Profits fly at Jamaica Broilers
Revenues, however, remained flatWednesday, July 14, 2021
BY DURRANT PATE
Jamaica Broilers Group finished its 2020/2021 financial on May 1, 2021, very strong with shareholders' profit peaking during the fourth quarter by 140 per cent.
Net profits for the three months which ended on May 1, amounted to $539.44 million. It was up from the $214.48 million reported in 2020, indicating a robust fourth-quarter performance by the Jamaica-based regional agricultural conglomerate. That performance helped to boost profits for the entire 2020/2021 financial year, to $2.34 billion, which is 67 per cent higher than the $1.40 billion reported in 2020.
The strong profit performance came even though sales rose by a marginal two per cent to $56.95 billion for the year. The Jamaican operations of the group contributed $33.83 billion, which represented a three per cent decline relative to $34.76 billion posted in 2020. At present, the Jamaican operations accounted for approximately 60 per cent of total revenues of the group.
American and Haitian subsidiaries performance
The American operations contributed $20.75 billion to the group, which is an increase of 10 per cent relative to $18.92 billion for 2020. The American operations accounted for approximately 36 per cent of total group revenues.
The Haiti operations accounted for approximately four per cent of total group revenues brought in $2.37 billion during the year in review compared to $2.07 billion reported in 2020.
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