Home finance.pk PSX Result Review: Big Bird Foods Limited: A Financial Overview for FY2024

PSX Result Review: Big Bird Foods Limited: A Financial Overview for FY2024

Big Bird Foods: Soaring Higher with Strong Financial Growth

by web desk

Big Bird Foods Limited has recently released its financial statements for the year ended June 30, 2024. According to the statement, the company has undergone a substantial financial recovery, showing significant improvements in both revenue and profits compared to the previous year. The announcement was accompanied by a statement from the board of directors, who approved the financial results during their meeting on October 3, 2024.

The company reported a net sales revenue of 7.21 billion Rupees, up from 6.06 billion Rupees in FY2023, showcasing impressive growth in its core business. However, the cost of sales also increased slightly, but the company managed to secure a gross profit of 1.59 billion Rupees, compared to 570.6 million Rupees in the prior year.

Operational Performance

Big Bird Foods has shown a remarkable operational turnaround, despite facing higher expenses. According to the company’s statement of profit or loss:

Distribution and selling expenses totaled 204.78 million Rupees, while administration expenses reached 151.86 million Rupees. Other expenses accounted for an additional 122.56 million Rupees, bringing total operational expenses to 479.20 million Rupees.

Despite these rising costs, the company saw a significant increase in its profit from operations, reaching 1.19 billion Rupees as compared to 307.6 million Rupees in the previous year.

Finance and Taxation

The financial cost of the company was reduced to 344.1 million Rupees, down from 462.2 million Rupees in 2023. After accounting for levies and taxes, Big Bird Foods posted a profit before tax of 841.6 million Rupees.

Taxation costs, which were negative in the previous year, came in at 3.39 million Rupees this year, leading to a final profit after tax of 838.2 million Rupees.

This massive improvement represents a dramatic recovery from a loss of 116.98 million Rupees reported for FY2023.

The company’s earnings per share (EPS) improved substantially, rising to 2.80 Rupees per share from a negative 0.39 Rupees per share in the previous year. This highlights the company’s strong rebound in financial health, driven by higher sales and improved cost management.

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