Stephen Levy to Depart Jamaica Broilers Group After 22 Years of Service

Stephen Levy will leave Jamaica Broilers Group Limited on May 3 after over 22 years with the company. He significantly contributed to revenue growth and will be succeeded by his brother, Christopher Levy. The company faces financial reporting delays but reported considerable revenue from its USA operations. JBG continues to monitor its financial stability ahead of important audits.

Stephen Levy will officially depart from Jamaica Broilers Group Limited (JBG) on May 3, concluding over 22 years of service with the poultry and agriculture enterprise. His resignation was announced on February 28, marking an end to his roles as a director and employee. Levy has been affiliated with JBG since August 2002 and has held key positions, including president of Wincorp International Inc. since 2013 and president of USA operations from 2016.

During his tenure at JBG, Levy made significant contributions, increasing annual revenues from US$10 million to over US$250 million in his role as president of USA operations. Following his departure, Group President Christopher Levy, his brother, will oversee the USA operations until further notice. Acknowledging Stephen Levy’s contributions, the company expressed best wishes for him and his family as he explores new opportunities.

Stephen Levy, a connected individual to JBGL Stockholders Nominee Limited, held 3,382,600 ordinary shares of JBG. This entity is the largest shareholder of JBG, possessing approximately 16.50% of the company’s shares with a total of 197,810,899 shares. JBG’s USA operations have contributed significantly to the group’s revenue, accounting for 36% of the overall $92.96 billion reported for the April 2024 financial year.

For the financial year 2024, the USA operations generated $33.45 billion in revenue and achieved a substantial segment result improvement due to a one-time gain on asset sales. JBG’s consolidated financials for the first six months displayed a slight increase in revenue to $47 billion, although operating profit and net profit declined by nine percent and thirteen percent, respectively. This period saw the USA operations specifically grow to $17.85 billion in revenue.

Financial reporting is facing delays, with the company’s third-quarter report pushed back from March 11 to March 19, an unusual occurrence given the timely publication in recent years. Additionally, JBG is expected to conclude its 2025 financial year on May 3, with audited financials slated for release by July 2. JBG’s stock price reflects a three percent decline in 2025, currently standing at $35.02 and with a market capitalization of $42 billion. The 67th AGM of the JBG is anticipated to take place in October in a virtual format, following the trend established during the COVID-19 pandemic.

In summary, Stephen Levy will leave Jamaica Broilers Group Limited (JBG) after a remarkable 22-year career, impacting revenue growth significantly during his term. His departure comes with the transition of USA operations management to Group President Christopher Levy. The firm currently faces delays in financial reporting, yet continues to maintain robust revenues, particularly within its USA segment. Overall, JBG’s financial trajectory is closely monitored, as it prepares for significant upcoming audits and meetings.

Original Source: www.jamaicaobserver.com