After several years of operating in a challenging and economically hostile environment, Jamaica Broilers decided to pull the plug on their loss making Haitian operation that once showed promise of long term viability.
The Board of Directors on Wednesday “accepted the recommendation of management to discontinue its operations in Haiti as conducting business in that jurisdiction has become unviable.”
For the fiscal year to April 2022, the Haitian market suffered a big blow, with sales nose-diving 44 percent to $1.3 billion from $2.4 billion in 2021 as that country continues to suffer from economic and social instability.
That segment results showed a worsening outturn with a loss of $365 million, from a loss of just $7 million in 2021. Up to the January quarter, the results showed a loss of just $11 million from revenues of $1.1 billion, but the company made an impairment provision of $141 million for this operation which is charged to cost of sales and administration and other expenses. Overall the group wrote down the value of their investment in Haiti by $904 million to just $308 million. The Haitian operation reported a loss of $83 million in the quarter to July, up from a loss of$48 million in 2021, with revenues of $86 million down from $426 million in 2021.
Revenue for the group in the July quarter this year amounted to $22.98 billion, up 30.5 percent from $17.6 million in 2021, with profit surging 288 percent to $1.1 billion from just $275 million in 2021.
In early trading on the Jamaica Stock Exchange, on Friday, Jamaica Broilers opened at $29.
A total of 186,827,923 shares were traded for $789,529,362 up from 28,254,323 units at $365,934,690 on Wednesday.
The PE Ratio, a formula used to ascertain appropriate stock values, averages 13.9 for the Main Market. The JSE Main and USD Market PE ratios incorporate earnings forecasted by ICInsider.com for companies with the financial year ending between November and August 2023.
Proven Investments climbed 98 cents to end at $31 in trading 1,018 stocks. Scotia Group shed $1 to end at $34 while exchanging 27,206 shares and Seprod rose 52 cents in closing at $65.05 with investors transferring 5,923 units.
The All Jamaican Composite Index dropped 388.89 points to end at 408,412.37, the JSE Main Index shed 2,103.56 points to 356,047.27 and the JSE Financial Index popped 0.26 points to settle at 86.13.
Salada Foods lost 47 cents in ending at $4.21 after exchanging 26,641 stocks, Seprod shed $2.47 to close at $64.53 in switching ownership of 16,339 units and Stanley Motta declined 40 cents to end at $4.50 after trading 33,339 shares and Supreme Ventures rose 40 cents to $27.50 with the swapping of 288,623 stock units.
At the close, 10,530,582 shares were exchanged for $110,705,795 ccompared to 12,287,344 units at $70,856,504 on Monday.
At the close, Barita Investments popped $1 to $99, with 151,286 shares crossing the market, Caribbean Cement dipped $3.18 to $59.30 in an exchange of 144,468 stock units, Carreras declined 58 cents to $8.40 in trading 279,235 units. Eppley shed $2.10 to $38.90 with an exchange of 61 stocks, GraceKennedy fell $1.19 to close at $90.80 with investors transferring 75,728 units, Guardian Holdings rallied $5 to $500 with the swapping of 208 stocks. Jamaica Stock Exchange advanced 99 cents to $16.49 after 68,349 stock units crossed the market, Kingston Wharves lost $2 to close at $36 trading 12,169 shares, Massy Holdings gained $5.90 in closing at $88 after 530 stocks crossed the exchange. Mayberry Investments dropped 40 cents to close at $7.50 trading 352,655 shares, Mayberry Jamaican Equities dipped $1.95 to $11.05 as investors exchanged 80,083 units, 138 Student Living increased 96 cents to end at $6.50 after exchanging 5,015 stock units. 
PanJam Investment rose $1.49 in closing at $59.99, with 406,254 stock units clearing the market, Proven Investments climbed $1.80 to close at $32, with 22,884 units changing hands, Sagicor Group shed $2 in ending at $51.50 after an exchange of 35,774 shares. Scotia Group lost 50 cents to end at $35 in exchanging 1,276 stocks and Supreme Ventures declined 50 cents to $27.10 in switching ownership of 112,085 stocks.
Investors traded 12,286,844 shares for $70,856,504 against 21,314,565 units at $485,002,686 on Friday.
At the close, Barita Investments gained $4 to close at $98 after trading 293,687 shares, Caribbean Cement popped $1.48 to $62.48 after 5,402 units crossed the exchange, Carreras increased 48 cents to $8.98 with a transfer of 63,210 stocks. Eppley climbed $2.51 to $41 in trading 2,335 stock units, First Rock Real Estate dropped $1.50 to $12 as investors exchanged 2,785 stock units, Guardian Holdings fell $24.97 to close at $495 in switching ownership of 712 units. Jamaica Stock Exchange declined 50 cents to $15.50, with 4,355 shares crossing the market, Kingston Properties advanced $1.05 in closing at $7 after exchanging 4,313 stocks, Kingston Wharves shed $6 to $38, with 20,715 stocks changing hands. Massy Holdings lost $7.90 to end at $82.10 after exchanging 310 shares, 138 Student Living dipped 96 cents to close at $5.54 with an exchange of 4,066 stock units, Palace Amusement rallied $19.95 to $750 after exchanging 119 units. PanJam Investment dropped $1.49 to $58.50 while exchanging 26 stocks, Sagicor Group rose $3.50 in closing at $53.50 with the swapping of 29,523 units, Scotia Group rallied $2 to end at $35.50, with 408 shares clearing the market. 
Seprod climbed $1.95 to $67 after a transfer of 5,676 stock units, Supreme Ventures lost $2.40 to end at $27.60, with 403,709 stock units changing hands and Sygnus Real Estate Finance shed $1.64 in closing at $9.27 in an exchange of 1,133 shares.
