Reported Earnings • Apr 02
Third quarter 2026 earnings released: EPS: LK₨3.97 (vs LK₨4.09 in 3Q 2025) Third quarter 2026 results: EPS: LK₨3.97 (down from LK₨4.09 in 3Q 2025). Revenue: LK₨75.4b (up 70% from 3Q 2025). Net income: LK₨4.38b (down 8.2% from 3Q 2025). Profit margin: 5.8% (down from 11% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 46% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Feb 25
Dividend increased to LK₨2.75 Dividend of LK₨2.75 is 5.8% higher than last year. Ex-date: 5th March 2026 Payment date: 20th March 2026 Dividend yield will be 3.7%, which is lower than the industry average of 8.3%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (31% cash payout ratio). The dividend has increased by an average of 23% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 41% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Declared Dividend • Nov 26
Dividend of LK₨2.15 announced Shareholders will receive a dividend of LK₨2.15. Ex-date: 3rd December 2025 Payment date: 22nd December 2025 Dividend yield will be 3.5%, which is lower than the industry average of 8.3%. Sustainability & Growth Dividend is well covered by both earnings (27% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 25% per year over the past 9 years. However, payments have been volatile during that time. Earnings per share has grown by 41% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Nov 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.5% Last year net profit margin: 8.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (4.5% net profit margin). Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to LK₨192, the stock trades at a trailing P/E ratio of 12.4x. Average forward P/E is 19x in the Beverage industry in Sri Lanka. Total returns to shareholders of 410% over the past three years. Upcoming Dividend • Aug 26
Upcoming dividend of LK₨1.72 per share Eligible shareholders must have bought the stock before 02 September 2025. Payment date: 19 September 2025. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 4.7%. Within top quartile of Sri Lankan dividend payers (4.6%). Higher than average of industry peers (3.8%). Announcement • Aug 21
Melstacorp PLC, Annual General Meeting, Sep 17, 2025 Melstacorp PLC, Annual General Meeting, Sep 17, 2025, at 11:00 Sri Lanka Standard Time. Reported Earnings • Aug 17
First quarter 2026 earnings released: EPS: LK₨4.49 (vs LK₨3.20 in 1Q 2025) First quarter 2026 results: EPS: LK₨4.49 (up from LK₨3.20 in 1Q 2025). Revenue: LK₨62.5b (up 72% from 1Q 2025). Net income: LK₨5.04b (up 35% from 1Q 2025). Profit margin: 8.1% (down from 10% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 46% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jun 13
Now 21% undervalued Over the last 90 days, the stock has risen 11% to LK₨143. The fair value is estimated to be LK₨180, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.1% over the last 3 years. Earnings per share has declined by 9.1%. Reported Earnings • May 30
Full year 2025 earnings released: EPS: LK₨14.35 (vs LK₨8.23 in FY 2024) Full year 2025 results: EPS: LK₨14.35 (up from LK₨8.23 in FY 2024). Revenue: LK₨194.7b (up 18% from FY 2024). Net income: LK₨16.7b (up 74% from FY 2024). Profit margin: 8.6% (up from 5.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 51% per year, which means it is well ahead of earnings. Declared Dividend • Feb 24
Dividend increased to LK₨2.60 Dividend of LK₨2.60 is 30% higher than last year. Ex-date: 28th February 2025 Payment date: 19th March 2025 Dividend yield will be 5.5%, which is lower than the industry average of 8.3%. Sustainability & Growth Dividend is well covered by both earnings (38% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 28% per year over the past 8 years. However, payments have been volatile during that time. Earnings per share has grown by 25% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Upcoming Dividend • Feb 21
Upcoming dividend of LK₨2.60 per share Eligible shareholders must have bought the stock before 28 February 2025. Payment date: 19 March 2025. Payout ratio is a comfortable 38% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Sri Lankan dividend payers (5.4%). Higher than average of industry peers (3.4%). Reported Earnings • Feb 15
Third quarter 2025 earnings released: EPS: LK₨4.09 (vs LK₨2.50 in 3Q 2024) Third quarter 2025 results: EPS: LK₨4.09 (up from LK₨2.50 in 3Q 2024). Revenue: LK₨68.1b (up 53% from 3Q 2024). Net income: LK₨4.77b (up 64% from 3Q 2024). Profit margin: 7.0% (up from 6.5% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to LK₨132. The fair value is estimated to be LK₨109, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 3.3%. Announcement • Feb 08
