STEPHEN Levy will be officially leaving Jamaica Broilers Group Limited (JBG) on May 3 after spending more than 22 years with the family-run poultry and agriculture company.

Levy’s departure from JBG was announced on February 28 when it was revealed that he would be resigning as a director and as an employee effective May 3. Stephen Levy has been with the group since August 2002 and was president of Wincorp International Inc since May 2013, before he was promoted to president of the USA operations in 2016.

He was also re-elected as a director at the company’s 66th annual general meeting (AGM) held on October 23. Levy was first appointed to the board in March 2016 as an executive director.

“He has held various management and executive positions in the group, culminating in his most recent role as president of the company’s USA operations, where he built annual revenues from US$10 million to over US$250 million. The Group President Christopher Levy will now oversee the company’s US operations during this transition period. As Mr Levy pursues other opportunities we pray God’s blessings upon him and his family,” stated the disclosure signed by Peter DePass, JBG’s company secretary.

Stephen Levy is the brother of JBG Group President & CEO Christopher Levy and son of JBG chairman Robert E Levy. Robert Levy is the son of JBG co-founder Sydney Levy, who formed the company in May 1958 with Byron Coombs and Larry Udell.

Stephen Levy had 3,382,600 ordinary shares of JBG as of October 26 and was listed as a connected person to JBGL Stockholders Nominee Limited, which is the largest shareholder with 197,810,899 shares or 16.50 per cent of the company.

JBG’s USA operations brought in $33.45 billion in revenue or 36 per cent of the overall $92.96 billion in revenue generated across the group for the April 2024 financial year. The USA operations saw a 55 per cent rise in its segment result during 2024 to $5.88 billion, but that was due to the one-time $2.27-billion gain on the sale of certain assets held by International Poultry Breeders Hatcheries Inc. The USA operations had $54.12 billion worth of assets in 2024 with $40.92 billion in current assets, with the segment spending $640.56 million on capital expenditure in the period. The USA segment had total liabilities of $32.43 billion, with $7.02 billion as non-current.

JBG’s third-quarter report for the period ending January 25 was set to be published on March 11, but has been delayed to March 19 due to delays in preparing the unaudited financial statements. This is a first for the company in recent years as it has always been on time with the publication of its unaudited quarterly financials. It, however, experienced delays for its audited financials in recent times due to delays in completing the process with their auditors.

The group’s consolidated six months’ financials showed that its consolidated six months’ revenue was marginally up to $47 billion, with operating profit down nine per cent to $4.05 billion. The group’s consolidated net profit was down 13 per cent to $2.21 billion, with a trailing twelve months’ earnings per share of $5.77. The group’s USA operations saw revenue rise three per cent to $17.85 billion, with the segment result up eight per cent to $2.40 billion.

Group total assets closed October at $90.31 billion with current assets at $61.55 billion, with inventories at $24.07 billion, biological assets (cattle and poultry) at $27.36 billion, and cash at $3.01 billion. Total liabilities and shareholders’ equity closed the period at $57.64 billion and $32.67 billion, respectively.

JBG’s stock price closed Tuesday at $35.02, which left it down three per cent in 2025 with a market capitalisation of $42 billion. The stock peaked at $42.31 in early January. JBG’s 2025 financial year should end on May 3 based on its non-conventional financial year. That would mean its financials which are audited by PricewaterhouseCoopers (PwC) should be released by July 2. JBG’s 67th AGM would also likely be held around October in a virtual format, which has been the standard since the COVID-19 pandemic that has led to shorter meetings with general shareholders viewing online.