GraceKennedy (GK) is looking to provide an estimated 90 jobs for Jamaicans as the company plans to open a new manufacturing space by mid-2018. The company has leased 60,000 square feet of space from the Factories Corporation of Jamaica in order to increase production of canned and frozen vegetables. The manufacturing space located in Denbigh, Clarendon, is expected to be in operation by August 2018.
With plans to add products such as cassava, breadfruit, green plantains and ripe plantains to the production line, GraceKennedy hopes to create multiple jobs for locals. Not only will jobs be provided in the manufacturing aspect of production, but also externally. Produce will be purchased from local farmers on a contract basis with quantities predicted to be increased over time. This will be a great opportunity for the local Agricultural Sector to capitalize on.
The facility leased is already being used to store production equipment but will be ready for mass production of canned and frozen foods once upgrades are completed next year. These items will be marketed and sold both locally and internationally under the GraceKennedy brand.
GraceKennedy’s performance on the market has not been very exceptional for 2017 as the company recorded a loss of 19% in profit in its second quarter compared to its 2016 performance. However, for the quarter ending September, GK experienced a 1.4% increase in net profit to move from $3.7 billion in 2016 to $3.75 billion. It’s safe to say GK has been relatively volatile throughout 2017 making investors uneasy and quite cautious but if you are an aggressive investor why not take the risk? It is a bit risky but nonetheless a solid stock to consider investing in or holding on your portfolio. GraceKennedy currently trades at $43.
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