Caribbean Business Reports

Jamaica Broilers Group, for the nine months ended January 30, 2021, reported profit before tax of JM$2.5 billion, an increase of 66  per cent over the prior year.

At the same time, the group recorded net profit attributable to stockholders of JM$1.8 billion.

For the nine months, group revenues amounted to JM$41.3 billion — two percent above that from the year before — while gross profit for the nine months was JM$10.3 billion, or three per cent more than 2020.

Results by markets

JBG’s Jamaica Operations reported a segment result of $JM3.1 billion, which was $694 million or 29  per cent above last year’s segment result of $2.4 billion. 

“The COVID-19 pandemic has adversely impacted our Jamaica Operations revenue as we have seen a decline of 4  per cent from the prior year. However, the Jamaica Operations was able to record a commendable 29 per cent improvement over the prior year by improving efficiencies and the continued enhancing of our customer relationships,” directors Robert and Christopher Levy reported.

US Operations reported a segment result of $JM1.1 billion, a 10 per cent increase over the previous year.

Total revenue increased by nine per cent over the prior year due to increased poultry and feed sales. 

“The Best Dressed Chicken line of products continue to surpass expectations and has been well received in the market,” the directors also said.

Haitian Operations reported a segment loss of $23.3 million compared to a prior year loss of $92.4 million, an improvement of 75  per cent. 

“The Best Dressed Chicken line of products continue to surpass expectations and has been well received in the market”

Total revenue increased by 26  per cent. Effective 1 November 2020, Jamaica Broilers Group Limited acquired an additional 13.48  per cent ownership in the Haiti Broilers SA, increasing its shareholdings to 85.48  per cent.

Improving conditions

Finance costs for the group showed a reduction of US$251 million compared to the same period last year, resulting from increased foreign exchange gains mainly from the significant currency revaluation in Haitian Operations. 

According to the directors, the implementation of the group’s diversification strategy has yielded positive results, including the strengthening of various markets as economies continue to open. 

“We are steadfastly praying for the well-being of all our stakeholders and remain committed to ensuring a continuous supply of our quality products to our customers,” they said.