Opportunity Sri Lanka | » Bairaha Farms Sri Lanka profit soars over 200% on rising chicken price.
Bairaha Farms Sri Lanka profit soars over 200% on rising chicken price.

Bairaha Farms Sri Lanka profit soars over 200% on rising chicken price.

Economynext: Sri Lanka’s Bairaha Farms Plc, a poultry group, said its profits grew more than 200 percent in the June 2022 quarter from a year earlier led by increase in other operating income and joint venture profits, interim accounts showed.
The quarter saw a sharp increase in the chicken prices.
The poultry group recorded a profit of 369.5 million rupees in the June 2022 quarter, an increase of 274.1 percent from 98 million rupees a year earlier.
The group reported earnings of 23.10 rupees per share for the quarter, compared to 17.38 rupees in the same quarter last year.
The stock closed up 5.01 percent at 152 rupees on July 29.
Bairaha Farms reported revenues of 2.31 billion rupees for the June 2022 quarter, up 68 percent from a year earlier while cost of sales went up 58 percent to 1.7 billion rupees, allowing gross profits to grow 117 percent to 538 million dollars.
Finance cost rose 82 percent to 17 million rupees.
Share of profits from joint venture companies rose 150 percent to 77 million rupees from a 31million rupee a year earlier.
The firm reported 233 percent increase in other operating income to 17.5 million rupees from 5.2 million a year earlier.
The group’s total assets have increased by 22.1 percent to 6.7 billion rupees from 5.2 billion a year earlier.
The group has two joint ventures Fortune Agro industries (Pvt) Ltd a feed mill, Fortune GP Farms (Lanka) Ltd, a breeder farm.

OSL take:

The ongoing crisis situation in the country has opened up many business opportunities in Sri Lanka’s food industry. The profits recorded by a local company engaged in the poultry industry is indicative of the growing business/investment opportunities in Sri Lanka’s food industry. Apart from the direct opportunities, the expanding business in Sri Lanka’s poultry industry also indicates new business opportunities in the supply of animal feed for the country’s poultry sector. Foreign businesses/investors could therefore explore the opportunities in Sri Lanka’s food industry, especially the poultry sector, while also looking at forming partnerships or joint ventures with local businesses. Foreign businesses could also look at providing supplies required by Sri Lanka’s food industry, especially the poultry sector.

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Article Code : VBS/AT/09082022/X_8

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