In releasing its Stockholders’ Report for 2011, Group CEO Don Wehby is reporting that the company has produced creditable results for 2011, with all business segments showing improved performances over the prior year. The audited results released to the Stock Exchange earlier this week show that Group revenues for 2011 were J$58.2 billion, representing a 5.2 per cent increase over the prior year.

This revenue increase was accompanied by a significant improvement in net profit. The result was a 22.2 per cent increase in net profit attributable to shareholders to J$2.75 billion for 2011 from J$2.25 billion in 2010, an increase of J$499 million. The results are being attributed to a combination of centering on customers’ needs, improved operational efficiency and increased risk management processes.

Grace-owned brands worldwide grew by 10.3 per cent in US dollar revenues for 2011 over 2010, reinforcing GraceKennedy’s long term strategic objective of the international growth of its food brands, as part of its overall objective of becoming a Global Consumer Group.

The Group also delivered on its objective to improve shareholder returns. Dividends paid in 2011 were J$1.50 per share, compared to $1.35 in 2010, an increase of 11.1 per cent

Wehby noted that Group efficiency was also improved through investments in technology, with First Global benefitting most from an information technology investment valued at US $6million. The investment, being done with a view to improving the customer experience, as well as operational efficiency, will be fully implemented in 2013.

GraceKennedy’s commitment to its production base in Jamaica was further reinforced through the establishment of its new agro processing facility in St. Elizabeth in July, 2011. The facility produces the new Grace Fresh ‘n Ready line of vegetables.

GraceKennedy also continued its community involvement and commitment to education through its two Foundations – the GraceKennedy Foundation and the Grace and Staff Community Development Foundation.

“We are thankful to our high performing, highly valued staff, for their dedication and commitment to GraceKennedy,” said Mr. Wehby. “As we celebrate our 90th Anniversary in 2012, let us celebrate the past of hardy resilience and embrace the world with the Grace ethos of we choose to care, ” he said. In celebration of the 90th Anniversary, and in anticipation of its bid to become a Global Consumer Group, the company has revised its mission and vision statements to reflect a more global outlook.

Wehby says he is satisfied with the Group’s performance. He expressed gratitude to the company’s shareholders and directors for their confidence and support. Mr. Wehby added that he is positive about the growth of the company, to be brought about by four main strategic drivers – Customer centricity and Innovation, Growth and sustainability, operational excellence and a performance driven culture.