Growth in the sale of its poultry and other related products were the driving force behind a slight uptick in revenues seen by Jamaica Broilers Group (JBG) at the end of its third quarter period, even as profits marginally declined.

At the end of the three-month period to January 31, total revenues for the company grew to $23.6 billion with profit at $1.3 billion. The longer nine-month period from May 2023 to January 2024 ended with revenues up to $70.3 billion and profit of $3.8 billion — 15 per cent below that of the previous year.

The group, in benefiting from growth across its local and US subsidiaries, attributed the steady increases in poultry sales along with some other cost containment and marketing strategies among those to have worked in its favour over the reporting period.

JBG’s local operations, after adding the bulk of revenues or approximately $44.6 billion, also benefitted from contributions of $25.7 billion from its US subsidiary.

“Total revenue for our Jamaica operations showed an increase of 2 per cent 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. Our US operations reported a segment result of $3 billion which was $226 million or 8 per cent above last year’s segment result, [similarly] driven by increased volumes of poultry meat and eggs, as well as the implementation of cost management initiatives,” the directors said in the interim report to shareholders.

As one of the island’s largest producer of poultry products, JBG, in addition to its more popular Best Dressed line, offers a wide range of products across its Reggae Jammin and Hamilton Smokehouse brands as well as its Hi-Pro feed, hatchery and egg producing lines.

Local poultry meat production, which had fallen drastically during the pandemic, has since rebounded, surpassing more than 138 million kilograms up to 2022. The production of table eggs, having also witnessed steady year on year growth over the last two years, has seen its output fly pass 230 million.

JBG, following an investment of over $200 million, spent to expand its Best Dressed Chicken Cumberland Hatchery in Portmore, St Catherine, allowed the company to increase its capacity by approximately 70 per cent, as it positions to meet the growing demands of the local market.

The poultry producer operates two local hatcheries, one at Cumberland and another in White Marl, St Catherine.

The business having incurred losses from its 2022 decision to discontinue operations in Haiti after civil unrest and political instability broke out in the French-speaking territory, during the period returned from previous billion-dollar expenses associated with this activity.

At the end of the nine months ended January, total assets for the more than six-decade-old company neared $80 billion with earnings per share of $1.29.