Big Bird Foods Limited (PSX: BBFL) was incorporated in Pakistan as a private limited company in 2011 and was converted into a public limited company in 2023.
The company is engaged in the business of manufacturing, importing, exporting, supplying, distributing and acting as an agent of businesses in the food sector and produce of all kinds.
The company also acts as an agent of manufacturers, merchants and traders for the purchase, sale and disposal of all kinds of goods, merchandise, commodities, materials etc.
Pattern of Shareholding
As of June 30, 2025, BBFL has a total of 298.906 million shares outstanding which are held by 6391 shareholders. Directors, CEO, their spouse and minor children have the majority stake of 69.57 percent in the company followed by local general public holding 22.53 percent shares.
Banks, DFIs and NBFIs account for 6 percent shares of the company while Modarabas & Mutual Funds hold 1.41 percent shares. The remaining ownership is distributed among other categories of shareholders.
Historical Performance (2025)
In 2025, BBFL’s net revenue surged by 57.63 percent to clock in at Rs.11,364.83 million. This came on the back of an impressive rebound in local sales - which form the biggest chunk of BBFL’s overall sales mix.
Higher sales were the result of robust demand of the company’s value-added poultry products and rigorous market expansion. In 2024, the company got listed on the Pakistan Stock Exchange which resulted in more profound governance standards and access to wider capital markets.
Higher input cost particularly biological assets, power & fuel cost as well as raw material charges resulted in 59.77 percent spike in cost of sales in 2025. Gross profit improved by 50 percent in 2025; however, GP margin ticked down from 22 percent in 2024 to 20.96 percent in 2025.
Administrative expense mounted by 56.63 percent in 2025 due to a sharp spike in payroll expense as well as rent, rates and taxes incurred during the year.
BBFL expanded its workforce from 423 employees in 2024 to 470 employees in 2025. Marketing expense multiplied by 82.48 percent in 2025 due to drastic rise in marketing, advertising & promotion, elevated freight charges and higher salaries of sales force. Increased provisioning done for WWF and WPPF, pushed up other expense by 37.35 percent in 2025.
However, it was offset by a phenomenal 275.11 percent stronger other income recognized during the year. This was due to restructuring gain on the modification of a financial liability as per IFRS-9.
Operating profit magnified by 60.28 percent in 2025 with OP margin clocking in at 16.78 percent versus OP margin of 16.50 percent recorded in 2024.
Finance cost dipped by 0.17 percent in 2025 due to the fact that the company discharged a portion of its long-term liabilities during the year. This resulted in a gearing ratio of 18.90 percent in 2025 versus gearing ratio of 30.10 percent recorded in the previous year.
Net profit picked up by 39.18 percent to clock in at Rs.1166.598 million. This translated into EPS of Rs.3.90 in 2025 versus EPS of Rs.2.80 recorded in 2024.
NP margin slightly ticked down from 11.63 percent in 2024 to 10.26 percent in 2025 due to greater tax charge.
Recent Performance (1QFY26)
During the first quarter of the ongoing fiscal year, BBFL recorded 74.44 percent stronger net sales to the tune of Rs.3886.13 million. This was the result of a constant increase in the demand of the company’s poultry products.
Fluctuation in the prices of raw materials culminated into 77.15 percent escalation in cost of sales in 1QFY26.
Gross profit improved by 64.90 percent in 1QFY26; however, GP margin nosedived from 22.15 percent in 1QFY25 to 20.94 percent in 1QFY26.
Enhancement of the company’s operations and sales volume resulted in 74.66 percent surge in administrative expense and 111.28 percent hike in distribution expense in 1QFY26.
Increased profit related provisioning appears to be the cause of 85.51 percent higher other expense recorded in 1QFY26.
Other income built up by 40 percent in 1QFY26. BBFL recorded 55.13 percent healthier operating profit amounting to Rs.609.069 million in 1QFY26. OP margin clocked in at 15.67 percent in 1QFY26 versus OP margin of 17.62 percent registered in 1QFY25.
Finance cost slid by 21.60 percent in 1QFY26 due to monetary easing.
Net profit grew by 23.65 percent to clock in at Rs.331.946 million in 1QFY26 with EPS of Rs.1.11 and NP margin of 8.54 percent. This was against the EPS of Rs.0.90 and NP margin of 12 percent posted in 1QFY25.
Future Outlook
The company aims to increase its capacity utilization to meet the growing demand in both local and export markets. The company also plans to diversify its product offerings as per customer preferences across borders.
The company has recently partnered with Alibaba group which provided it a direct access to a huge B2B platform and reaching out to vast international poultry market clientele.
On the cost front, the company has been working on attaining a high level of operational efficiency to reduce its cost. One such move the installation of a 3MW solar power plant in 2025 to reduce its energy cost.