CluckCore Integrated Poultry Group — Executive Summary
The opportunity, the headline financial summary and the investment case for CluckCore's integrated poultry abattoir, processing and cold-chain value chain.
Section 1 · Business Plan
Executive Summary
The opportunity, the headline financial summary and the investment case for CluckCore’s integrated poultry abattoir, processing and cold-chain value chain.
CluckCore Integrated Poultry Group (Pty) Ltd (“CluckCore” or “the
Company”) is a vertically integrated South African poultry business
being established in the Brits / Gauteng, North West corridor to operate
a modern abattoir, processing and cold-chain distribution
platform. The Company combines own and contract-farmer broiler
supply, HACCP-compliant slaughter and processing, contract slaughter for
third-party farmers, bulk fresh and frozen distribution, and a Phase-2
value-added range. The model is inspired by Grandchicks Abattoir, a
family-owned integrated small-to-medium abattoir serving North West,
Gauteng, Limpopo and Mpumalanga, which CluckCore intends to scale into a
mid-tier industrial processor with automation, regional cold-chain
logistics and an expanded contract-farming network.
The market context is compelling. Poultry is by far South Africa’s
most consumed meat — roughly 60% of all meat consumed and about
two-thirds of animal protein (excluding milk) — with national
consumption near 2.24 million tonnes and per-capita intake around 35.6
kg. The gross value of poultry-meat production reached R72.1 billion in
2024 (up 9.8%), and the sector accounts for roughly 15.7% of all
agricultural production. Chicken is also the most affordable animal
protein: IQF portions sold at about R35/kg in mid-2025 versus R57/kg for
economy beef, anchoring resilient, price-driven demand.
Over the five-year plan the Company targets revenue growth from
R140 million in FY2027 to R3,400 million in FY2031,
EBITDA improving from a R20 million start-up loss to R1,100 million,
abattoir throughput scaling from 25,000 to 400,000 birds per week
(~33,000 dressed tonnes), and a contract-farmer network expanding from
40 to 1,200. The Company is raising R1.25 billion (R500 million equity
and R750 million of senior/IDC term and working-capital debt
facilities).
Margins are above sector norms. The sponsor’s EBITDA margin rises to
32.4% by FY2031, whereas listed SA poultry processors (Astral, Rainbow)
typically run 4–12% EBITDA margins in normal years and single-digit net
margins. The plan is only internally consistent if CluckCore’s revenue
is heavily weighted to higher-margin processing fees, cold-chain and
value-added services rather than commodity whole-bird sales — a mix
assumption on which the entire return rests. We preserve the sponsor
headline exactly but stress-test it against an industry-normalised 12%
margin throughout. The raise materially exceeds what the plan absorbs. Against the R1.25
billion raise, our independent modelling shows the business deploys only
~R699 million (R500m equity + ~R199m peak debt), leaving ~R551 million
of idle capital and a large terminal cash pile. We recommend the raise
be right-sized or phased; a smaller raise would sharply improve return
on invested capital. Feed is the whole game. Feed and live-bird procurement is ~62–66% of
operating cost; a ±15% move in the feed price shifts FY2031 EBITDA by
roughly ±R230 million. The plan launches into a favourable feed cycle
(maize and soya down 24–30% in H1 2025), but that cycle will
turn.
Headline financial summary
| Year | Revenue (Rm) | EBITDA (Rm) | NPAT (Rm)* | Birds/week | EBITDA % |
|---|---|---|---|---|---|
| FY2027 | 140 | (20,0) | (34,5) | 25k | -14.3% |
| FY2028 | 420 | 65,0 | 18,6 | 60k | 15.5% |
| FY2029 | 980 | 240,0 | 126,4 | 120k | 24.5% |
| FY2030 | 1 900 | 540,0 | 332,4 | 220k | 28.4% |
| FY2031 | 3 400 | 1 100,0 | 737,9 | 400k | 32.4% |
* Net profit after tax independently re-derived with full
straight-line depreciation on abattoir/cold-chain plant, full cash
interest on drawn debt, and 27% SA corporate tax with assessed-loss
carry-forward. Sponsor headline revenue, EBITDA, throughput and farmer
numbers preserved exactly.
Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of CluckCore Integrated Poultry Group (Pty) Ltd.