The GraceKennedy Group is looking to grow energy savings from its solar investment to US$1 million by 2026.
GK grows solar savings
…bullish on 2030 Vision
GRACEKENNEDY Limited (GK) is set to grow savings from its solar investment, expecting to recoup projected annual savings of US$1 million by 2026.
Group CEO Frank James, speaking at the company’s recently held investor briefing, told shareholders that solar power installations will continue to be a key part of the group’s energy strategy as it moves forward.
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“We’ve continued to implement our multi-year energy plan and we’re pleased that in 2024 this resulted in savings of over US$400,000 — and this year we expect to be saving over US$600,000. We remain on target to be saving over US$1 million on total energy cost by 2026. The good thing about this is that it not only supports our profitability but also our environmental, social and governance (ESG) initiatives and drive for sustainability. This is therefore a win-win where we can improve in terms of the environment and sustainability as we also bring more to the bottom line,” he said during the virtual meeting.
In line with its ESG agenda, GK rolled out a comprehensive energy policy in May 2022, committing over US$3 million to transition much of its operations to solar energy. The initiative primarily targeted the company’s factories, Hi-Lo retail stores, and distribution centres. The energy policy also promotes green building practices and energy-saving strategies in all design and construction activities piloted across the group.
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Pushing to become globally competitive in a world heavily focused on the sustainability practices of businesses, the principles of ESG, James said, remain a must-have for corporates looking to double down on future growth.
The 103-year-old establishment, bullish on the objectives of its own 2030 vision through which it is positioning to become the number one Caribbean brand, said that the integration of ongoing ESG projects stands as a critical component in helping the group to achieve this. Aside from the listing exercise, the company is also looking to double revenues and triple profits as it expands earnings beyond local borders within the next five years.
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As the company continues work to restructure its balance sheet in order to undertake its ambitious listing objective, Chief Financial Officer (CFO) Andrew Messado said management is now perspicaciously looking at how the company will move forward in doing this.
“We continue to have discussions with our international investment banking partners, who have been guiding us on the appropriate time and structure for listing. We want to ensure that when we do this listing it’s attractive for investors and it shows the right mix of earnings, both internationally and locally. At this stage [however], we continue to explore it internally as we look at the structure and also position ourselves in terms of our earnings and how we earn across the globe,” Messado further said in response to shareholder queries seeking update on developments in the area.
Noting activities under its highly active mergers and acquisitions (M&A) unit, James said that all opportunities currently being explored by the food and financial segments of the business are aligned with the ongoing restructuring efforts and its broader 2030 Vision objectives, which aim to generate over 70 per cent of revenues from outside markets.
He said under the M&A division the group, having last year fully successfully acquired all the shares of Catherine’s Peak spring water from Spike Industries Ltd, is also now looking to push the brand in other markets outside of the Cayman Islands, as previously mentioned. This as it seeks to gain a firmer footing in the bottled water market.
“We will be stepping up exports of this product as we do see potential in the region outside of Cayman,” James noted.
Following a number of leadership changes the newly installed CEO, who ascended to the top of the group in February following Don Wehby’s retirement, expressed confidence that the team now in place will continue to build on GK’s century-old legacy.
The foods division, following a consolidation of its international and domestic portfolios, is now led by Andrea Coy while the financial business is to be headed by Deputy Group CEO Steven Whittingham, after the departure of Grace Burnett in August.
“The group is in excellent hands with an outstanding leadership team ready to take on all the challenges ahead of us and, more importantly, the many opportunities we see as we continue to grow the GK group and take it to new heights,” James said.
