Leg Up: After Beryl, US operations provide a buttress for Jamaica Broilers

 Increased output and demand in its US markets served to preserve results for Jamaica Broilers Group in the second quarter ended October 26, 2024, after hurricane Beryl affected its Jamaican operation.




The company runs two vertically integrated operations in Jamaica and the United States. At second quarter ended October 2024, Jamaica operations reported a segment result of $3.3 billion which was $394 million or 11 per cent below last year.

Hurricane Beryl is estimated to have wiped out 280,000 broilers in Jamaica. The Group ended the second quarter with net profit attributable to shareholders of $1.1 billion.

This was a 14 per cent decrease from the $1.3 billion achieved in the corresponding quarter last year.

In total, group revenues for the quarter amounted to $23.6 billion, a one per cent increase above the $23.4 billion achieved in the corresponding quarter of the previous year.

Total revenue for Jamaica operations showed a decrease of one per cent from the prior year six-month period. The reduction was mainly driven by the impact of the passage of Hurricane Beryl, management outlined.

US operations reported a segment result of $2.4 billion which was $185 million, 8 per cent above last year's segment result.

Management said the increase was driven by increased volumes of poultry meat.

JBG’s US operations include Wincorp International which serves North and Central America, providing ventilated broiler and breeder houses, farm supplies, safety products, and packaging equipment. Wincorp also produces fertile hatching eggs.

Subsidiary International Poultry Breeders (IPB), Georgia produces hatching eggs for the Best Dressed Chicken Hatcheries in Jamaica. Eggs are also sold in countries throughout the Caribbean, including Trinidad, Barbados, Suriname and Guyana.

IPB Arkansas (formerly England Farms Inc.), produces hatching eggs and from its distribution centre in Rison, Arkansas, transports hatching eggs to other points around the U.S. and air shipment around the world. The company also operates The Best Dressed Chicken (BDC), South Carolina which produces chicken meat. Feed supply company Crystal Feeds, another subsidiary, is located in Georgia at and provides grain logistics capabilities.

Six-month revenues up to October for JBG were $47 billion, up from $46.7 billion for the similar period in 2023. Net profit at six months October 2024 was $2.2 billion, down from $2.52 billion at October 2023.  Six months EPS was $2.21 cents down from $2.53 cents the year before.

In background, at financial year end April 2023, JBG closed the year with net profits of $6.1 billion, which was 13 per cent above the prior year. Results for that year were based on revenues of $93 billion, up two per cent over the e prior year. Earnings per share was $6.09 compared to $4.43 in the prior year.

Photo credit: Yardhype photograph


Caribbean Money Daily

Caribbeanmoney.blogspot.com

Follow us for breaking news

Email austanny@yahoo.com

Comments

Post a Comment

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

Image
  Tyrone Wilson Chairman, President and CEO Kintyre Holdings (JA) Limited (KHL) and Seven Kingston Limited, owners of the Seven Ultra Lounge and Restaurant, on January 14 announced a joint venture to launch Sevens Ice. Kintyre Holdings has made an investment in excess of US$300,000 in acquiring an associate stake in Seven and also establishing the start-up for the ice venture. "This initiative addresses Jamaica’s growing demand for high-quality ice, with operations set to begin in Q1 2025," Wilson stated. Additionally, the venture has acquired a cold storage facility to manage its start-up capacity and is exploring the importation of ice to bridge the gap between demand and supply, ensuring a consistent and reliable market presence. Distribution Expansion Wilson said that Sevens Ice has secured a distribution point in Kingston and is in the process of setting up another in St. Catherine to serve the western and central parts of the island. This expansion will ensure broade...
Read more

BCMG increases risk management oversight: Launches surveys-as-a -service

Image
Insurance brokers in Jamaica often send underwriters themselves to survey risks; however, they frequently do not have the technical knowledge required to produce the best results. BCMG Insurance Brokers Limited (BCMG) in response, introduced - in support of the wider brokerage industry - an updated surveys-as-a service product which has been embraced by the wider community as groundbreaking. Senior Risk Manager on the New Business Team of BCMG David Lazarus explains, “We saw where the technical details and in-depth knowledge of the intricacies of business operations were not always being taken into consideration. This was seen as an opportunity to expand into this space.” In 2020, Billy Craig Insurance Brokers and Maritime General Insurance Brokers, MGI, signed an agreement to merge their operations to form BCMG Insurance Brokers Limited. Following the union, the new company has been exploring options to expand the service capability of the brokerage and increase value for clients...
Read more

Wish List: University Hospital CEO seeks top-flight CFO for turnaround miracle

Image
  It's a puzzling end of year for the finance team at the University Hospital of the West Indies where, despite an ongoing plan to quadruple plant size and service centres for the teaching institution, its current state is one of insolvency, with CEO Fitzgerald Mitchell wishing for a new Chief Financial Officer with a touch of genius to help in turning things around. Medium term, the government is aiming to significantly update this, the Caribbean's premium medical hospital and teaching school. At last report, the price tag on the project was $4.9 billion. In the works are plans for a new 6-storey, 120,000 square feet medical facility, which will accommodate an additional 40 medical and surgical beds, improvements to outpatient or ambulatory surgery, lecture rooms, conference rooms, and upgrading of the cardiology hybrid interventional surgery room and the neonatal intensive care and administrative departments. However, the institution is currently struggling to become solvent ...
Read more