Jamaica Broilers Group reported a powerful quarter for its U.S. operations for the primary quarter of the 2023-24 fiscal yr, however its Jamaican operations didn’t fare fairly as properly when in comparison with the identical quarter from a yr in the past.
“Our U.S. operations reported a powerful section results of JA$1.2 billion (US$7.8 million) for the primary quarter, which was 44% above final yr’s outcome,” the corporate said in its latest interim report. “We did have a 3% decline in complete income due primarily to falling costs in most of our product traces. Nevertheless, a 56% year-over-year improve in poultry volumes assisted in offsetting the destructive market pressures.”
The report was singed by Jamaica Broilers Chairman Robert E. Levy and President & CEO Christopher E. Levy.
Jamaica Broilers formally entered the U.S. poultry processing business in 2019 when it signed an settlement to purchase the previous Gentry’s Poultry Firm plant in Ward, South Carolina. The corporate had beforehand acquired a hatchery in Pennsylvania from Bell & Evans and a feed mill in Georgia from Crystal Farm Mills.
Since that point, Jamaica Broilers, doing enterprise within the United States as The Finest Dressed Rooster, has emerged because the 29th largest broiler producer within the U.S., having processed 1.05 million kilos of ready-to-cook hen on a weekly foundation through the previous yr, in accordance with data from the WATTPoultry.com Prime Poultry Firms Database.
“Our South Carolina plant, which produces The Finest Dressed Rooster line of merchandise, has gained spectacular market acceptance within the United States,” the corporate said in its report.
The corporate reported a section results of JA$1.7 billion for the quarter, a 7% lower when in comparison with the identical quarter for the earlier fiscal yr.
“The discount was primarily pushed by elevated strain from excessive ranges of imports, affecting child chick gross sales to our small farmers,” the report said.
Operations ceased in Haiti
Jamaica Broilers did embrace in its report year-ago figures from its Haiti operations, however no such figures existed for the latest quarter. The corporate reported in October 2022 that it was not financially viable to do enterprise in Haiti and that it was winding down operations there.