Subscribe Login
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
Jamaica Observer
ePaper
The Edge 105 FM Radio Fyah 105 FM
    • Home
    • News
      • Latest News
      • Cartoon
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • International
      • #
    • Business
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
    • Home
    • News
      • Latest News
      • Cartoon
      • Central
      • North & East
      • Western
      • Environment
      • Health
      • International
      • #
    • Business
      • Social Love
    • Sports
      • Football
      • Basketball
      • Cricket
      • Horse Racing
      • World Champs
      • Commonwealth Games
      • FIFA World Cup 2022
      • Olympics
      • #
    • Entertainment
      • Music
      • Movies
      • Art & Culture
      • Bookends
      • #
    • Lifestyle
      • Page2
      • Food
      • Tuesday Style
      • Food Awards
      • JOL Takes Style Out
      • Design Week JA
      • Black Friday
      • #
    • All Woman
      • Home
      • Relationships
      • Features
      • Fashion
      • Fitness
      • Rights
      • Parenting
      • Advice
      • #
    • Obituaries
    • Classifieds
      • Employment
      • Property
      • Motor Vehicles
      • Place an Ad
      • Obituaries
    • More
      • Games
      • Jobs & Careers
      • Study Centre
      • Jnr Study Centre
      • Letters
      • Columns
      • Advertorial
      • Editorial
      • Supplements
      • Webinars
  • Home
  • News
  • Latest
  • Business
  • Cartoon
  • Games
  • Food Awards
  • Health
  • Entertainment
    • Bookends
  • Regional
  • Sports
    • Sports
    • World Cup
    • World Champs
    • Olympics
  • All Woman
  • Career & Education
  • Environment
  • Webinars
  • More
    • Football
    • Letters
    • Advertorial
    • Columns
    • Editorial
    • Supplements
  • Epaper
  • Classifieds
  • Design Week
Jamaica Broilers grows earnings despite mixed results
The Jamaica Broilers Group operation in the United States
Business
September 10, 2023

Jamaica Broilers grows earnings despite mixed results

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.

Despite mixed results from its two main subsidiaries group revenues for JBG at the end of its first quarter ended July grew marginally to $23 billion.

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.

{"website":"website"}{"jamaica-observer":"Jamaica Observer"}
img img
0 Comments · Make a comment

ALSO ON JAMAICA OBSERVER

KSAMC takes action to recover outstanding fees from car dealerships
Latest News, News
KSAMC takes action to recover outstanding fees from car dealerships
July 8, 2025
KINGSTON, Jamaica-The Revenue Department of the Kingston and St Andrew Municipal Corporation (KSAMC) has started sending letters to car dealerships ac...
{"jamaica-observer":"Jamaica Observer"}
June was hottest on record in western Europe—EU monitor
International News, Latest News
June was hottest on record in western Europe—EU monitor
July 8, 2025
Paris, France (AFP)-Western Europe sweltered through its hottest June on record last month, as "extreme" temperatures blasted the region in punishing ...
{"jamaica-observer":"Jamaica Observer"}
Mexican cartel gunmen sentenced to 141 years in prison
International News, Latest News
Mexican cartel gunmen sentenced to 141 years in prison
July 8, 2025
Guadalajara, Mexico (AFP)-A Mexican court on Tuesday sentenced 10 cartel gunmen to 141 years each in prison for murder and kidnapping at a suspected t...
{"jamaica-observer":"Jamaica Observer"}
48-hour curfew extended in the Kingston eastern police division
Latest News, News
48-hour curfew extended in the Kingston eastern police division
July 8, 2025
KINGSTON, Jamaica— The 48-hour curfew imposed in sections of the Kingston Eastern Police Division has been extended. The curfew resumed on 6:00 pm on ...
{"jamaica-observer":"Jamaica Observer"}
Three dead in Ukrainian drone attack on Russia’s Kursk region
International News, Latest News
Three dead in Ukrainian drone attack on Russia’s Kursk region
July 8, 2025
Moscow, Russia (AFP)-A Ukrainian drone attack killed three people, including a National Guard soldier, in the Russian city of Kursk, near the border w...
{"jamaica-observer":"Jamaica Observer"}
Expert calls for urgent attention to burnout and emotional health among males
Latest News, News
Expert calls for urgent attention to burnout and emotional health among males
July 8, 2025
KINGSTON, Jamaica—Mental health expert, Dr Marlon Simpson is calling for urgent attention to the mental well-being of Jamaican men, highlighting the c...
{"jamaica-observer":"Jamaica Observer"}
Police launch probe after elderly woman found in mummified state
Latest News, News
Police launch probe after elderly woman found in mummified state
July 8, 2025
WESTMORELAND, Jamaica–The Savanna-la-Mar police are probing the circumstances that led to the death of an elderly woman who was found in a mummified s...
{"jamaica-observer":"Jamaica Observer"}
Rotary Club of St Andrew North donates two houses
Latest News, News
Rotary Club of St Andrew North donates two houses
July 8, 2025
KINGSTON, Jamaica— Outgoing president of the Rotary Club of St Andrew North, Ian Rose, on Friday, July 4, presented housing units to Natasha Kidd of W...
{"jamaica-observer":"Jamaica Observer"}
❮ ❯

Polls

HOUSE RULES

  1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper; email addresses will not be published.
  2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.
  3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.
  4. Please do not write in block capitals since this makes your comment hard to read.
  5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed: advertising@jamaicaobserver.com.
  6. If readers wish to report offensive comments, suggest a correction or share a story then please email: community@jamaicaobserver.com.
  7. Lastly, read our Terms and Conditions and Privacy Policy

Recent Posts

Archives

Facebook
Twitter
Instagram
Tweets

Polls

Recent Posts

Archives

Logo Jamaica Observer
Breaking news from the premier Jamaican newspaper, the Jamaica Observer. Follow Jamaican news online for free and stay informed on what's happening in the Caribbean
Featured Tags
  • Editorial
  • Columns
  • Health
  • Auto
  • Business
  • Letters
  • Page2
  • Football
Categories
  • Business
  • Politics
  • Entertainment
  • Page2
  • Business
  • Politics
  • Entertainment
  • Page2
Ads
img
Jamaica Observer, © All Rights Reserved
  • Home
  • Contact Us
  • RSS Feeds
  • Feedback
  • Privacy Policy
  • Editorial Code of Conduct