Durrant Pate/Contributor

The Jamaica Broilers Group (JBG) has just released its 2026 audited statements, showing a net loss of J$ 6.8 billion, but its forensic review of electronic communications found no accounting irregularities beyond those already disclosed two years ago.

For the financial year ended May 2026, JBG booked losses of J$9.8 billion on its US operations, which were the source of the irregularities, chalking up trading losses of J$6 billion and a J$3.75-billion write-off on the sale of The Best Dressed Chicken, South Carolina processing operation. The disposal fetched proceeds of J$4.98 billion against assets carried at J$8.69 billion, recovering approximately 57 cents for every dollar of book value. 

Total discontinued operation loss on the US operations came out at J$9.76 billion, with a loss on the disposal of the South Carolina processing facility of J$3.75 billion. JBG’s remaining US operations owe more than three times what they own.

Mounting liabilities amid search for working capital

Liabilities total J$29.7 billion against assets of J$9 billion to May. Management reports that it is holding “ongoing discussions with financial institutions to secure sufficient working capital funding, including arrangements beyond the current forbearance period.” 

In addition, cash flow forecasts projecting positive earnings before interest, taxation, depreciation, and amortisation (EBITA) for 2026/27. Since the sale of the assets of US based Best Dressed Chicken Inc, JBG has reportedly been meeting all of its interest obligations. 

The exit from South Carolina coincided with a refinancing that reshaped JBG’s debt profile. Total borrowings eased to J$38.1 billion from J$42.5 billion, and net current liabilities narrowed to $6.86 billion from J$34.58 billion.

JBG recorded J$2.19 billion in debt forgiveness during the year relating to a loan held by the discontinued US operation that was legally forgiven by the lender during the year. Stockholders’ equity stood at J$22.9 billion in May 2026, against negative equity of J$10 billion a year earlier.

Profitable Jamaican operations

Stripped of the US business, JBG returned to profit with earnings of J$2.96 billion, reversing the restated loss of J$2.95 billion the previous year on revenue of J$74.6 billion. However, JBG incurred a loss per stock unit of J$6.79, down from J$7.21 in 2025 with its accumulated deficit widening to J$16 billion from J$9.3 billion. 

Total comprehensive income was lifted to J$33 billion for the year, due mainly to a $39.45-billion revaluation of land and buildings. This led to the Jamaican-based agricultural conglomerate reversing the comprehensive loss of J$8.5 billion the year before.

While the numbers were a vast improvement over FY2025, no dividend was declared for FY2026.