Barbadian conglomerate Goddard Enterprises Limited (GEL) is implementing a strategic pivot toward Chinese automotive brands to counter stagnant performance in its automotive division. Despite reporting a modest 3% revenue increase to BBD$122.06 million in its automotive segment for FY September 2025, the group experienced flat sales overall, with particular weakness in its core markets of Barbados and Jamaica.
The company’s annual report revealed a significant 55% decline in operating profit for the automotive division, dropping to BBD$2.28 million. This downturn was attributed to inventory reduction efforts, increased financing costs associated with the new GAC brand rollout, and a BBD$1.3 million property revaluation loss.
A critical challenge identified by management was the limited product offering from legacy brands, especially in the competitive small and mid-sized SUV segments where hybrid and electric vehicles from Chinese and Korean manufacturers have gained substantial market share.
In response, GEL has launched Guangzhou Automobile Group (GAC) vehicles across four Caribbean markets, including Jamaica through its subsidiary Fidelity Motors Limited. The rollout features both internal combustion engine models (Emkoo and Emzoom) and electric vehicles (Aion V and Aion Y).
Alan Bayne, CEO of GEL’s automotive division, stated that the 2026 strategy will focus on accelerating GAC distribution, expanding in Jamaica, and strengthening competitiveness in SUV segments.
The broader GEL conglomerate demonstrated stronger performance elsewhere, with consolidated revenue surging 38% to BBD$1.85 billion, driven primarily by a 93% increase in manufacturing revenue. Net profit grew 46% to BBD$76.8 million, bolstered by improved performance at Ecuador-based cocoa processor Ecuakao.
Corporate developments include upcoming leadership changes with three directors retiring at the January 29 shareholder meeting and five new nominees proposed to join the expanded board. The company maintained its dividend payment of BBD$0.06 per share for 2025.