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The GraceKennedy headquarters in downtown KIngston.

GraceKennedy targets global status following $100-billion year

The GraceKennedy headquarters in downtown KIngston.

Following a year that saw it generate over J$100 billion in revenue, the GraceKennedy Group said it is firmly focused on becoming a global consumer group (GCG) in the next two years.

GraceKennedy earned more than J$100 billion in revenue in 2019.

The company’s superlative performance of J$100 billion in revenue, which came three years ahead of schedule, has spurred the Group’s vision of becoming a GCG, said CEO Don Wehby.

Wehby, in an interview for the Group’s annual report, said several areas of opportunity were identified last year which will be the basis of the Group’s strategic drivers and vision which will enable its growth in 2020. “We are firmly focused on our goal to become a Global Consumer Group by 2022 when we celebrate 100 years, and so this year will continue to create the path to achieving that goal,” he said.

GraceKennedy Group CEO, Don Wehby

“More specifically, this year GraceKennedy will strategically look to expand the Group’s reach and scope through mergers and acquisitions,” Wehby said. Once such acquisition is the Group’s recent takeover of a majority stake in Key Insurance Limited as part of its efforts to strengthen and expand its Financial Services Division.

He said the company’s success is the result of sound strategy executed by its committed team and resulted in the company receiving the Jamaica Stock Exchange Governor General’s Award for Excellence. “For us, that was the ultimate cap on a challenging and rewarding year,” Wehby said. “Our team across the world worked closely and dedicatedly to deliver these results and I am very proud of them, and what we were able to achieve, together.”

The opening of the US$5 million Grace/La Fe facility in Woodbridge, New Jersey.

Reinforcing that the best is yet to come, the CEO said the Group will work towards its global ambition under the theme “The Spirit of Jamaica Inspiring the World”.

Wehby said there were several ideas for themes discussed but the selected one received consensus across the business. “GraceKennedy started as a humble company, with ambitious goals and aspirations. Jamaicans at home and abroad feel a sense of pride when they see how the company has grown with quality and care as our hallmarks, and guided by our values of honesty, integrity and trust. That is the essence of Jamaicans.”

GraceKennedy Group reported revenue totalling J$103.09 billion, an increase of J$5.55 billion over 2018. Profit before other income, increased by J$598.5 million to J$3.74 billion, a 19 per cent increase over 2018.

The GraceKennedy Group employs over 3000 people worldwide in over 40 subsidiaries and associated companies across the Caribbean, Africa, the United Kingdom, and North and Central America