Jamaica Broilers August profit slides below prior months in provisional report
Published:Wednesday | October 8, 2025 | 12:05 AM
Jamaica Broilers Group Limited, JBG, continues to issue monthly updates on its financial performance amid a new disclosure that the company’s long-delayed audited results for the financial year ending May 3, 2025, as well as the first-quarter results for the current fiscal period, won’t be ready for release until around the end of October.
In its latest provisional report, Jamaica Broilers made a small profit of $187 million before taxes from revenue of $7.95 million for the month of August, as the company continues to navigate a complex and potentially damaging audit of its United States operations.
Comparative, profit for the prior months, May to July, ranged between $494 million and $710 million before taxes, and revenue between $8 billion and $9.8 billion. Over the four months combined, pre-tax profit amounted to $1.9 billion, while revenue was just shy of $34 billion.
The group’s consolidated audited financials remain delayed due to what JBG’s management has described as “material prior period errors” in its US segment, specifically related to inventories and biological assets.
JBG President and CEO Christopher Levy, in a message to shareholders, said that while the audit of the Jamaican operations has been completed, the consolidated results are on hold pending the resolution of the US audit.
“This balance sheet adjustment in the US could be significant and very material to our consolidated results,” Levy said.
The audit, which spans six subsidiaries across five states, has uncovered discrepancies in accounting valuation methodologies that may have overstated profitability in previous periods. The company has engaged new auditors and external advisers to conduct a thorough review, but the process has already pushed the submission of audited results past the original and revised deadlines of July 2 and September 30, respectively, with a new target on or before October 31.
Segmental analysis of the provisional report shows that the Jamaican operations remain the backbone of the group’s profitability, contributing 67 per cent of total operating profit. The US segment, once a key growth driver, has seen its contribution shrink dramatically.
The fallout has not been limited to the balance sheet.
When the company first disclosed problems in its American segment earlier this year, Stephen Levy, who was then president of the US operations, resigned from both the board and the company on May 3. It came in a turbulent period marked by operational missteps, weather-related disruptions, and a steep decline in chicken prices in the US market – from US$1.80 per pound to as low as US$1.15 per pound.
Christopher Levy, brother to Stephen, then stepped in with a new team to reorganise the foreign operation.
Despite these headwinds, JBG’s management has been telegraphing optimism, but the market has been wary of the fallout and has been trading down the stock. JBG shares were down 31 per cent year to date as of Monday.