March 27, 2025
Jamaica Broilers Group Limited (JBG)
Unaudited financials for the nine months ended January 31, 2025:
Jamaica Broilers Group Limited (JBG) for the nine months ended January 31, 2025, reported a 2% increase in Revenue totaling $71.65 billion compared to $70.35 billion in the corresponding period last year. Revenue for the third quarter had a 5% increase to close at $24.65 billion compared to $23.58 billion for the comparable quarter of 2024.
Cost of Sales amounted to $55.78 billion (2024: $52.99 billion), this represents an increase of 5% year over year. Consequently, gross profit decreased by 9% to $15.87 billion compared to $17.36 billion for the nine months ended January 31, 2024. The company booked gross profit of $4.67 billion for the third quarter versus $5.88 billion reported for the similar quarter of 2024.
Other gains decreased by 15% to close at $328.01 million (2024: $387.39 million), while Distribution Costs increased by 15% from $2.34 billion in 2024 to $2.69 billion in the period under review. Also, administration and other expenses for the nine months ended January 31, 2025, amounted to $9.81 billion, a 13% increase relative to $8.69 billion reported in 2024.
Consequently, Operating Profit for the nine months ended January 31, 2025, amounted to $3.70 billion, a 45% decrease relative to $6.72 billion reported in 2024. Operating loss for the third quarter amounted to $351.64 million (2024: Operating profit $2.26 billion).
Finance Costs totalled $2.07 billion a 3% increase from the corresponding period last year. (2024: $2.02 billion).
Profit before taxation for the nine months ended January 31, 2025, amounted to $1.67 billion, a 65% decrease relative to $4.76 billion reported in 2024. Loss before taxation for the third quarter amounted to $1.06 billion (2024: Pre-tax profit of $1.61 billion).
Tax charge for the nine months ended January 31, 2025, had a 35% decrease to reach $611.34 million (2024: $937.70 million). As such, Net Profit for the nine months amounted to $1.06 billion, a 72% decrease from the $3.83 billion reported in 2024. For the third quarter, Net loss was $1.15 billion (2024: Net profit $1.30 billion).
Management attributed the group’s performance to a combination of hits in both the Jamaica and US operations. The Jamaican operations were primarily impacted by the passage of Hurricane Beryl, leading to a 9% or $564 million decline in its segment results relative to the prior year, while the US operations results were 69% or $2.1 billion lower than the prior year, owing to operational controls and cost management issues. As such, The company has engaged external advisors in the US to review operational controls and any implications to the financial performance of the US operations.
Consequently, Earnings Per Share for the nine months amounted to $0.88 (2024: EPS: $3.19), while Loss Per Share for the quarter totaled $0.96 (2024: EPS: $1.08). The twelve-month trailing EPS was $2.78, and the number of shares used in these calculations was 1,199,276,400.
Notably, JBG’s stock price closed the trading period on March 26, 2025, at a price of $34.01 with a corresponding P/E ratio of 12.24x.
Balance Sheet Highlights
The company’s assets totalled $91.21 billion (2024: $79.80 billion). The growth in total assets was primarily driven by increases in the following: Inventories ($5.32 billion), Biological assets ($4.83 billion) and Receivables ($1.31 billion).
Shareholder’s equity was $31.47 billion (2024: $29.08 billion), representing a book value per share of $26.24 (2024: $24.25).
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