Bairaha Farms

Last updated
Bairaha Farms PLC
Company type Public
CSE:  BFL.N0000
ISIN LK0229N00001
Industry Food
Founded1975;49 years ago (1975)
Headquarters
Colombo
,
Sri Lanka
Key people
  • Reyaz Mihular (Chairman)
  • Yakooth Naleem (Managing Director)
RevenueIncrease2.svg LKR6,742 million (2022)
Increase2.svg LKR663 million (2022)
Increase2.svg LKR765 million (2022)
Total assets Increase2.svg LKR6,201 million (2022)
Total equity Increase2.svg LKR4,785 million (2022)
Owners
  • M. N. M. Yakooth (10.64%)
  • M. N. M. Mubarak (10.38%)
  • M. N. M. Kamil (10.02%)
Number of employees
991 (2022)
Subsidiaries See text
Website www.bairaha.com
Footnotes /references
[1]

Bairaha Farms PLC is a poultry processing company in Sri Lanka. The company was founded in 1975 and went public with an initial public offering in 1994. By 1987, Bairaha Farms became the largest broiler producer in Sri Lanka. During the late 1990s, Bairaha was one of the three dominant animal feed manufacturers. A Bairaha Farms' joint venture won a bronze award at the National Chamber of Exporters Awards in 2011. Bairaha Farms is one of the LMD 100 companies in Sri Lanka and one of the 100 most valuable brands in the country in 2022. The company conducts several corporate social responsibility programmes.

Contents

History

Bairaha Farms was founded in 1975 by establishing its first large-scale poultry farm in Katana. The company went public in 1994 with an initial public offering. [2] By 1987 Bairaha Farms was the largest broiler producer in Sri Lanka, controlling 45% of the market share. The company bought about 500 tons per year of soybean meal from Ceylon Grain Elevators. [3] During the late 1990s, animal feed manufacturing in Sri Lanka was dominated by three companies. Bairaha Farms was one of them, operating together with Cargill. Bairaha Farms-Cargill joint venture controlled 10% of the animal feed market share and 10% and 30% market shares in layer day-old chicks and broiler day-old chicks. [4]

Bairaha Farms built a new chicken farm in Anamaduwa in Puttalam District in 2010. The company signed an agreement with the Board of Investment of Sri Lanka and received a 10-year tax holiday for the project. The company planned to invest LKR120 million in the first year and LKR240 million in the second and third years. In return, Bairaha expected to raise chicken production by 20% in the first year and another 20% in the second year and 15% in the third year. [5] Fortune GP Farms, a joint venture between Bairaha and Crysbro Group, won the bronze award in agriculture value added category at 2011 National Chamber of Exporters of Sri Lanka awards. Managing director Yakooth Naleem accepted the award at the ceremony. [6]

Operations

Bairaha Farms is one of the LMD 100 companies in Sri Lanka. LMD 100 is an annual list of listed companies in Sri Lanka, and Bairaha Farms ranks 99th in the 2020/21 edition of the list. [7] Bairaha is the 66th most valuable brand in Sri Lanka in 2022. Brand Finance calculates the brand value of Bairaha to be LKR960 million, a 12% increase from the last year. [8]

Bairaha appointed Reyaz Mihular as the chairman of the company in May 2022. Before his appointment, Mihular has been serving as an independent non-executive director on Bairaha's board of directors since January 2022. Mihular is also the managing partner of KPMG Sri Lanka and Maldives since 2012. [9] The company upgraded its laboratory with microbiological facilities in 2022. The laboratory is equipped with PCR testing capabilities to test chicken and chicken meat. [10] The company saw a 200% profit growth in the second quarter of 2022 led by joint venture profits and other operating income increases. Prices of chicken also soared during the quarter. [11]

Corporate social responsibility programs

Bairaha Farms was the winner of the Environmental Social Governance Initiative of the Year award at the FMCG Asia Awards in 2022. The company won the award for publishing a chicken recipe book in Braille. It was the first time such a book was published in Sri Lanka. The company also donated Braille books to all 18 schools for blind students in the country. [12] The company provides school bags and stationary packs for schooling children of every employee of the company. The programme is named "Bairaha Help to Learn" and is organised for the fourth consecutive year in 2022. Nearly 600 students also received plotted plants in 2022. [13]

