Jamaica Broilers Group has sold its energy facility, JB Terminal Port Esquivel Limited, to West Indies Petroleum Limited (WIPL) for US$4 million.
Jamaica Broilers Group sold more poultry and eggs during its January 2016 third-quarter, which translated to $492.8 million net profit or 22 per cent higher than year-earlier levels.
The Jamaica Broilers Group is back at producing animal feed on its SG Development lands after failing to reach an agreement with a potential lessee for the production of sea-island cotton.
Kellier, who was guest speaker at the official opening of the Jamaica Broilers (JB) Cumberland Hatchery, stated that the ministry has also cemented an agreement with the JB Group for the production of an additional 50,000 chickens per week, to come into market by the end of February.
Photo caption: Agriculture Minister Derrick Kellier (left), and State Minister Luther Buchanan (centre), examine baby chicks, which are being counted and sorted, during a tour and official opening of the Best Dressed Chicken Cumberland Hatchery in Portmore, St.Catherine today. Chairman, Jamaica Broilers Group, Robert Levy, looks on.
Jamaica Broilers Limited has invested $14 million in the rehabilitation of the Cumberland Hatchery, previously operated Jamaica Livestock Association.
Ian Parsard, senior vice president – operations and finance, Jamaica Broilers Group (JBG) – said yesterday that the company experienced a 17 per cent increase in demand in 2015. In order to meet this new level of consumer need the company has constructed a new hatchery and asked farmers to increase production levels.
The investment will translate to roughly a 25 per cent increase in capacity “that should go a far way in terms of meeting the potential additional demand that might be on the horizon,” senior vice president of operations and finance, Ian Parsard, told Financial Gleaner. The expected increase would translate to an additional 48,000 birds.
Jamaica Broilers Group recorded revenues of $9.17 billion for the quarter ending October 31, a six per cent increase on the $8.68 billion for the corresponding period last year.
Christopher Levy, president and CEO of the Jamaica Broilers Group, said that the complexity of the taxation change required more assessment. “We are not yet in a position to evaluate the impact, if any, on the company. This is a very involved process which will take time and much-detailed analysis.”
The Jamaica Broilers Group (JBG) has reported increased revenues of $34.6 billion for the year ended May 2, 2015, or 12 per cent over the $30.8 billion posted the previous year.
Agriculture Minister Derrick Kellier has commended the Jamaica Broilers Group for its strict adherence to global manufacturing standards as well as good industrial relations practices.