The American operations of the Jamaica BroiIers Group (JBG) led the performance in the last quarter that ended January 28, 2023.
JBG USA recorded a segment result of J$2.8 billion, which is J$958 million or 53 per cent above last year’s performance when normalised for a one-off other income of J$584 million reported in 2022 results. Total revenue for American operations is up 16 per cent over the prior year’s nine-month period.
This rise was primarily driven by the increase in production and sales in The Best Dressed Chicken line of products. The domestic operations of the Jamaica-based conglomerate reported a segment result of J$5.5 billion, J$2.6 billion or 88 per cent above the last year’s segment results.
Total revenue for the Jamaican operations showed an increase of 36 per cent over the prior year’s nine-month period. This increase was primarily driven by increased production and sale of poultry, as well as increased baby chick sales to small farmers.
Christopher Levy, the group president & CEO, attributes the positive performance to the reopening of Jamaica’s economy, particularly tourism, which he says has contributed to the increased demand driving sales.
According to Levy, the strong results have been driven by “a recovery in our poultry volumes to pre-COVID levels, as well as a comprehensive restructuring exercise that was undertaken. As the results of those efforts continue to bear fruit, paired with a strong economy, our expectations for the Jamaican market continue to be positive.”
JBG produced a net profit of $1.5 billion for the January 2023 quarter, which is a 27 per cent increase over the J$1.2 billion achieved in the corresponding period in the prior year.
Group revenues for the quarter amounted to J$22.7 billion, a 20 per cent increase above the J$18.9 billion achieved in the corresponding period in the prior year, while gross profit for the quarter was J$5.5 billion.