The Directors of Jamaica Broilers Group Limited now release the unaudited financial results for the nine months ended January 30, 2021, which have been prepared in accordance with International Financial Reporting Standards (IFRS).
The Group’s operations produced a profit before tax of $2.5 billion, an increase of 66% over the prior year, while we recorded profits attributable to stockholders of $1.8 billion.
Group revenues for the nine months amounted to $41.3 billion (2% above the prior year) while gross profit for the nine months was $10.3 billion (3% above the prior year).
Jamaica Operations reported a segment result of $3.1 billion, which was $694 million or 29% above last year’s segment result of $2.4 billion. The COVID-19 pandemic has adversely impacted our Jamaica Operations revenue as we have seen a decline of 4% from the prior year. However, the Jamaica Operations was able to record a commendable 29% improvement over the prior year by improving efficiencies and the continued enhancing of our customer relationships.
Our US Operations reported a segment result of $1.1 billion, a 10% increase over the previous year. Total revenue increased by 9% over the prior year driven by increased poultry and feed sales. The Best Dressed Chicken line of products continue to surpass expectations and has been well received in the market.
For a detailed report, please visit the Jamaica Stock Exchange website at www.jamstockex.com or the Company website at www.jamaicabroilersgroup.com/investors.
Haitian Operations reported a segment loss of $23.3 million compared to a prior year loss of $92.4 million, an improvement of 75%. Total revenue increased by 26%. Effective 1 November 2020 Jamaica Broilers Group Limited acquired an additional 13.48% ownership in the Haiti Broilers S.A, increasing its shareholdings to 85.48%.
Finance costs for the Group, showed a reduction of $251 million compared to last year, resulting from increased foreign exchange gains mainly from the significant currency revaluation in our Haiti Operations.
The implementation of the Group’s diversification strategy has yielded positive results, including the strengthening of our various markets as economies continue to open. We are steadfastly praying for the well-being of all our stakeholders and remain committed to ensuring a continuous supply of our quality products to our customers.
The Staff, Management and the Board of Directors of Jamaica Broilers Group Limited continue to trust in the Lord’s guidance for our company and are grateful for His Blessings and Provision.
For a detailed report, please visit the Jamaica Stock Exchange website at www.jamstockex.com or the Company website at www.jamaicabroilersgroup.com/investors.
