GraceKennedy reaches $1 billion target

KINGSTON — GraceKennedy Limited (GK) successfully conducted its 2024 Annual General Meeting (AGM) at the company’s headquarters in downtown Kingston. The meeting was also live streamed, allowing its over 18,000 shareholders from around the world the opportunity to participate.
The AGM was led by GK Chairman, Professor Gordon Shirley, who began the meeting by highlighting the remarkable progress and achievements of GraceKennedy in 2023. In his opening remarks, Professor Shirley stated, “Last year was another transformative year for GraceKennedy, characterised by significant achievements and advances in our strategy. Thank you to all shareholders for your unwavering support, which is instrumental in driving our success.”

The meeting included a comprehensive presentation from GK Group CEO, Don Wehby, supported by Group CFO, Andrew Messado, on the Company’s financial performance for 2023 and the first quarter of 2024.

Wehby emphasized that GraceKennedy had achieved its US$1 billion revenue target in 2023, two years ahead of schedule, explaining that this milestone underscores the GK’s intent focus on its vision of being the number one Caribbean brand in the world by 2030. He explained that GK has four strategic drivers focused on prioritizing consumer centricity, optimizing internal processes, achieving sustainable growth and innovation, and cultivating a performance driven culture.

“We are committed to delivering on our promises to shareholders. As a billion-dollar company, our goal at GraceKennedy is to ensure sustained performance and increased profitability, both in the short and long term. We are focused on maximizing efficiency and carefully managing expenses. I’ve challenged our management team to look at our business processes and identify areas where we can become more efficient, which will translate into more profit flowing to the bottom line,” said Wehby.

He also detailed several of the Company’s key accomplishments from 2023, including successful acquisitions and strategic partnerships which will bolster GK’s market position and support its growth objectives. Wehby also reiterated GK’s commitment to manufacturing and supporting the Jamaican tourism industry, which remains a focal point of GK’s food business.

“Overall, we are off to a positive start in 2024 and will continue to focus on strong execution of our strategy,” said Wehby.

The 2024 AGM also provided GK shareholders with the opportunity to vote on important matters related to the business of the Company. This included the election of Directors retiring by rotation, Dr Indianna Minto-Coy, Mrs Gina Phillipps Black, and Professor Gordon Shirley.

GraceKennedy remains committed to delivering sustainable growth and value to its shareholders, customers, and the community.