The Grace Kennedy Group has reported a 34.4% increase in an unaudited net profit for the six-month period that ended on June 30.
GK also accomplished revenues of $56.5 billion, a 9.8% increase in comparison to the corresponding period last year. There was also a $4.56 billion profit from operations, up 60.5 per cent.
GK CEO, Don Wehby says the vast improvement is due to better margin management and more focus on operational efficiency and cost containment.
“These measures will continue for the rest of the year given the magnitude of the spread of COVID-19 and its impact on the economies in which we operate and our consumers,” he said.
This growth was influenced by strong demand for Grace Foods’ key products, and an improved supply of raw materials bolstered by the harvesting of the GK Agro Park’s first crop. Grace Foods also improved its operational efficiency, with the commissioning of its first on-site, liquefied natural gas (LNG) plant at its meat processing factory in Westmoreland.
The LNG plant has reduced GK’s dependency on heavy fuel, with associated environmental benefits.
Grace Kennedy Foods (USA) LLC and Grace Foods Canada both recorded strong performances, while Grace Foods UK achieved improved margins associated with the successful implementation of strategic initiatives, including improved revenues from its nourishment brand.