Jamaica Broilers Group (JBG) is reporting modest growth for the January quarter, with both its local and American operations recording an eight per cent growth quarter-over-quarter

As a result, JBG produced a net profit attributable to shareholders of J$1.3 billion for the review quarter, with the operations of the group continuing to be strong, and its gross margins are consistent with expectations.

Quarterly revenues amounted to J$23.6 billion, a 4.0% increase above the J$22.7 billion achieved in the corresponding quarter. Gross profit totalled J$5.9 billion, a 7.0% increase above the J$5.5 billion achieved in the corresponding quarter in the prior year.

Segment performance

The Jamaica operations reported a segment result of J$5.9 billion, which was J$448 million or 8.0% above last year’s segment result. Total revenue for the Jamaica operations showed an increase of 2.0% over the prior year nine-month period.

This increase was primarily driven by the growth in the sale and export of poultry and implementation of cost containment efforts. As for the US operations, it reported a segment result of J$3 billion, which was J$226 million or 8.0% above last year’s segment result.

This increase was driven by increased volumes of poultry meat and eggs, as well as the implementation of cost management initiatives. Total revenue for the US operations increased by 3.0% over the prior year nine-month period.

The management reported that it has begun to realise additional volumes through the US operations, which has resulted in increased financing requirements primarily around working capital.