GraceKennedy says it still plans to become a US$2 billion company… BUT the Jamaican conglomerate is admitting that one key piece of that strategy may be holding them back.
GraceKennedy has long set its sights on reaching US$2 billion in annual revenue by 2030.
The company generated roughly US$1.1 billion in revenue last year, meaning it still has a long way to go.
But speaking on Taking Stock, Group CEO Frank James said while the company remains confident in its growth strategy, that target was built on two assumptions.
First, that GraceKennedy would continue growing its existing businesses. And second, that it would complete a major international food acquisition. That’s where things have slowed down.
“Where the timeline has somewhat shifted is our acquisition of a large international food business… we’re not just going to do an M&A for ticking a box.”
-Frank James
CEO, Grace Kennedy
In other words, GraceKennedy still wants to make a significant acquisition overseas, but management says it won’t rush into a deal that isn’t the right strategic fit.
The company is instead focusing on growth across its two core business areas: food and financial services.
“Our financial services group contributes about 20% of our revenue but over 40% of our profits.”
-Frank James
CEO, Grace Kennedy
That’s a reminder that while most consumers know GraceKennedy for products like Grace ketchup and Grace Foods, financial services has quietly become one of the group’s biggest profit drivers.
And James says the future of the company will depend on both divisions.
“It means that we are going to be a globally recognized multicultural food brand… and the region’s leading digital financial group.”
-Frank James
CEO, Grace Kennedy
The comments come as GraceKennedy works to recover from a difficult 2025.
Although revenue reached a record J$177.8 billion, profits were affected by Hurricane Melissa, higher logistics costs and challenges in the remittance business.
But James says those issues are now largely behind them.
For investors, the message is clear. GraceKennedy still believes it can reach the US$2 billion milestone.
The question is whether it can get there through organic growth alone, or whether that major international acquisition will ultimately be required.
And that’s the Bottom Line.
So do you think GK can reach US$2 billion in annual revenue without a major acquisition, or does it need to buy another company to get there?