Melstacorp Redesignates Hasitha Jayawardena as Executive Chairman Hasitha Jayawardena, son of late business tycoon Harry Jayawardena, has been redesignated as the Executive Chairman of Melstacorp and Distillaries Company effective 6 February 2025. Jayawardena has over 12 years of experience in the management of companies under the guidance of his late father Deshamanya D H S Jayawardena, in various diversified fields in the Group. Recent Insider Transactions • Dec 20
Executive Director recently sold LK₨27m worth of stock On the 11th of December, L. U. Fernando sold around 250k shares on-market at roughly LK₨108 per share. This transaction amounted to 78% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of LK₨54m more than they bought in the last 12 months. Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: LK₨3.21 (vs LK₨1.32 in 2Q 2024) Second quarter 2025 results: EPS: LK₨3.21 (up from LK₨1.32 in 2Q 2024). Revenue: LK₨62.3b (up 70% from 2Q 2024). Net income: LK₨3.74b (up 144% from 2Q 2024). Profit margin: 6.0% (up from 4.2% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.5% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Reported Earnings • Aug 16
First quarter 2025 earnings released: EPS: LK₨3.20 (vs LK₨1.92 in 1Q 2024) First quarter 2025 results: EPS: LK₨3.20 (up from LK₨1.92 in 1Q 2024). Revenue: LK₨57.1b (up 57% from 1Q 2024). Net income: LK₨3.73b (up 67% from 1Q 2024). Profit margin: 6.5% (up from 6.2% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Beverage industry in Asia. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 05
Melstacorp PLC, Annual General Meeting, Sep 19, 2024 Melstacorp PLC, Annual General Meeting, Sep 19, 2024, at 11:00 Sri Lanka Standard Time. Upcoming Dividend • Jun 19
Upcoming dividend of LK₨2.00 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 12 July 2024. The company is paying out more than 100% of its profits and is paying out 78% of its cash flow. Trailing yield: 10%. Within top quartile of Sri Lankan dividend payers (7.9%). Higher than average of industry peers (7.3%). Upcoming Dividend • Feb 27
Upcoming dividend of LK₨2.00 per share Eligible shareholders must have bought the stock before 05 March 2024. Payment date: 26 March 2024. The company is paying out more than 100% of its profits and is paying out 94% of its cash flow. Trailing yield: 11%. Within top quartile of Sri Lankan dividend payers (8.7%). Higher than average of industry peers (8.2%). Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: LK₨2.50 (vs LK₨4.29 in 3Q 2023) Third quarter 2024 results: EPS: LK₨2.50 (down from LK₨4.29 in 3Q 2023). Revenue: LK₨63.4b (up 41% from 3Q 2023). Net income: LK₨2.92b (down 42% from 3Q 2023). Profit margin: 4.6% (down from 11% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 17
Second quarter 2024 earnings released: EPS: LK₨1.32 (vs LK₨4.69 in 2Q 2023) Second quarter 2024 results: EPS: LK₨1.32 (down from LK₨4.69 in 2Q 2023). Revenue: LK₨54.1b (up 23% from 2Q 2023). Net income: LK₨1.53b (down 72% from 2Q 2023). Profit margin: 2.8% (down from 13% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 07
Upcoming dividend of LK₨4.27 per share at 8.1% yield Eligible shareholders must have bought the stock before 14 November 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 8.1%. Within top quartile of Sri Lankan dividend payers (7.7%). Lower than average of industry peers (13%). Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Deputy Chairman Cedric Jansz was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 09
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director M. Mihular was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 07
Melstacorp plc Appoints Cedric Royle Jansz as Deputy Chairman Melstacorp PLC announced the appointment of Cedric Royle Jansz as the company's Deputy Chairman, with effect from September 5, 2023. Prior to this appointment, Jansz was functioning as an Executive Director of the company. Jansz is a Director of Stassen Group, Distilleries Company of Sri Lanka PLC, Lanka Milk Foods Group and Aitken Spence PLC. He is Chairman of Melsta Hospitals Ragama (Pvt.) Ltd. and Melsta Hospitals Colombo North (Pvt.) Ltd. He has been Chairman of DFCC Bank and the Sri Lanka Shippers Council. Jansz holds a Diploma in Banking and Finance from London Metropolitan University, UK. He is a Chevening Scholar and an UN-ESCAP Certified Training Manager on Maritime Transport for Shippers. Jansz specialises in the movement and finance of international trade and has many years of practical experience in these fields. Announcement • Sep 02
