GraceKennedy Turns The Corner On Melissa As Recovery Takes Hold

Jamaica's food and finance conglomerate has restored profit growth after last October's hurricane, with a food-led rebound and a widening push beyond home shores.

Recovery after the storm

GraceKennedy Limited, the Kingston-headquartered conglomerate that spans food distribution and financial services across the region and diaspora, has restored its earnings momentum. Half-year results to June 2026 show revenue of J$93.1 billion, up 4.6%, and net profit attributable to shareholders of J$4.75 billion, an 11.8% rise from J$4.25 billion a year earlier. Second-quarter net profit reached J$2.5 billion. Group Chief Executive Frank James told the market the company was seeing good signs of a recovery, with previously damaged sections back on stream and performing above expectations.

The rebound follows a punishing stretch. Hurricane Melissa struck western and central Jamaica in October 2025, driving insurance claims and disrupting manufacturing and logistics. Full-year 2025 revenue still climbed to J$177.8 billion, an increase of J$10.7 billion, but profit was squeezed: nine-month earnings to stockholders had already slipped roughly 8% to J$6.11 billion before the storm's full weight landed. James described core operations as intact but tested.

Food leads the rebound

The food division did the heavy lifting, contributing about two-thirds of group profit with pre-tax earnings near J$4.8 billion. International operations in the United Kingdom, United States and Canada strengthened, while the storm-damaged Grace Foods Processors meat plant in Westmoreland reopened early in the year and lifted output by the second quarter. Hi-Lo Food Stores and the domestic distribution arm anchored the local base. In December 2025 GraceKennedy bought out New Zealand's Fonterra from Dairy Industries (Jamaica), ending a 29-year joint venture and taking full ownership of the maker of Tastee cheese and Anchor powdered milk. James said the move positioned the group to scale the business and deepen its leadership in the dairy segment. Andrea Coy leads GraceKennedy Foods.

Financial group and remittances

GK Financial Group broadened the recovery. Banking and investments delivered pre-tax profit of J$995 million, up from J$600 million, powered by double-digit revenue and profit growth at First Global Bank. Insurance produced pre-tax profit of J$1.28 billion despite the Melissa claims wave. Money Services posted pre-tax profit of J$1.08 billion, holding up against a soft remittance market. GraceKennedy Money Services, the region's Western Union agent, has leaned on its GK One digital wallet, which integrates Western Union transfers, rolled out in Guyana and has now expanded into the Cayman Islands.

Vision 2030 and the next chapter

The results are the first full cycle under James, who became Group CEO in February 2025 after nearly two decades at the company, succeeding the retiring Don Wehby. He inherited an ambitious blueprint. Vision 2030 targets US$2.1 billion in revenue, US$250 million in pre-tax profit and 70% of revenue and profit generated outside Jamaica. The group passed the US$1 billion revenue mark in 2023, two years ahead of schedule, and is steering more of its growth toward the United States, Canada and the United Kingdom in food, alongside digital financial services across the Caribbean. With storm losses receding and the dairy acquisition bedding in, GraceKennedy enters its second century pressing that international case harder than ever.