Durrant Pate/Contributor

Jamaica Broilers Group  (JBG) is to replace its long-standing auditors, PricewaterhouseCoopers (PwC), with Ernst & Young following significant accounting irregularities and a J$46 billion fraud discovered in its US operations in 2025.

The 2025 audit highlighted, via PwC, “material uncertainty” and “qualified opinions” regarding JBG’s American subsidiary. The Jamaican-grown agricultural conglomerate has convened an extraordinary general meeting to be held virtually on April 7 to vote on a resolution for the appointment of Ernst & Young to replace PwC as the company’s external auditors.

The audit report for the year ending May 2025 was flagged for unsubstantiated accounting methodologies in the US operations, with questions raised regarding how previous audits failed to detect the massive fraud in US operations over several years.

The auditors identified material uncertainty regarding the US operations, prompting the removal of the US management team. An investigation into the irregularities caused significant delays in submitting the 2025 audited financial statements to the Jamaica Stock Exchange. 

JBG’s recovery underway

The company’s management is currently engaged in addressing the audit findings and enhancing internal controls whilst cauterising the bleeding from its American operations. JBG has been cutting losses, with the management reporting that its turnaround is progressing as planned.

For the nine months ended January 31, JBG recorded a net loss of J$1.0 billion, down from J$3.5 billion a year ago. Revenues for the combined three quarters amounted to J$73.6 billion, a two per cent rise over the same period in 2025.

The recovery of JBG’s local operations has progressed ahead of schedule, underscoring the resilience of its team and operational strength. The segment delivered a profit of J$4.3 billion on revenues of J$44.0 billion, highlighting the continued solid performance of the domestic business. 

The financial results for the US subsidiary continue to be challenged, being adversely affected by market selling prices and production costs as root causes, but revenues grew by four per cent over the prior year. The management expects the subsidiary to return to being a significant positive contributor to group performance in the near future and continues to undergo its restructuring.