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Poultry company Jamaica Broilers Group Limited, JBG, has released a provisional report for the month of May, as it overhauls its operations in the United States.
“The board has approved this reporting format through which we will be providing a routine snapshot of JBG’s profit performance on a monthly basis, until the reports are finalised through the quarterly submission,” the company said in its filing to the Jamaica Stock Exchange.
Listed companies are only required to file quarterly and yearly reports to the stock exchange, making Jamaica Broilers’ decision to file the monthly abbreviated profit and loss statement an unusual step that’s meant to shore up confidence. It also comes amid a delay in the release of the company’s audited accounts for the 2025 fiscal year.
“We want our shareholders and investors to be aware on an immediate basis where the company is, in regard to profitability. We are continuing to stabilise the US operations, and we feel confident,” Levy told the Financial Gleaner.
Revenue for May increased by 16 per cent to $8.18 billion from $7.08 billion in May 2024; operating profit climbed by 50 per cent to $853 million; and pretax profit improved by 28 per cent to $520 million, up from $406 million in May 2024.
Jamaica Broilers’ accounts for year ending May 3, 2025 will be published by August 29, the company said in a market filing. It linked the delay to the ongoing “complex review” of the US operations.
In the meantime, the company intends to file provisional monthly reports for the first six months of the current financial year, from May to October 2025.
The company had promised better numbers after it reported a third-quarter loss of $1.06 billion for the period ended January 2025.
Various movements have flowed from the review of the US operations, including the exit of the head of that market, Stephen Levy, the brother of the CEO.
Christopher Levy personally took charge of the rescue operation and is being assisted by vice-presidents Ian Parsard and Lennox Channer; while Vice-President of Operations in Jamaica, Tommy Waters, was reassigned to Best Dressed Chicken USA.
The Group CEO, while not commenting on the other changes to the US operations so far, said it will take some time to right the listing ship in that market.
“We are really focused on driving the efficiency in the US, but as is well known, turning around a poultry operation takes time,” Levy said.
English (US) ·