Big Bird Foods Limited
Corporate Briefing Session (CBS)
Profile and introduction of the company
M/s Big Bird Foods Limited is large sized company incorporated on September 21, 2011 in Pakistan as a Private Limited Company under the Companies Ordinance, 1984 (repealed with enactment of The Companies Act, 2017). Subsequently it was converted into public limited company on June 01, 2023. The principal activities are poultry farming, slaughtering, processing and supply of finished & semi finished poultry products.
On May 19, 2023, the company entered into an agreement with MetaTech Trading Limited (META), a publicly listed company, to acquire complete management control of META. Consequently, the company strategized a reverse merger with META. Pursuant to the agreement with META, Big Bird Foods (Pvt.) Ltd. initiated the process of converting into a public limited company. This conversion was successfully completed on June 01, 2023. Additionally, on June 26, 2024, the merger scheme filed by the company was approved by the Lahore High Court, Lahore (Civil Original No. 43907/2023). Later, the company was listed on the stock exchange on August 05, 2024.
Big Bird Foods Limited Statement of Profit or Loss
For the year ended June 30, 2024
2024
Restated
2023
Notes | ………....…..Rupees……….….... | |||
Sales - net | 24 | 7,209,867,910 | 6,061,862,337 | |
Cost of sales | 25 | (5,622,332,963) | (5,491,269,612) | |
Gross Profit | 1,587,534,947 | 570,592,725 |
Distribution and selling expenses | 26 | (204,784,390) | (172,523,251) | |
Administration expenses | 27 | (151,856,186) | (122,363,643) | |
Other expenses | 28 | (122,561,357) | (39,921,691) | |
(479,201,933) | (334,808,585) | |||
1,108,333,014 | 235,784,140 | |||
Other income | 29 | 81,189,711 | 71,824,107 | |
Profit from operations | 1,189,522,726 | 307,608,247 | ||
Finance cost | 30 | (344,146,490) | (462,180,311) | |
Profit / (loss) before levies and income tax | 845,376,235 | (154,572,064) | ||
Levies | 31 | (3,778,958) | (46,155,043) | |
Profit / (loss) before income tax | 841,597,277 | (200,727,107) | ||
Taxation | 32 | (3,388,538) | 83,748,270 | |
Profit / (loss) after taxation | ||||
838,208,739 | (116,978,837) | |||
Big Bird Foods Limited
Statement of Financial Position
As at June 30, 2024
ASSETS Non-currentassets Property, plant and equipment Long term loans and advances Long term deposits and prepayments
2024 | 2023 | |
Note s | ………....…..Rupees……….….... | |
4 | 7,581,733,297 | 7,078,874,843 |
5 | 636,000 | 584,000 |
6 | 18,786,208 | 28,998,708 |
7,601,155,505 | 7,108,457,551 |
Current assets | |||
Stores and spares | 7 | 261,907,586 | 293,200,276 |
Stock in trade | 8 | 1,275,198,398 | 903,099,084 |
Trade debts | 9 | 1,003,306,138 | 905,855,993 |
Loans and advances | 10 | 14,742,532 | 198,645,046 |
Deposits and prepayments | 11 | 17,052,709 | 9,283,759 |
Short-term investment | 12 | 6,230,575 | 43,316,882 |
Cash and bank balances | 13 | 157,442,171 | 30,778,205 |
2,735,880,109 | 2,384,179,245 | ||
TOTAL ASSETS | 10,337,035,615 | 9,492,636,796 |
Big Bird Foods Limited
Statement of Financial Position
As at June 30, 2024
Note s |
EQUITY AND LIABILITIES |
Share capital and reserves |
20242023
………....…..Rupees……….…....
Share capital | 14 |
Accumulated profit / (loss) | |
Surplus on revaluation of operating fixed assets | 15 |
Total equity | |
Non-current liabilities | |
Long term finances - secured | 16 |
Deferred markup | 17 |
Deferred taxation-net | 18 |
Employee's benefit obligation | 19 |
Current liabilities | |
Current portion of long term financing | 16 |
Short term borrowings | 20 |
Trade and other payables | 21 |
Accrued and deferred mark-up | 22 |
Contingencies and commitments | 23 |
TOTAL EQUITY AND LIABILITIES |
2,989,057,860
919,200,714
1,433,093,840
5,341,352,414
798,506,635
690,347,768
503,450,223
122,331,005
2,114,635,630
1,317,507,615
189,249,213
836,718,481
537,572,263
2,881,047,572
-
10,337,035,615
2,970,930,000
(1,883,945,996)
3,422,486,307
4,509,470,311
1,017,320,890
239,153,460
730,871,525
90,181,735
2,077,527,610
1,230,973,206
341,528,382
609,277,477
723,859,810
2,905,638,875
-
9,492,636,796
Big Bird Foods Limited Statement of Cash Flows
For the year ended June 30, 2024
Notes | 2024 | 2023 |
……....…..Rupees…….…....
