Jamaica Broilers exiting Haiti business Loop Jamaica

Black Immigrant Daily News

Jamaica Broilers Group (JBG) is discontinuing its operations in Haiti as conducting business in the French-speaking territory has become unviable.

JBG’s Board of Directors, on September 28, accepted management’s recommendation to exit the business.

The poultry producer began downsizing its operations in Haiti during the financial year ending April 2022 due to unrest in the country.

Its operations there, Haiti Broilers SA, recorded a 44 per cent decline in revenues to $1.33 billion in 2022. Losses soared to $364.51 million, up from $6.91 million.

More recent results show Haiti operations recording a segment loss of $83 million during the three months ending July 2022, compared to $48 million in the corresponding quarter of 2021. Total revenues were reduced by 61 per cent as a result of the continued downsizing exercise.

Led by CEO Christopher Levy, JBG outlined the challenges it faced whilst doing business in Haiti in its annual report last month.

“Political tensions following the assassination of President Jovenel Mo?se, impacts of the pandemic and natural disasters, continue to give rise to economic instability and safety concerns in the country,” JBG said.

A month after the president’s killing, Haiti had to pick up the pieces after a 7.2 magnitude earthquake that killed 2,207 people.

“While our Haiti Boilers SA offices were spared the effects of a major earthquake on August 14, 2021, the disaster only compounded the challenges of the landscape,” JBG said while adding that it continued to pray for the nation.

JBG, on the other hand, has seen more favourable conditions in Jamaica and the US, the other two markets in which it operates.

Its Jamaica operations saw an increase in revenue of 33 per cent year-over-year, while its US operations revenue increased by 41 per cent. The group’s overall 2021-2022 performance results were positive.

Revenues of $76 billion represented a 33 per cent increase over the prior year with a gross margin of 24 per cent versus 26 per cent in the year prior.

Total assets stand at $60 billion, 17 per cent above the previous year, while profit before taxation of $4 billion represents a 27 per cent increase over the prior year.

JBG ended the year with net profits of $3 billion, a 28 per cent increase above the prior year.

“Continued growth in Jamaica and the United States are high among our priorities,” the company said.

JBG said it would be looking at growth in the export market in addition to the introduction of new product extensions.

Meanwhile, in the US, it will continue to grow the Best Dressed Chicken and make it a national brand.

“We have been deliberate in growing the brand through keen attention to quality and customer service. Solidified partnerships with large distributors and established retailers have taken our products across the United States, JBG said.

Today, the Best Dressed Chicken brand is available in over 20 US states in tray and semi-bulk packs.

NewsAmericasNow.com