Goddard Enterprises Limited (GEL) is reporting an “excellent” first quarter of its 2026 financial year.
It was a period in which revenue declined, but profitability increased, now retired former chairman Charles Herbert and managing director Anthony Ali said in the board review accompanying GEL’s unaudited consolidated financial highlights for the three months ended December 31, 2025.
“The board of directors is pleased to report that the group had an excellent first quarter, continuing the momentum from the last financial year,” the two official said.
“Despite the 1.6 per cent decline in our top-line, our net income attributable to equity holders achieved of $31 million was $14.3 million or 85.5 per cent above the comparative period.
“This translated into a growth of 84.9 per cent in earnings per share for the period at 13.5 cents.”
Herbert and Ali reported that the group’s increased profitability was “mainly attributable to the manufacturing division as Ecuador Kakao Processing Proecuakao S.A. (Ecuakao) accounted for 81 per cent of the increase in the group’s performance”.
“The results for Ecuakao moved from a loss of [$700 000] in the comparative period in the prior year to a profit of $10.9 million in the period under review,” they said.
“This was achieved on lower-than-expected sales as the entity benefitted from higher gross margins on more profitable contracts. Our joint venture, Acado Limited, was our second highest contributor to our bottom-line as revenues increased by 8.8 per cent.”
Herbert and Ali added that this growth coupled with an improvement in gross margin resulted in a 12 per cent increase in its Acado’s net income.
They added: “Our Goddard Catering Group division recorded an increase in operating profit of 13.1 per cent for the quarter, however, the overall net income reported was marginally below that of the comparative period.
“The results for this division were negatively impacted by a provisional goodwill impairment on our investment in International Meals Company Panama and an expected credit loss on an
amount owed by a customer which was forced into liquidation.
“The building supplies division had a strong first quarter with growth in revenues and operating profit above the comparative period of 9.2 per cent and 28.3 per cent respectively. The growth in operating profit was experienced in our subsidiaries in the Eastern Caribbean.”
Herbert and Ali said the automotive division had a disappointing quarter, sharing that “our two major markets were negatively impacted by Hurricane Melissa in Jamaica and system issues at the Barbados Licensing Authority”.
They continued: “Our two smaller divisions, shipping and services, both performed well, exceeding expectations during the quarter”.
GEL’s net asset value per share at the end of the quarter was $3.44 as the balance sheet “remains strong, positioning the group to deliver on its current strategy of growth and creating value for shareholders”.
The group’s final dividend for the financial year 2025 of $0.03 per share will be paid at the end of February. (SC)
