Jamaica Broilers Group registers 16% increase in profit

Jamaica Broilers Group registered a 16 per cent increase in profit in it's first quarter ended July, despite a marginal drop in profit from local operations.

The company's Jamaica operations brought in J$1.7 billion dollars, which was $130 million less than last year.

JB says the decline was due to increased pressure from high levels of imports which it says affected baby chick sales to small farmers.

Looking at all segments, after meeting tax obligations for the three months, the company made $1.2 billion, compared to $1.1 billion for the corresponding period in 2022.

Revenues improved by two per cent.

For the three months, the poultry company made $23.4 billion, compared to $23 billion for May to July 2022.

Total revenue from the Jamaica operation showed an increase of five per cent, however, mainly driven by poultry sales.

The company’s US Operations saw a 44 per cent increase in earnings.