GraceKennedy Limited (GK) over the last three quarters has earned $107.4 billion in accumulated revenue, this is 12.2 percent higher than last year over the same period.
Despite the increase in revenue, profit numbers were average across the business. Overall pre-tax profit declined 9.4 percent compared to last year 2021, this year’s figure was $7.7 billion. Price per share also slightly declined from $5.73 last year to $5.27 this year during the same period. Net profit attributable to shareholders also declined 8.1 percent from $5.658 in 2021 to 5.2 billion in 2022 during the same period.
GK Group CEO Don Wehby commented on the current challenges the company is facing as it tries to eke profits out of the core markets of interest.
“The impact of high inflation on the disposable income of remittance customers in sending markets, for example, has led to lower transaction volumes, and reduced foreign exchange gains across that part of our business.
To tackle these headwinds, we have doubled down our cost containment efforts across the Group, and our team has been proactively implementing strategies to ensure we continue to grow our top-line and bottom-line sustainably going forward.”, he said.
Despite the challenges, Wehby is still confident in the team and the ability to finish the year strong.
“Notwithstanding the challenges, we look forward to closing out 2022 with a strong performance, powered by our amazing GK team, sound strategy, and of course, our world-class products and services which we continue to deliver at the highest standard,” he concluded.