Cash flow from operating activities | ||||
Cash flows from operations | 33 | 1,200,590,596 | 584,942,025 | |
Net (increase) / decrease in long term loans to employees | (52,000) | 1,036,241 | ||
Net (increase) / decrease in long term deposits and prepayments | 10,212,500 | (16,444,680) | ||
Finance cost paid | (79,239,730) | (145,861,817) | ||
Gratuity paid | (6,160,977) | (10,210,146) | ||
Income tax and levies paid | (71,455,407) | (22,639,217) | ||
Net cash generated from operating activities | 1,053,894,981 | 390,822,406 | ||
Cash flow from investing activities | ||||
Additions to property, plant and equipment including capital work in | ||||
progress | (718,213,824) | (51,848,571) | ||
Proceeds from disposal of property, plant and equipment | 27,400,000 | 79,430,401 | ||
Interest received on short term investment | 11,741,826 | 5,070,785 | ||
Net cash generated from / (used) in investing activities | (679,071,998) | 32,652,615 | ||
Cash flow from financing activities | ||||
Loan from director - repayments | - | (16,000,000) | ||
Long term financing - repayments | (223,279,856) | (399,250,000) | ||
Short term financing - net | (61,279,161) | (20,241,032) | ||
Net cash used in financing activities | (284,559,017) | (435,491,032) | ||
Net increase / (decrease) in cash and cash equivalents | 90,263,965 | (12,016,011) | ||
Cash and cash equivalents at the beginning of the year | 73,378,205 | 85,394,216 | ||
Cash and cash equivalents at the end of the year | 33.1 | 163,642,171 | 73,378,205 | |
Big Bird Foods Limited
Financial Highlights Rupees in '000'
Operating performance
Sales
Gross profit
Operating Expenses:
Distribution & Selling
Administrative exp
Other expenses
Finance cost
Other income
Profit/(Loss) before tax
Profit/(Loss) after tax
2024 | 2023 | 2024 | 2023 | |
Rupees | %age to sales | |||
Actual | Budget | Actual | ||
7,209,868 | 10,000,000 | 6,061,862 | 100.0% | 100.0% |
1,587,535 | 2,200,000 | 570,593 | 22.0% | 9.4% |
204,784 | 200,000 | 172,523 | 2.84% | 2.85% |
151,856 | 140,000 | 122,364 | 2.11% | 2.02% |
122,561 | 50,000 | 39,922 | ||
344,146 | 400,000 | 462,180 | 4.77% | 7.62% |
81,190 | 86,189 | 71,824 | 1.1% | 1.2% |
841,597 | 1,496,189 | (154,572) | 11.7% | -2.5% |
838,209 | 1,062,294 | (116,979) | 11.6% | -1.9% |
Earning per share (EPS) | 2.80 | 3.55 | (0.39) |
Key performance Indicators
Key ratios | 2024 | 2023 | ||||
Debt service coverage ratio | 2.76 | 0.86 | ||||
Interest coverage | 4.02 | 1.35 | ||||
Earning per share | 2.80 | (0.39) | ||||
Effective interest cost %age | 15% | 18% | ||||
Gross profit %age | 22% | 9% | ||||
Net profit %age | 12% | -2% | ||||
Debtor Cycle | 51 | 55 | ||||
Inventory Cycle | 104 | 80 | ||||
Trade payable turnover | 69 | 53 | ||||
Cash operating cycle | 87 | 81 | ||||
Current ratio | 1.75 | 1.42 | ||||
Acid Test ratio | 0.93 | 0.88 |
Future Outlook
- Big Bird is Part of international McD Supply chain
- Approved supplier for KSA (SFDA)
- Already supplying to McDonalds' in Qatar and Oman
- Exporting further processed products in Hong Kong
- Expansion of product distribution network across Pakistan
- Launch of New product Line (Fish)