JBG to expand loading bay and make upgrades – Mayberry Investments Limited

Market News

February 3, 2021

JBG to expand loading bay and make upgrades

February 03, 2021

Jamaica Broilers Group (JBG) reported total revenues of $55.75 billion for the year ended May 2, 2020, a 1% increase on the $55.06 billion reported in 2019. Net profit amounted to $1.36 billion, 43% lower than the $2.37 billion reported in 2019. For the six months ended October 31, 2020, JBG reported Total Revenues of $26.54 billion, a 1% increase on the $26.27 billion reported in 2019. Whereas net profit for the six months ended October 31, 2020 went up 66% to a total of $1.11 billion (2019: $666.72 million). Moreover, the Group President & C.E.O., Mr. Christopher Levy noted that, the Group underwent “aggressive cost restructuring” in light of the COVID-19 pandemic.

The Best Dressed Chicken (BDC) Retail and Wholesale segments in Jamaica Operations saw a 9% improvement in retail sales and 5% increase year over year in wholesale sales. Furthermore, for the period September to December, Jamaican operations experienced an average of 20% growth in Baby Chick sales. For the US operations, the BDC USA sales saw an average increase of 28%.

JBG’s COVID-19 Strategies includes:

Continued pursuit of God’s guidance
Safeguarding people
Securing business continuity

Mr. Christopher Levy noted “The Way Forward” for JBG:

Evisceration upgrade (US $2.5 million): this is a cutting-edge technology that cleans and processes the chicken.
Loading Bay Expansion (US$3.2 million): This is slated to be build out over the next six (6) months.
Other pipeline projects are expected to be announced in March/April of this year.

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