Jamaica Broilers Group (JBG), one of the most enduring domestic agribusinesses, has reaffirmed to shareholders, partners, and the wider public that the group remains a strong, stable, and growing enterprise. 

Following concerns expressed by JBG in its June 2 release to the Jamaica Stock Exchange (JSE), “Jamaica Broilers Group (JBG) – Disclosure on Performance of the Company and its US Operations”, which highlighted issues within the US segment, group president and CEO, Christopher Levy, has expressed confidence in the over six-decade strong company’s ability to address these matters, noting that the group remains firmly positioned to move forward. 

NCB support

Robert Almeida, NCB Financial Group CEO, has expressed his confidence in and support of JBG. “As bankers and long-standing partners, we have conducted our due diligence and remain firm in our confidence in Jamaica Broilers, an indigenous business that has consistently demonstrated its importance to the national economy and industry.”

“While they address operational accounting issues, we view these actions as a clear sign of their commitment to transparency, sound governance, and long-term performance. JBG continues to be a strong and credible private sector player, and we are proud to stand with them as they move forward with clarity, accountability, and resilience,” Almeida added.

Commitment to transparency

“In keeping with our commitment to transparency,” said Christopher Levy, “we immediately engaged independent external advisors in the United States to conduct a comprehensive review. Since then, we have received verbal and preliminary findings which are not yet finalised but suggest that certain accounting valuation methodologies used in the US operations—specifically those relating to inventories and biological assets—may be unsubstantiated. These issues appear to constitute material prior period errors and will be fully corrected upon the conclusion of our ongoing annual financial audit which is underway.”

Jamaican operations in robust health

Levy continued, “We want to underscore that these developments relate solely to our US operations. Our Jamaican operations—which form the foundation of JBG’s long-term stability and success—remain in robust health, demonstrating sustained performance, sound financial controls, and growth potential.”

The JBG president also expressed appreciation for the support of major stakeholders and financial institutions, and for the steps being taken by the company’s board of directors and senior management, in coordination with legal and financial advisors, to address these matters decisively.

Integrity in financial reporting

“We’re grateful to the Lord for carrying us through this season of challenge and continue to honour Him with our commitment to truth and fairness. To that end, our primary focus right now is on ensuring the integrity of our financial reporting, particularly with respect to profitability assessments and long-term shareholder value,” said Levy.

“As part of our regulatory obligations and corporate governance standards, we have met with the Jamaica Stock Exchange (JSE), and we are engaging the Financial Services Commission (FSC). JBG remains fully committed to ongoing dialogue with our regulators, shareholders, stakeholders, and the investing public. We will continue to provide timely updates on any developments that may materially impact the company or its operations.”

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