billion, a 11% increase from the $5.97 billion reported in 2023. For the third quarter, Net profit attributable to shareholders was $2.19 billion (2023: $1.77 billion).
Consequently, Earnings Per Share for the nine months amounted to $6.66 (2023: EPS: $5.99), while Earnings Per Share for the quarter totaled $2.20 (2023: EPS: $1.78). The twelve-month trailing EPS was $8.48, and the number of shares used in these calculations was 995,240,996.
Notably, GK’s stock price closed the trading period on November 07, 2024, at a price of $74.25 with a corresponding P/E ratio of 8.76x.
Balance Sheet Highlights
The company’s assets totalled $234.04 billion (2023: $218.54 billion). The growth in total assets was mainly due to a $7.89 billion or 15% increase in ‘Investment Securities’ to close at $59.50 billion and a $4.01 billion or 10% uptick in ‘Loans Receivables’ to close at $44.12 billion. Also, ‘Fixed assets’ grew by $2.02 billion or 7% to close the period at $30.75 billion.
Shareholder’s equity was $85.20 billion (2023: $77.78 billion), representing a book value per share of $85.61 (2023: $78.15).
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