Jamaica Broilers Group (JBG) says balance is returning to the chicken market following shortages which have plagued the industry since the second quarter of the fiscal year.
President and CEO of Jamaica Broilers, Christopher Levy, made the disclosure while speaking at the 4th Virtual Mayberry Investor Forum.
“I think we are going to see a relatively good production through Christmas and the inventories are looking good.”– President and CEO Christopher Levy
Levy said his company had been steadfast in amending protocols for these unprecedented COVID-19 times, noting that JBG had faced several challenges namely, maintaining the fluidity in decision-making.
Despite the challenges, Levy said that he was excited for what is to come from Jamaica Broilers Group Limited post COVID-19.
“There has been a tightening in the market and the volatility and the rapid change in the demand curve has either pushed our inventories up or down, and you have small farmers who have entered the market, then come out; they are big players and about 30 per cent of the industry, and now they are coming back in.
“The challenge is that the time between the market change and getting the processed birds to market are roughly about nine weeks, so the response has to be very quick and sensitive to it. I think we are going to see a relatively good production through Christmas and the inventories are looking good. There is a balance coming back into the back market and that is one of the reasons why we are so optimistic,” he added.
Levy also spoke to the tremendous stride the group has made in its performance during the pandemic, particularly, forming a COVID committee team; restructuring due to a falloff in demand curve; cutting ties with some key partnerships and realigning the decision-making processes.
Additionally, the results obtained by the Jamaica Broilers Group Limited are commendable since COVID-19; however, they have higher expectations on what is to unfold in the coming months.