Barbados-based conglomerate Goddard Enterprises Limited (GEL) has reported a significant $24.3 million increase in annual profit, largely driven by a dramatic recovery at its cocoa processing subsidiary in Ecuador. For the fiscal year ended September 30, 2025, the group's net income reached $76.8 million, up from $52.5 million the previous year, with earnings per share at 27.9 cents.

Manufacturing Division Leads Recovery

The standout performance came from the manufacturing division, specifically Ecuador Kakao Processing Proecuakao S.A. (Ecuakao), which posted a net income of $16.7 million compared to a net loss of $21.2 million in the prior year. According to Chairman Charles Herbert and Managing Director Anthony Ali, this turnaround resulted from "increased production and sales volume, along with a higher gross margin resulting from favourable purchase differentials on its main raw material, cocoa beans."

"This turnaround in Ecuakao’s performance resulted in the division posting a net income of $16.7 million compared to a net loss of $21.2 million in the prior year," Herbert and Ali stated in their board review.

Mixed Performance Across Other Divisions

While the cocoa operation flourished, GEL's other business units showed varied results. The consumer products joint venture with Trinidad's Agostini Limited, Acado Limited, had "a solid year" and remained a top contributor, though it faced operational challenges in St. Lucia.

The Goddard Catering Group (GCG) saw strong revenue but was hit by $10.8 million in expected credit loss provisions from associates in Costa Rica and a $5.4 million goodwill impairment related to increased competition at Panama's Tocumen International Airport.

The automotive division struggled with low vehicle sales in Barbados and Jamaica, inventory reduction efforts, and finance charges from launching the GAC vehicle brand. The building supplies division increased revenue by 8.5% but saw reduced net income due to higher finance costs and taxes.

Strategic Focus and Future Outlook

Herbert and Ali emphasized the group's resilience stems from its diversity across multiple sectors and regions. "Despite ongoing global uncertainty, we remain focused on prudent cost management and enhancing operational efficiencies to sustain growth, improve overall profitability and create economic value for our shareholders," they said.

The company is investing in capital projects across the group and prioritizing cybersecurity measures, noting that "cyber security continues to pose a significant risk to our operations." Shareholders will receive a final dividend of three cents per share at the end of February.