Goddard Enterprises Limited (GEL) delivered a “strong” performance in the first half of its 2026 financial year.
Net income attributable to equity holders rose 60.9 per cent to $62.7 million even as group revenues declined by 2.3 per cent to $895.2 million in the period ended March 31.
The results, reported by chairman John Williams and managing director Anthony Ali, came despite challenging operating conditions including fallout from the war in Iran, which triggered higher oil prices.
In the board statement published alongside the consolidated financial highlights, the two officials reported that profit from operations before other losses or gains jumped 49.1 per cent to $93.2 million, while earnings per share rose 61.2 per cent to 27.4 cents, marginally below the full year’s earnings of 27.9 cents in 2025.
“This performance highlights the resilience of the group as it continues to deliver positive results,” Williams and Ali said.
The fall in group revenues was attributed primarily to a decrease of $64.8 million in sales in the manufacturing division, as sales in Ecuador’s Kakao Processing Proecuakao S.A. (Ecuakao) were 19 per cent below the comparative period due to a fall in the market price of cocoa.
However, Ecuakao as one of the main drivers of the group’s results, with net income of $27.3 million and a gross margin of 20.8 per cent, compared to net income of $5.9 million and a gross margin of 7.6 per cent in the comparative period for 2025.
Williams and Ali explained that this increase “was driven primarily by purchase differentials in the cocoa price being higher than historic averages in the first six months of the financial year.”
They cautioned that at the quarter end, these differentials had narrowed, “which could see a tempering of the performance in the second half of the year.”
For the period, the manufacturing division was the top contributor to the group’s overall performance with approximately 44 per cent of net income attributable to shareholders, the senior officials reported.
The consumer products joint venture, Acado Limited (ACADO), was the second highest contributor to the group’s bottom line with approximately 33 per cent of net income.
ACADO received regulatory approval to close the strategic acquisition of Massy Distribution (Jamaica) Limited.
Williams and Ali said that with a purchase price below the fair market value of net assets acquired, a one-time non-cash gain of $16.1 million was recorded. GEL’s $8 million gain from this acquisition help to boost the group’s income from associated companies.
At the end of the reporting period, net assets attributable to equity holders stood at $808.5 million. The board declared a dividend of 2.5 cents per share for the quarter, payable at the end of this month.
“Subject to no material adverse developments, the board intends to maintain at least this dividend level for the remainder of the financial year,” Williams and Ali said.
GEL’s board and management “continue to be watchful of global events and the fall-out from the Iran war including the effect on oil prices and any resulting impacts on the group’s businesses”.
The group will focus on strong governance, prudent cost management, efficient capital allocation and risk mitigation, including cybersecurity risks, while “creating economic value for shareholders”. (SC)
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