Melstacorp PLC, Annual General Meeting, Sep 22, 2023 Melstacorp PLC, Annual General Meeting, Sep 22, 2023, at 11:00 Sri Lanka Standard Time. Location: "Mini Auditorium" DCSL,No 110, Norris Canal Road, Colombo 10. Colombo Sri Lanka Agenda: To consider the Annual Report of the Directors and the Financial Statements of the company for the year ended 31 March 2023; to re-appoint M/s. KPMG, Chartered Accountants, as the Auditors of the Company; to re-appointment of Mr. D. H. S. Jayawardena; to re-appointment of Mr. C. R. Jansz; to elect Mr. L. U. D. Fernando; to elect Mr. M. A. N. S. Perera; to elect Mr. M. R. Mihular; and to approve the donations and contributions made by the Directors during the year under review and to authorize the Directors to determine donations and contributions for the ensuring year. New Risk • Aug 17
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 8.5% Last year net profit margin: 14% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (8.5% net profit margin). Reported Earnings • Aug 16
First quarter 2024 earnings released: EPS: LK₨1.92 (vs LK₨5.91 in 1Q 2023) First quarter 2024 results: EPS: LK₨1.92 (down from LK₨5.91 in 1Q 2023). Revenue: LK₨53.6b (up 39% from 1Q 2023). Net income: LK₨2.23b (down 68% from 1Q 2023). Profit margin: 4.2% (down from 18% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 43% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jul 23
Executive Director recently sold LK₨2.2m worth of stock On the 20th of July, L. U. Fernando sold around 30k shares on-market at roughly LK₨75.00 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth LK₨7.1m. Insiders have been net sellers, collectively disposing of LK₨9.3m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to LK₨69.00, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 8x in the Beverage industry in Sri Lanka. Total returns to shareholders of 232% over the past three years. Upcoming Dividend • Jun 21
Upcoming dividend of LK₨2.71 per share at 5.7% yield Eligible shareholders must have bought the stock before 28 June 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Sri Lankan dividend payers (8.7%). Lower than average of industry peers (6.7%). New Risk • Jun 08
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.2% Last year net profit margin: 10% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (6.2% net profit margin). Reported Earnings • Jun 02
Full year 2023 earnings released: EPS: LK₨16.83 (vs LK₨9.41 in FY 2022) Full year 2023 results: EPS: LK₨16.83 (up from LK₨9.41 in FY 2022). Revenue: LK₨247.3b (up 133% from FY 2022). Net income: LK₨19.6b (up 79% from FY 2022). Profit margin: 7.9% (down from 10% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 16
Third quarter 2023 earnings released: EPS: LK₨4.29 (vs LK₨1.90 in 3Q 2022) Third quarter 2023 results: EPS: LK₨4.29 (up from LK₨1.90 in 3Q 2022). Revenue: LK₨61.1b (up 118% from 3Q 2022). Net income: LK₨5.00b (up 125% from 3Q 2022). Profit margin: 8.2% (up from 7.9% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Board Change • Jan 26
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Non-Independent Non-Executive Director D. Stasshani Jayawardena was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 20
Melstacorp PLC Announces Demise of Ranjeevan Seevaratnam, Non-Executive Independent Director Melstacorp PLC announced the demise of Mr. Ranjeevan Seevaratnam, who served as a non-executive independent Director of the Company, on 19th January 2023. Reported Earnings • Nov 17
Second quarter 2023 earnings released: EPS: LK₨4.69 (vs LK₨2.29 in 2Q 2022) Second quarter 2023 results: EPS: LK₨4.69 (up from LK₨2.29 in 2Q 2022). Revenue: LK₨59.3b (up 164% from 2Q 2022). Net income: LK₨5.47b (up 105% from 2Q 2022). Profit margin: 9.2% (down from 12% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Nov 16
Price target increased to LK₨86.00 Up from LK₨38.70, the current price target is provided by 1 analyst. New target price is 95% above last closing price of LK₨44.20. Stock is down 21% over the past year. The company posted earnings per share of LK₨9.41 last year. Upcoming Dividend • Nov 09
Upcoming dividend of LK₨2.35 per share Eligible shareholders must have bought the stock before 16 November 2022. Payment date: 06 December 2022. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Sri Lankan dividend payers (8.4%). Higher than average of industry peers (9.4%). Valuation Update With 7 Day Price Move • Sep 01
