Karachi: Big Bird Foods Limited, a prominent player in the food industry, has announced a substantial increase in its annual profits for the fiscal year ending June 30, 2024. The company revealed a profit after tax of 838.21 million rupees, a dramatic rise from a loss of 116.98 million rupees in the previous year. The details emerged in a document submitted to the Pakistan Stock Exchange.

The company's total net sales for the year stood at 7.21 billion rupees, up from 6.01 billion rupees in 2023, marking an increase in market demand for its products. The cost of sales also rose to 5.62 billion rupees, leading to a gross profit of 1.59 billion rupees, significantly higher than the 570.60 million rupees reported last year.

According to information available from the Pakistan Stock Exchange (PSX), Big Bird Foods managed its expenses efficiently despite the higher sales volume. Distribution and selling expenses accounted for 204.78 million rupees, while administrative expenses were 151.58 million rupees. The company also reported other expenses totaling 122.56 million rupees.

Notably, Big Bird Foods did not declare any dividends, bonus shares, or other entitlements to its shareholders for the year, maintaining a cautious approach in its payout policies.

The company's annual general meeting is scheduled for October 28, 2024, in Lahore, where shareholders are expected to discuss the future strategies in light of the current financial performance.

This financial turnaround can be attributed to strategic business maneuvers and a focus on operational efficiency, enhancing shareholder value amidst challenging market conditions.