October quarter saw net profit of $842 million

Durrant Pate/Contributor

Jamaican agricultural conglomerate, Jamaica Broilers Group (JBG) is confirming a J$1.04-billion loss for the October 2022 quarter from the discontinued operations of its Haitian subsidiary.

The loss from discontinued operations arose following its decision to permanently cease all operations of subsidiary Haiti Broilers S.A. and its subsidiary T&S Rice S.A., effective October 29, 2022.  It it’s just released latest quarterly results for October 2022, JBG produced a consolidated net profit of J$842 million for the quarter.

Net profit from continuing operations for the quarter was $1.88 billion minus $1.04 billion from the Haitian subsidiary. Quarterly group revenues amounted to J$22.9 billion, while gross profit was J$5.8 billion.

Jamaican and American segment results

The Jamaica operations reported a segment result of J$3.5 billion in the six months ended October 29, 2022. Total revenue for the Jamaican operations closed at J$28.3 billion.

This revenue growth over the prior year six-month period was primarily driven by increased production and sale of poultry, as well as increased sale of baby chicks to our small farmers. The reopening of the Jamaica economy particularly the tourism industry has contributed to the increased demand driving sales.

The American operations reported a segment result of J$1.8 billion, which was J$625 million or 53 per cent over the J$1.2 billion achieved in the six months ended October 30, 2021. Total revenue for the American operations was J$20.4 billion.

This revenue growth over the prior year six-month period was primarily driven by the increased production and sales in the Best Dressed Chicken line of products.