GraceKennedy records marginal profit increase for Q2

GraceKennedy saw a marginal increase in profit for its second quarter ended June.
For the three-month period, the local conglomerate made profit of $2.2 billion after tax, compared to $2.1 billion for the same period last year.
The quarter's performance brought mid-year post tax earnings to $4.48 billion, compared to $3.95 billion in 2022.
GraceKennedy says its food business led the company's positive performance, with both its Jamaican and international segments recording growth in revenues and profits for the first half of 2023.
Looking specifically at revenues, GK made $39.14 billion for the three months, compared to $36.3 billion last year.
For the six months to June, the company made $78 billion.
For the first half of 2023, GK increased its stake in Catherine's Peak water, becoming majority owners of that business.
The group also completed the acquisition of Scotia Insurance Caribbean Limited, now rebranded GK Life.
GK Life recently received regulatory approval to begin operating in St. Maarten, which will add a thirteenth market to that business by the end of this year.

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