October 28, 2021
Chairman, Mr. Robert Levy, reported strong performances in both the US & local markets with special commendations made to the ‘wholesale’ segment of revenue, growing by 10% on a year-over-year basis as well as their ‘value-added’ segment – which consists of their ready to eat products namely, chicken nuggets & breaded chicken wings. Overall, the value-added segment saw growth in the region of 16%.
Mr. Levy lamented on the rise in the cost of raw materials for JBG’s operations, singling out a rise in animal feed, shipping fees and energy costs as main reasons for customers seeing slight increases in prices as the Company could not absorb those high costs but remained adamant that the Group is still in a strong financial position. Despite the economic environment owing to the Covid-19 pandemic, JBG proudly boasted of their $25 million investment in the local Agri-industry through the Hi-Pro growing initiative. That investment saw JBG gifting 78 tonnes of feed, 20,000 baby chicks and 900 start-up kits.
The Group announced that while Haiti’s market is dynamic and fluid, reporting a 14% increase in revenues from the corresponding period, they will be scaling back the level of investment made in Haiti due mainly to the Country’s political tension and the ability to generate consistent sales.
JBG reiterated their commitment to producing high quality hormone and antibiotic free meat, their commitment to supporting local small farmers through their ‘grow strong’ initiative and generating online sales via www.hiproace.com
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
