Jamaica Broilers triples Caribbean returns
Published:Tuesday | September 13, 2016 | 12:00 AM
Jamaica Broilers Group sales topped $10 billion in the first quarter ending July, a double-digit increase that came as the poultry company sold more eggs regionall, and booked results from its newest American acquisition for the first time.
Revenue for the group grew 12 per cent relative to the $8.9 billion of sales in the July 2015 quarter.
"This quarter's results include for the first time the operations of the new subsidiary International Poultry Breeders Hatcheries Inc, based in Iowa," the company said in its financial report to shareholders.
During the quarter, the company sold its idled ethanol operation that has weighed on the company's finances. For its continuing operations Broilers profit dipped from $420 million to $401 million.
Ethanol discontinued
However, factoring for the discontinued ethanol operations, the group's profit ticked up to $406 million from $314 million the previous year.
Effectively, Jamaica Broilers booked a loss of $105 million from the ethanol business in the 2015 quarter.
With the sale of JB Terminal to West Indies Petroleum in June a US$18.5 million deal that included acquisition of the energy company's debt and cash payment of US$4 million reflected in the July accounts and amid continued market expansion in Haiti, the poultry group's Caribbean segment made $74 million in the July 2016 period, or triple the results of the $25 million made last year.
Jamaica Broilers now says it controls 17 per cent of the table egg market in Haiti. The company produces and distributes table eggs through Haiti Broilers SA.