Poultry company, the Jamaica Broilers Group (JBG), has reported increased earnings for its first quarter ended July 29, 2023 despite mixed results from its subsidiaries.

At the end of the three-month period group revenues for the first quarter amounted to $23.4 billion, growing marginally at two per cent above the prior year, followed by profits of $1.2 billion or 16 per cent more than last year’s quarter.

The Jamaican operation, which delivered the bulk of revenues, accounted for over $14.3 billion of the total earned with reduced profits of $1.7 billion — $130 million or 7 per cent below last year’s segment result.

“The reduction was mainly driven by increased pressure from high levels of imports affecting baby chick sales to our small farmers,” a signed interim report to shareholders by Chairman Robert Levy and group president and CEO Christopher Levy stated. The directors also indicated that a five per cent increase in total revenues for the local operation was mainly driven by growth in poultry sales.

Its US operation, which, on the other hand, witnessed significant growth in profits, added over $1.2 billion in profit—44 per cent above the $814.8 million it recorded for the corresponding quarter of 2022.

“We did have a 3 per cent decline in total revenue due primarily to falling prices in most of our product lines. However, a 56 per cent year-over-year increase in poultry volumes assisted in offsetting the negative market pressures,” the directors also said.

“Our South Carolina plant, which produces the Best Dressed Chicken line of products, has gained impressive market acceptance in the United States,” they noted.

Following the discontinuation of its operation in Haiti last year October as a result of political instability in that market, the wrapping up of procedures from that business now completed saw no reports for that segment. For the corresponding July 2022 period, out-turns from the segment contributed revenues of $85.6 million and losses of $83 million.

The directors which have become more focused on the local and US subsidiaries continues to remain optimistic about their respective growth, banking on the continued strong recovery of tourism in the local market and strong growth prospects for the US.

At the end of the reporting period total assets for the group climbed to $78.8 billion, increasing some 26 per cent above the prior year’s quarter. Earnings per share also moved to $1.24 as shareholder’s equity rose to $26.8 billion.

“Jamaica Broilers Group Limited continue to trust in the Lord’s guidance for our company and are grateful for His blessings and provision,” the directors said.