At the end of the week, the average PE for the JSE Main Market TOP 10 is 6.2, well below the market average of 13.9, while the Junior Market Top 10 PE sits at 5.9 versus the market at 12.8, important indicators of the level of undervaluation of the ICTOP10 stocks. The Junior Market is projected to rise by 245 percent and the Main Market TOP10 s projected to gain an average of 239 percent, to May 2023.
ICTOP10 focuses on likely yearly winners, accordingly, the list includes some of the best companies in the market but not always. ICInsider.com ranks stocks based on projected earnings, allowing investors to focus on the most undervalued stocks and helping to remove emotions in selecting stocks for investments that often result in costly mistakes.
At the close, Barita Investments popped $3 to $94 with 1,743,018 shares crossing the exchange, Caribbean Cement rose $1.70 to $61 as investors exchanged 21,036 stock units, Caribbean Producers rose 75 cents to $14 in an exchange of 23,344 stocks. Carreras dropped 49 cents to end at $8.50 with 204,917 units crossing the market, Eppley lost $2.01 to close at $38.49 with the swapping of 514 stock units, First Rock Real Estate climbed $2 to $13.50 while exchanging 89,910 stocks. GraceKennedy dipped $1.25 to end at $92 in switching ownership of 139,928 units, Guardian Holdings gained $24.87 to close at $519.97 with a transfer of 250 shares, Jamaica Broilers advanced $1.10 to $29.30 with an exchange of 21,115 stock units. Jamaica Stock Exchange fell 49 cents in closing at $16 after trading 19,419 units, Kingston Properties declined $1.05 in ending at a 52 weeks’ low of $5.95 after a transfer of 59,297 stocks, Kingston Wharves rallied $5.10 to $44, with 44,779 shares clearing the market. Massy Holdings increased $5 in closing at $90, with 1,229,433 units changing hands, Mayberry Jamaican Equities climbed $3.01 to end at $13.01 with investors transferring 414,835 stock units, Palace Amusement shed $119.95 to close at $730.05 trading two shares. PanJam Investment rallied $1.69 to close at $59.99 after exchanging 33,816 stocks, Portland JSX advanced $1.52 to end at $10.52 in trading 501 units, Supreme Ventures rose $1.65 to $30 in exchanging 4,714,407 stocks. 
Sygnus Real Estate Finance gained $1.42 after ending at $10.91, with 200 stock units changing hands.
Investors traded 6,862,645 shares for $82,023,834 down from 10,894,043 units at $200,361,949 on Wednesday. Trading averages 122,547 units at $1,464,711, versus 209,501 shares at $3,853,114 on Wednesday and month to date, an average of 203,473 units at $2,825,479, compared to 208,980 units at $2,918,070 on the previous day. August closed with an average of 738,534 units at $5,975,613.
At the close, Barita Investments advanced $3 to $91 in an exchange of 348,765 shares, Caribbean Cement dropped $3 to end at $59.30 after trading 57,589 stock units, Caribbean Producers fell 55 cents to $13.25 with the swapping of 88,466 stocks. Eppley rose $1.48 in closing at $40.50, with 69 units crossing the market, Eppley Caribbean Property Fund gained $1.58 to close at $43.98 with investors transferring 2,537 stock units, Jamaica Broilers dipped $1.10 to close at $28.20 after an exchange of 8,179 units. Jamaica Stock Exchange declined 51 cents to end at $16.49, with 58,696 shares crossing the market, Massy Holdings fell $1.01 to $85 with a transfer of 808 stocks, Mayberry Jamaican Equities shed $2.56 in ending at $10 after exchanging 4,400 units. MPC Caribbean Clean Energy increased $16 in closing at $84 with a mere two stock units traded, NCB Financial dipped $1 to $89 in trading 123,829 shares, Proven Investments declined 50 cents in closing at $30.01 after exchanging 35,422 stocks. 
Sagicor Group dropped 49 cents to $50.01 after trading 26,985 units, Scotia Group lost $1 to close at $33.50 after 23,423 stock units changed hands and Seprod shed $3 to end at $65, with 52,792 stocks crossing the exchange.
At the close, Berger Paints climbed 70 cents in closing at $11 after a transfer of 2,632 shares, Caribbean Cement gained $3 in ending at $62.30 with the swapping of 328,555 units, Caribbean Producers rose 57 cents to close at $13.80 with an exchange of 38,509 stocks. Carreras rallied 50 cents to $8.98, with 195,813 stock units clearing the market, Eppley Caribbean Property Fund advanced $3.40 to end at $42.40 changing hands 1,598 shares, First Rock Real Estate shed 75 cents to end at $11.50 in an exchange of 500 stock units. Jamaica Broilers increased 80 cents to $29.30 after exchanging 566,400 stocks, Jamaica Producers dipped $1.94 to $19.02 after exchanging 1,584 units, Jamaica Stock Exchange popped 49 cents to $17, with 20,556 shares crossing the market. JMMB Group fell 60 cents to close at $39.50 trading 468,760 stocks, Kingston Wharves advanced $4 in closing at $39 in switching ownership of 594 stock units, Massy Holdings lost $3.94 to $86.01 after trading 260 units. Mayberry Jamaican Equities increased 66 cents to close at $12.56, with 100,835 shares crossing the market, 138 Student Living rose 77 cents to end at $6.29 with an exchange if seven stock units, 
Portland JSX dropped 91 cents in ending at $9 as investors exchanged 2,500 stocks. Sagicor Group declined 50 cents to end at $50.50 in exchanging 141,695 units, Scotia Group dipped 50 cents to $34.50 while exchanging 7,460 units, Seprod popped $6 to $68 in trading 9,260 stocks and Supreme Ventures declined 50 cents in closing at $28.50 after trading 32,152 shares.