Goddard Enterprises passes $1 billion barrier

Barbados’ last remaining pan-Caribbean conglomerate has announced record-breaking revenue from across the group’s operations.

The century-old Goddard Enterprises Limited (GEL) has revealed the group crossed the $1 billion revenue barrier, as the company released its audited Consolidated Financial Highlights for the financial year ending September 30.

In a statement signed by managing director Anthony Ali and chairman Charles Herbert, the two said not only did GEL generate over $1 billion in revenue for the 12-month period but its $0.25 earnings per share was also a record achievement in the publicly listed company’s history.

“The record-breaking performance is evidence of the transformational work undertaken across the Group in the execution of our strategy which began pre-COVID but was slowed by the negative effects of the pandemic,” the two senior officials stated in the Board Review that accompanied the financials.

According to the directors, the results of “another successful year” for Goddards saw top-line growth from the group’s continuing operation of 12.3 per cent. Profit from operations reached $84.4 million, an increase of $22.7 million or 36.7 per cent.

Having suffered a tremendous downturn during the pandemic as travel ground to a halt, GEL’s Ground Handling Division was described as “delivering a remarkable performance” during the 2023 financial year.

The directors said this division was the top contributor to the group’s earnings, surpassing Caribbean Distribution Partners Ltd.’s impact on the bottom line.

“During the period, the division continued the implementation of its diversification and growth strategy with the acquisition of International Meals Company Panama, which operates food and beverage concessions in Tocumen International Airport in Panama. The sales from this business along with an increase in airline catering sales during the period resulted in top-line growth for the division of 31.0 per cent and an increase in its net income by 43.2 per cent,” the directors of GEL disclosed.

Meanwhile, Caribbean Distribution Partners Ltd, which was described by GEL as its “fast-moving consumer goods joint venture with Agostini’s Ltd”, produced another good performance for Goddard Enterprises with growth in revenue of almost 11.1 per cent and net income growth of almost nine per cent.

One area of disappointment for Goddard Enterprises was the performance of the Shipping Division. The directors lamented the delays experienced in the launch of some of its initiatives.

They told stakeholders that the “nationalisation of the stevedoring services in Barbados and continued losses in Xpress Freight Services Inc in Miami” were a drag on the Shipping Division’s performance.

Regarding the future of GEL, its directors said they were “excited” about what is to come for the locally-owned company.

“We have demonstrated our resilience in overcoming the challenges of the recent past to deliver on our strategy. We are mindful of the tumultuous global environment in which we operate; however, with a clear focus on our core businesses and optimal capital allocation, we are optimistic about continued success,” Ali and Herbert said.
(IMC1)