GraceKennedy Limited streamed its Annual General Meeting (AGM), which was hosted by Chairman, Prof. Gordon Shirley. Group Chief Executive Officer (CEO), Mr. Don Wehby, presented the Group’s financial highlights, achievements, strategic drivers and corporate social responsibilities. Under these highlights, the CEO pointed out the following achievements:
- GK was presented with the 2019 award for Best Annual Report.
- The opening of the new headquarters costing approximately $3.2 billion.
- Revenue growth of 6% or 5.5 billion year over year to $103.89 billion (2018: $97.54 billion). As Mr. Wehby noted, “55.7% of our revenue came from Jamaica compared to 53.1% for the previous year underlined by the exceptional performance of the domestic business.”
- Strong operating performance from Food Trading segment with increased sales and improved margins.
- Strong operating performance of Money Services segment with improved contribution margin and expense management.
- Net profit of $5.10 billion for FY2019 and Q1 2020 net profit of $1.45 billion.
Within the Group’s Financial segment, the CEO highlighted the Group’s Financial Inclusion Strategy, which led to First Global Bank (FGB) opening over 11,000 accounts for Compassionate Grant Applicants, while over 80% of Remittance Compassion Grant Recipients requested payout through Western Union. Group CEO, Mr. Wehby stated that, “where there is a crisis there is opportunity”, with numbers point to an increase in direct deposit to banks. Furthermore, The Group intends to implement specific strategies aimed at accelerating the growth of GK’s Financial Segment
Group CEO noted highlighted the Company’s Vision and Mission going forward, with emphasis on four Strategic Pillars:
- Consumer Centricity and Innovation
- Operational Excellence,
- Performance Driven Organization and
- Growth and Sustainability
Additionally, The Company believes these pillars will drive the Group towards becoming a Global Consumer Group.
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