Finances

Financial summary
All figures are in LKR millions
YearRevenueOperating incomeProfitAssetsEquity
20226,7426637656,2014,785
20215,0572563475,2904,114
20204,361(57)(196)5,0613,698
20194,7245454134,9603,866
20184,2155524044,6293,560
20174,3648057024,3503,281
20163,8906995913,7232,699
20153,3572091602,8122,000
20143,0541701382,5311,819
20132,9181871612,3521,716

Source: Annual Report, 2021/22 (pp. 184–185) [1]

Subsidiaries

SubsidiaryHoldingInvestment LKR mnsActivity
Bairaha Foods (Pvt) Ltd100%38.75Manufacturing
BF Lands Development Ltd10.54Purchasing and leasing lands
HCF Land Development Ltd17.155
Lanka Land Development Ltd17.087
Nature’s Best Industry Ltd263.00Broiler farming
Siyane Farms Ltd35.00Breeder farming
Joint ventures
Fortune Agro Industries (Pvt) Ltd50%595.49Feed milling
Fortune G-P Farms (Lanka) Ltd512.52Grandparent breeder farming

Source: Annual Report, 2021/22 (p. 145) [1]

See also

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References

  1. 1 2 3 "Annual Report 2021/22" (PDF). cse.lk. Bairaha Farms PLC. Retrieved 2 January 2023.
  2. ↑ "Bairaha Farms Plc approaching 40 years". The Sunday Times . Wijeya Newspapers. 21 September 2014. Retrieved 2 January 2023– via PressReader.
  3. ↑ Shurtleff, William; Akiko Aoyagi (2016). History of soybean crushing, soy oil, and soybean meal (980-2016): extensively annotated bibliography and sourcebook. Lafayette, CA: Soyinfo Center. p. 2973. ISBN   978-1-92891-489-1 . Retrieved 2 January 2023.
  4. ↑ Iddamalgoda, A.; Sugiyama, M.; Oguri, K.; Arahata, K.; Premasiri, H.P. (1998). "A study on development of Sri Lankan poultry industry-importance of rural poultry sector" (PDF). Research Bulletin-Faculty of Agriculture Gifu University. 63 (1). Gifu University: 87–96. Retrieved 2 January 2023.
  5. ↑ "Bairaha to build new state-of-the-art chicken farm". The Sunday Times. Wijeya Newspapers. 19 December 2010. Retrieved 2 January 2023.
  6. ↑ "Fortune G-P Farms wins Bronze Award for exports". Daily FT . Wijeya Newspapers. 7 October 2011. Retrieved 2 January 2023.
  7. ↑ "LMD 100". lmd100.lk. Media Services Pvt Ltd. Retrieved 2 January 2023.
  8. ↑ "Sri Lanka 100 2022" (PDF). brandirectory.com. Brand Finance. 2022. p. 15. Retrieved 2 January 2023.
  9. ↑ "Bairaha Farms appoints Reyaz Mihular as Chairman". Daily Mirror . Wijeya Newspapers. 20 May 2022. Retrieved 2 January 2023.
  10. ↑ "Bairaha laboratory modernised with PCR testing facility". Daily News . Associated Newspapers of Ceylon Limited. 11 October 2022. Retrieved 2 January 2023.
  11. ↑ "Sri Lanka Bairaha Farm's profit soars over 200% on rising chicken price". Economy Next. Echelon Media (Pvt) Ltd. 30 July 2022. Retrieved 2 January 2023.
  12. ↑ "Bairaha Farms shines at FMCG Asia Awards". Sunday Observer . Associated Newspapers of Ceylon Limited. 2 January 2022. Retrieved 2 January 2023.
  13. ↑ "Bairaha Farms PLC continues to nurture its eco-system with multi-platform projects". adaderana.lk. Ada Derana. 25 April 2022. Retrieved 2 January 2023.
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