Jamaica Broilers Group Limited
Nine Months Ended January 31, 2026 · Q3 Interim Report · Unaudited
JBG Turnaround Progressing as Planned Despite Hurricane and US Challenges
Jamaica Broilers Group narrows its nine-month net loss to $1.0 billion from $3.5 billion a year ago, as gross profit surges 22% to $13.5 billion and Jamaica Operations deliver a $4.3 billion segment profit — even as US Operations remain under pressure and management takes deliberate steps toward a full recovery.
Interim Report to Shareholders · Robert Levy, Chairman & Christopher Levy, Group President & CEO · March 16, 2026
The Directors of Jamaica Broilers Group Limited now release the unaudited financial results for the nine months ended January 31, 2026, which have been prepared in accordance with International Financial Reporting Standards (IFRS). For the nine-month period ended January 31, 2026, the Group recorded a net loss of $1.0 billion, compared with a net loss of $3.5 billion in the corresponding nine months of the prior year.
Key Statement from Leadership
“The turnaround of Jamaica Broilers Group Limited is progressing as planned.”
Nine-Month Performance Overview
Group Performance Summary — Nine Months Ended January 31, 2026 (J$’000)
| Metric | Q3 FY2026 9 Months Jan 31, 2026 |
Q3 FY2025 9 Months Jan 25, 2025 (Restated) |
YOY Change |
|---|---|---|---|
| Revenue | $73,617,428 | $72,515,327 | +$1,102,101 (+2%) |
| Gross Profit | $13,527,147 | $11,045,977 | +$2,481,170 (+22%) |
| Operating Profit/(Loss) | $1,953,552 | ($1,226,995) | Swing to Profit |
| Net Loss | ($999,669) | ($3,536,742) | Loss narrowed by $2.5B |
| Loss per Stock Unit | ($1.00) | ($3.53) | Improved by $2.53 |
Q3 Quarter Only (J$’000) — Three Months Ended January 31, 2026
| Metric | Q3 FY2026 Jan 31, 2026 |
Q3 FY2025 Jan 25, 2025 (Restated) |
|---|---|---|
| Revenue | $23,339,405 | $24,913,051 |
| Gross Profit | $3,178,642 | $1,372,617 |
| Operating Loss | ($1,340,698) | ($3,778,726) |
| Net Loss | ($2,215,621) | ($4,576,405) |
| Loss per Stock Unit | ($2.21) | ($4.57) |
Hurricane Melissa — Temporary Disruption, Ahead-of-Schedule Recovery
During the quarter under review, Jamaica Operations and customers were affected by Hurricane Melissa, which created temporary disruptions. Despite this challenge, the recovery of Jamaica Operations has progressed ahead of schedule, underscoring the resilience of the team and operational strength. Jamaica Broilers’ Jamaican divisions — Best Dressed Chicken and Hi-Pro — provided active and sustained support to rebuilding the farming community, including donations of baby chicks and on-the-ground recovery assistance.
Segment Performance
Segment Results — Nine Months to January 31, 2026 (J$’000)
| Segment | External Revenue | Segment Result | Status |
|---|---|---|---|
| Jamaica Operations | $44,047,017 | $4,283,999 | Profitable |
| US Operations | $29,570,411 | ($1,370,699) | Under Pressure |
| Unallocated Corporate Expenses | — | ($1,878,271) | — |
| Group Total | $73,617,428 | Operating Profit: $1,953,552 | Net Loss: ($999,669) |
The Jamaica Operations segment delivered a profit of $4.3 billion on revenues of $44.0 billion, highlighting the continued solid performance of the domestic business. Group revenues for the nine-month period amounted to $73.6 billion, a 2% increase over the corresponding nine months of the previous year. Gross profit for the nine-month period was $13.5 billion, a 22% increase over the corresponding period last year.
US Operations — Challenges Being Addressed
The segment result for the US Operations continues to be challenged. Although adversely affected by market selling prices and production costs as root causes, revenues for the US Operations grew by 4% over the prior year. Deliberate steps are being taken to address the issues in the particular US segment that is not performing well. Management expects the US Operations will return to being a significant positive contributor to Group performance in the near future.
Balance Sheet Position
|
Total Non-Current Assets $76.2B Increased dramatically from $27.5B (Jan 2025), driven by a revaluation of land and buildings effective November 1, 2025 — adding $40.5 billion to reserves. PP&E now stands at $72.3 billion. |
Total Stockholders’ Equity $29.6B Recovered strongly from a deficit of ($10.0B) at May 3, 2025 and ($5.1B) at January 25, 2025, reflecting the land revaluation surplus of $40.5 billion recorded in other comprehensive income. |
|
Current Borrowings $21.2B Current borrowings reduced significantly from $42.2B (May 2025) and $39.0B (Jan 2025), reflecting active debt restructuring with long-term loans received of $21.3B in the period. |
Cash & Short-Term Investments $2.0B Cash and short-term investments of $2.0B (Jan 2026), up from $1.1B at May 2025. Net cash equivalents at period end were $1.5B after deducting bank overdraft of $525M. |
Note: Significant Accounting Policy Change
Management has changed its accounting policy from the cost model to the revaluation model for land and buildings, effective November 1, 2025. This resulted in a revaluation surplus of $40.5 billion recognised in other comprehensive income, materially transforming the Group’s balance sheet position from a stockholders’ deficit to positive equity of $29.6 billion.
Prior Period Restatement — US Subsidiaries
During the 2024/2025 financial year, accounting irregularities were identified in the Group’s US subsidiaries, resulting notably in inflated Inventories and Biological Assets. An internal investigation was launched with the assistance of an independent advisory firm. The issues identified constituted material prior period errors and prior year comparatives have been restated accordingly.
Certain employees were separated from the Group and a temporary management team was put in place to oversee accounting and financial reporting within US Operations. Management has implemented and enhanced internal controls and financial reporting oversight processes to prevent future occurrences.
Closing Statement
The Staff, Management and the Board of Directors of Jamaica Broilers Group Limited continue to trust in the Lord’s guidance for the company and are grateful for His Blessings and Provision.
|
Robert Levy Chairman Jamaica Broilers Group Limited |
Christopher Levy Group President & Chief Executive Officer Jamaica Broilers Group Limited |
March 16, 2026
Q3 FY2026 At a Glance — Nine Months Ended January 31, 2026
| Group Revenue (9M) | $73.6B | Gross Profit (9M) | $13.5B (+22%) |
| Net Loss (9M) | ($1.0B) | Prior Year Net Loss | ($3.5B) |
| Jamaica Ops Profit | $4.3B | US Ops Result | ($1.4B) |
| Total Assets | $105.1B | Stockholders’ Equity | $29.6B |
| Loss per Stock Unit (9M) | ($1.00) | Q3 Loss per Stock Unit | ($2.21) |
Reproduced from Jamaica Broilers Group Limited Q3 FY2026 Interim Report (Nine Months Ended January 31, 2026 — Unaudited) · Businessuite Online · businessuiteonline.com