KARACHI: Wahdat Poultry Farm, trading as WAHDAT, reported revenue of 3.0 billion rupees ($10.7 million) in fiscal year 2026, marking its first annual report as a publicly listed company, according to figures released Oct. 15.

The company raised 900 million rupees ($3.2 million) through its initial public offering, with net proceeds of 846.4 million rupees ($3.0 million). Of that, 407.8 million rupees ($1.5 million) has been deployed, including 125.1 million rupees ($446,800) for a new pasteurization plant, 110 million rupees ($392,900) for working capital, 89.6 million rupees ($320,000) for additional flock, 50 million rupees ($178,600) to settle Karandaaz Pakistan debt and 33 million rupees ($117,900) for its quality-assured procurement model.

Wahdat plans to begin operations at the pasteurization plant in March 2027. The facility will produce pasteurized liquid egg products for bakeries, food manufacturers and food-service customers, diversifying beyond shell eggs and opening export opportunities to the Gulf Cooperation Council and other international markets.

Profitability rose 26.6% year over year to 306.3 million rupees ($1.1 million), though a significant portion came from a higher fair value gain on the flock of 207 million rupees ($739,300), up from 86 million rupees ($307,100) in FY25.

Operating profit increased 26.5% to 446.4 million rupees ($1.6 million), with operating margin improving to 14.9% from 12.6%. Finance costs fell 20.6% to 105.7 million rupees ($377,500) after repayments of short-term borrowings and related-party loans using IPO proceeds.

Branded eggs accounted for 97% of total revenue. Export revenue from the United Arab Emirates declined 42.8% to 250.5 million rupees ($894,600) from 438.3 million rupees ($1.6 million) in FY25. Qatar export sales of 16.7 million rupees ($59,600) recorded in FY25 fell to zero.

The cash conversion cycle lengthened to 94 days from 88 days, driven by higher receivable and inventory days.

Free cash flow to the firm was negative 240.5 million rupees (-$859,000), an FCF margin of about -8.0%, reflecting investment in expansion projects partly funded by IPO proceeds.

Total assets rose 46.5% to 3.75 billion rupees ($13.4 million) and equity climbed 75.2% to 2.68 billion rupees ($9.6 million). Biological assets reached 970.2 million rupees ($3.5 million). Cash and bank balances increased to 513.4 million rupees ($1.8 million) from 40.7 million rupees ($145,400) in FY25. Interest-bearing debt-to-equity fell to 0.28x from 0.54x, and equity financed 71.5% of total assets, up from 59.9%.

Production of the laying flock stood at 452,437 birds against installed capacity of 430,000. The feed mill operated at 40 tons per day against 80 tons of installed capacity, a 50% utilization rate.

No dividends have been paid, as profits are being retained for growth. The company trades at a FY26A price-to-earnings ratio of 15.4x.