Guyana Stockfeeds Inc.

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What it is

Guyana Stockfeeds Inc. was established in 1960 with the single purpose of supplying animal feed to Guyana’s growing livestock sector. Today it is a conglomerate with interests in livestock feed, rice and edible oil, strategically located in an industrial park at Farm, East Bank Demerara — the heart of Guyana’s poultry belt — with its own private wharf facility.

The company manufactures and distributes livestock feeds and related products including day-old broiler chicks, and also produces parboiled rice for export under its “Angel” brand. By the company’s own account, roughly 90% of all feeds used by non-integrated farms in Guyana are produced by GSI — a market position that makes it essentially a toll road for Guyana’s chicken industry.

Who owns it

The Government of Guyana sold its remaining 6.7% stake in Guyana Stockfeeds Inc. to Robert Badal in 2018, giving him 100% effective control of the company. Badal had previously been the majority shareholder; the government held its residual stake through NICIL, which sold 5,437 ordinary shares at GYD 25 (US$0.12)per share.

Despite being 100% controlled by one individual, GSI remains listed on GASCI’s Secondary List; the public float is effectively negligible, and shares trade very infrequently. The company has been described as one with a dominant shareholder, accounting for about 1% of the market capitalisation of the exchange’s top ten companies.

Who runs it

Robert Badal — ACCA, MBA — serves as Executive Chairman of Guyana Stockfeeds Inc. He is also the author of the company’s published half-yearly and annual reports in his capacity as Chairman. The 2024 annual report is signed by Robert J.

Badal.

GSI sits within a broader group of Badal-linked businesses that include National Edible Oil and Fats Inc., El Dorado Rice Mills Inc., El Dorado Restaurants, and formerly the Popeyes franchise in Guyana. A separate CFO or independent board chair is not disclosed in available sources.

The money, in plain words

In its most recent full year (2024), overall sales fell 7% to GYD 9.97 billion (USD 48.0 million), down from GYD 10.8 billion (US$52 mn) in 2023; profit after tax came in at GYD 1.02 billion (USD 4.9 million), compared with GYD 1.07 billion (US$5 mn) the year before. That means the company kept about 10 cents of profit from every dollar of sales — a net profit margin of ~10.2% (our calculation) — modest but consistent for a commodity feed-and-food business.

Earnings per share fell to GYD 12.48 (US$0.06)from the prior year. At the last traded share price of around GYD 312.9 (USD 1.51), that is a price-to-earnings ratio of roughly 25× (our calculation) — meaning investors are paying 25 years of current earnings for each share, which is a full price for a thinly traded, single-owner stock.

The board recommended a final dividend of GYD 4.00 (US$0.02)per share, bringing the total 2025 dividend to GYD 28.72 (US$0.14)per share — a yield of ~9.2% on the last traded price (our calculation), a notably generous income return.

What it is doing now

The 2024 revenue decline was driven by consistent shortages of hatching eggs on the international market, which compressed the hatchery business and pulled total sales down 7% to GYD 9.97 billion (US$48 mn). The 65th Annual General Meeting — where the 2025 results will be presented — has been scheduled for Tuesday, June 30th, 2026 at the Pegasus Suites and Corporate Centre, Kingston, Georgetown.

In October 2024 the board amended the Articles of Association to tighten share-transfer rules: shares may now only be transferred in tranches of 5,000 or more, except where a holder owns fewer than 5,000 shares, in which case they may transfer their entire holding. That rule change further cements the lock on meaningful outside participation in the stock.

What to watch

• Hatching-egg supply: international shortages hit the highest-margin part of the business in 2024; any easing would lift both volume and the top line.
• Succession and governance: with one individual holding 100% economic control and no disclosed independent directors, any change at the top would be a material event with no clear structural successor.
• Guyana’s food boom: GSI’s location at the centre of Guyana’s poultry belt puts it directly in line to benefit from the country’s rapid income and population growth — but that same growth is attracting new entrants and imported competition.
• Liquidity risk: the stock is listed but barely trades; the amended minimum-transfer rule of 5,000 shares makes it even harder for small holders to exit, which is a practical constraint any prospective investor must price in.

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This is news, not investment advice.