Stephen Levy will leave Jamaica Broilers Group Limited on May 3 after over 22 years. He has significantly contributed to the company, particularly as president of USA operations, where revenues soared. His departure marks a transitional phase for the group, with his brother Christopher Levy taking charge of USA operations. JBG faces recent financial reporting delays while navigating ongoing fiscal challenges.
Stephen Levy is set to officially depart from Jamaica Broilers Group Limited (JBG) on May 3, concluding over 22 years with the esteemed poultry and agriculture firm. His resignation as a director and employee was announced on February 28. Having joined JBG in August 2002, he ascended to the position of president of Wincorp International Inc in May 2013 and later became president of the USA operations in 2016.
Throughout his tenure, Levy held various managerial positions, ultimately leading the USA operations in generating substantial revenue growth from $10 million to over $250 million annually. During this transitional phase, Group President Christopher Levy will manage the USA operations. A company statement expressed well-wishes for Levy’s future endeavors and those of his family.
Stephen Levy is notably related to other key figures in JBG; he is the brother of Group President and CEO Christopher Levy and the son of Chairman Robert E. Levy, whose father, Sydney Levy, co-founded the company in May 1958 alongside Byron Coombs and Larry Udell.
As of October 26, Stephen owned 3,382,600 ordinary shares, being connected to the JBGL Stockholders Nominee Limited, the largest shareholder of JBG. The USA division accounted for $33.45 billion in revenue, comprising about 36% of JBG’s total revenue of $92.96 billion for the financial year ending April 2024. Notably, the segment achieved a 55% increase in results, primarily due to a $2.27 billion one-time gain from an asset sale.
The third-quarter report, initially scheduled for release on March 11, was postponed to March 19 due to delays in compiling the financial statements. This marks a deviation from JBG’s usual punctuality regarding quarterly financial publications. Delays in recent audit processes have also been noted.
JBG’s consolidated finances for six months indicate a slight revenue increase to $47 billion, while operating profit declined by nine percent to $4.05 billion, and net profit saw a 13 percent decrease to $2.21 billion. The USA operations reported a revenue increase of three percent to $17.85 billion and an eight percent increase in segment results.
As of October, JBG total assets reached $90.31 billion, with current assets at $61.55 billion, inventories at $24.07 billion, and cash holdings at $3.01 billion. Following a three percent drop, JBG’s stock closed at $35.02 on Tuesday, with a market capitalization of $42 billion. The 2025 financial year is set to conclude on May 3, with audited financials anticipated by July 2, coinciding with the next AGM likely to occur in October in a virtual format due to ongoing pandemic protocols.
In summary, Stephen Levy’s departure from Jamaica Broilers Group marks the end of a significant chapter in his lengthy tenure with the company. His leadership role in the USA operations achieved remarkable revenue growth, contributing to the company’s overall financial success. The firm is presently undergoing transitions, with Christopher Levy overseeing USA operations, while financial reporting delays indicate adjustments in corporate operations. JBG continues to navigate fiscal challenges while preparing for future objectives and maintaining stakeholder communications.
Original Source: www.jamaicaobserver.com
