Freed of its loss-making energy asset, Jamaica Broilers Group’s egg and poultry sales across three geographic markets pushed up the company’s earnings by nearly 50 per cent in the third quarter ending January.
Sales in the quarter climbed 18 per cent to $11.7 billion, and from that Jamaica Broilers scored $722 million in net profit, which, in turn, was up 49.5 per cent year-on-year.
Those results reflect a liberation from costs, now that Jamaica Broilers’ balance sheet is no longer feeling the drag of an idle ethanol plant that was sold last year, and which, up to then, required the poultry group to pump funds into its routine maintenance. JB Terminal, formerly JB Ethanol, was sold to West Indies Petroleum Limited (WIPL) last June for US$4 million cash. WIPL also assumed the ethanol company’s debts of US$18.5 million.
The group’s activities span Jamaica, Haiti and the United States.
Over nine months, Jamaica Broilers’ profits were up 30 per cent to $1.58 billion that equated to earnings per share of nearly $1.29 compared to about $1.02 the previous year from continuing operations. Revenue for the nine months topped $32 billion, having spiked nearly 15 per cent.