Durrant Pate/Contributor

Shareholders in Jamaican agricultural conglomerate, Jamaica Broilers Group (JBG) have seen a 33 per cent rise in their year-end profit, which amounts to J$3.13 billion, up from J$2.34 billion a year ago.

Net profit attributable to shareholders for the April fourth quarter closed at J$1.08 billion, up from J$539.44 million in 2021. Profit before taxation for the year ended April 30, 2022, rose to J$4.08 billion, up from J$3.21 billion in 2021.

Profit before tax for the April quarter closed at J$1.49 billion in contrast to J$743.50 million reported twelve months prior. Tax charges for the financial year totalled J$1 billion (2021: J$806.76 million).

As such, net profit for the year totalled mounted to J$3.08 billion, a 28 per cent increase compared to the J$2.40 billion booked in 2021. Net profit for the fourth quarter amounted to J$1.04 billion versus J$534.79 million in 2021.

Segment performance

Two of the three JBG business segments recorded growth with the Jamaican operations leading the way.

• Jamaica operations contributed $45.09 billion (2021: $33.83 billion).
• US operations recorded revenue of $29.30 billion (2021: $20.75 billion).
• Haiti operations decreased year over year to $1.33 billion (2021: $2.37 billion).

For the year ended April 30, 2022, JBG reported total revenues of J$75.72 billion, a 33 per cent increase on the J$56.95 billion reported in 2021. Revenue for the fourth quarter closed at J$20.58 billion (2021: J$15.63 billion).

‘Cost of Sales’ grew by 36 per cent to J$57.70 billion from J$42.33 billion in 2021. As such, gross profit for the year ended reflected an increase of 23 per cent to close at J$18.02 billion versus $14.62 billion booked for the corresponding period in 2021.

Other income decreased 43 per cent from J$847.83 million in 2021 to J$480.12 million for the year in review. Distribution costs went up 12 per cent to J$2.29 billion relative to J$2.04 billion in 2021, while administration and other expenses rose by 23 per cent to J$11.56  billion (2021: J$9.43 billion).

More on financial operations

JBG reported J$592.76 million for finance income for the year, while finance cost amounted to J$1.13 billion (2021: J$858.94 million). Total comprehensive income for the year in review amounted to J$2.85 billion relative to J$3.61 billion recorded in 2021.

JBG closed the trading period yesterday (July 7) at a price of J$26.77 with a corresponding P/E ratio of 10.25 times. Total assets amounted to J$60.04 billion as at April 30, 2022 relative to J$51.11 billion a year prior.

The increase in total assets was due mainly an increase in ‘Inventories’ and ‘Biological Assets’ which rose 21 per cent and 33 per cent, to J$15.62 billion (2021: J$11.43 billion) and J$15.23 billion (2021: J$11.43 billion), respectively.

Shareholders’ equity as of April 30, 2022, amounted to J$21.08 billion (2021: J$18.72 billion), with a book value per share of J$17.57 (2021: J$15.61).