Growth in all three geographical areas of its business has contributed to the improving performance of the Jamaica Broilers Group in its annual report for the year ending April of 2017.
Compared to the previous year, net profit was around one-third higher at JM$2.27 billion (US$17.7 million), reports Gleaner Business. Sales reached JM$44billion (US$343 million), which is 15 percent above the previous year.
The group’s business in the United States grew by 21 percent, driven by the acquisition of a hatchery, according to the firm’s vice-president of finance, Ian Parsard. Revenue for the home market increased by 12 percent, thanks to its chicken, feed and chick product lines, and its operation in Haiti achieved 24 percent growth on the back of increased share of the table egg market.
Parsard said the company increased its assets of breeder birds and fertile hatching eggs, broiler birds in the Jamaica operations and layer birds in Haiti. For the year just ended, Jamaica Broilers spent around JM$1.4 billion (US$10.9 million) on these “biological assets.”
Results for the group were improved by the disposal of its loss-making ethanol facility, JB Terminal Port Esquivel Limited. Jamaica Broilers’ poultry business gained JM$39.47 million on the sale after factoring foreign exchange movements.
While the Jamaica Broilers Group of Companies is a vertically integrated agribusiness company, it has recently confirmed that chicken production continues to form the core of its business.
Within the last two months, Christopher Levy, President and CEO of Jamaica Broilers Group Limited, announced two new key appointments. Conley Salmon has become President of the Group’s Jamaica operation, and the new President of its Haiti operation is Dave Fairman.
