May 9, 2024
GraceKennedy Group Ltd (GK) for the first quarter ended March 31, 2024, reported an 8% increase in revenues totalling $42.35 billion compared to $39.09 billion in the corresponding three months last year.
Direct and operating expenses amounted to $40.35 billion (2023: $37.08 billion), this represents an increase of 9% year over year. Consequently, profit before other income decreased by 5% to $1.87 billion compared to $1.96 billion for the first quarter ended March 31, 2023.
Other Income increased by 22% to close at $1.12 billion (2023: $920.47 million), while Interest Income – non-financial services increase by 12% from $156.48 million in 2023 to $175.28 million for the three months. Interest expense – non-financial services for the first quarter amounted to $463.10 million, a 35% increase relative to $343.16 million reported in 2023.
Share of Results of Associates & Joint Ventures for the three months amounted to $444.61 million, an 11% increase relative to $399.04 million reported in 2023. Profit Before Taxation totalled $3.15 billion, a 2% increase from the corresponding period last year. (2023: $3.09 billion).
Taxation charge for the first quarter was $849.54 million relative to $835.09 million reported in 2023.
Net Profit for the three months showed a 2% increase to reach $2.30 billion (2023: $2.26 billion). Net profit attributable to shareholders for the three months amounted to $2.16 billion, a 2% increase from the $2.12 billion reported in 2023.
Consequently, Earnings Per Share for the three months amounted to $2.17 (2023: EPS: $2.13). The twelve-month trailing EPS was $7.86, and the number of shares used in these calculations was 995,177,300. Notably, GK’s stock price closed the trading period on May 9, 2024, at a price of $73.54 with a corresponding P/E ratio of 9.36x.
Balance Sheet Highlights
The company’s assets totalled $225.80 billion (2023: $202.61 billion). This resulted from a 25% uptick in ‘Investment Securities’ closing at $57.07 billion.
Shareholder’s equity was $81.15 billion (2023: $74.68 billion), representing a book value per share of $81.55 (2023: $75.04).
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