Investor sentiment improved over the past week After last week's 17% share price gain to LK₨56.20, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 7x in the Beverage industry in Sri Lanka. Total returns to shareholders of 69% over the past three years. Reported Earnings • Aug 17
First quarter 2023 earnings released: EPS: LK₨5.91 (vs LK₨0.70 in 1Q 2022) First quarter 2023 results: EPS: LK₨5.91 (up from LK₨0.70 in 1Q 2022). Revenue: LK₨59.2b (up 198% from 1Q 2022). Net income: LK₨6.89b (up LK₨6.07b from 1Q 2022). Profit margin: 12% (up from 4.1% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 15
Investor sentiment improved over the past week After last week's 22% share price gain to LK₨56.00, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 8x in the Beverage industry in Sri Lanka. Total returns to shareholders of 67% over the past three years. Announcement • Jun 11
Melstacorp PLC, Annual General Meeting, Sep 29, 2022 Melstacorp PLC, Annual General Meeting, Sep 29, 2022, at 11:00 Sri Lanka Standard Time. Reported Earnings • May 31
Full year 2022 earnings released: EPS: LK₨9.34 (vs LK₨4.23 in FY 2021) Full year 2022 results: EPS: LK₨9.34 (up from LK₨4.23 in FY 2021). Revenue: LK₨183.0b (up 136% from FY 2021). Net income: LK₨10.9b (up 121% from FY 2021). Profit margin: 5.9% (down from 6.4% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. Independent Non-Executive Director Ranjan Seevaratnam was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment deteriorated over the past week After last week's 15% share price decline to LK₨41.10, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 10x in the Beverage industry in Sri Lanka. Total returns to shareholders of 37% over the past three years. Upcoming Dividend • Mar 21
Upcoming dividend of LK₨2.70 per share Eligible shareholders must have bought the stock before 28 March 2022. Payment date: 19 April 2022. Payout ratio is on the higher end at 78%, however this is supported by cash flows. Trailing yield: 13%. Within top quartile of Sri Lankan dividend payers (6.6%). Higher than average of industry peers (7.3%). Reported Earnings • Feb 17
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: LK₨1.90 (up from LK₨0.90 in 3Q 2021). Revenue: LK₨28.0b (up 46% from 3Q 2021). Net income: LK₨2.22b (up 110% from 3Q 2021). Profit margin: 7.9% (up from 5.5% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Nov 16
Second quarter 2022 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2022 results: Revenue: LK₨36.0b (up 74% from 2Q 2021). Net income: LK₨2.67b (up 46% from 2Q 2021). Profit margin: 7.4% (down from 8.8% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 15
Upcoming dividend of LK₨2.70 per share Eligible shareholders must have bought the stock before 22 November 2021. Payment date: 10 December 2021. Trailing yield: 11%. Within top quartile of Sri Lankan dividend payers (5.7%). Higher than average of industry peers (6.7%). Reported Earnings • Aug 15
First quarter 2022 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: LK₨35.6b (up 159% from 1Q 2021). Net income: LK₨820.0m (up LK₨1.22b from 1Q 2021). Profit margin: 2.3% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Aug 11
Chairman recently bought LK₨730m worth of stock On the 6th of August, Don Hasitha Jayawardena bought around 15m shares on-market at roughly LK₨49.50 per share. This was the largest purchase by an insider in the last 3 months. This was Don Hasitha's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to LK₨50.30, the stock is trading at a trailing P/E ratio of 18.6x, down from the previous P/E ratio of 22.2x. This compares to an average P/E of 18x in the Beverage industry in Sri Lanka. Total return to shareholders over the past three years is a loss of 9.3%. Reported Earnings • Feb 13
Third quarter 2021 earnings released The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: LK₨38.8b (up 56% from 3Q 2020). Net income: LK₨1.05b (down 17% from 3Q 2020). Profit margin: 2.7% (down from 5.1% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to LK₨59.80, the stock is trading at a trailing P/E ratio of 20.7x, down from the previous P/E ratio of 24.8x. This compares to an average P/E of 22x in the Beverage industry in Sri Lanka. Total returns to shareholders over the past three years are 22%. Is New 90 Day High Low • Jan 22
New 90-day high: LK₨65.90 The company is up 103% from its price of LK₨32.50 on 23 October 2020. The Sri Lankan market is up 40% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Beverage industry, which is up 28% over the same period. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 18% share price gain to LK₨62.70, the stock is trading at a trailing P/E ratio of 21.7x, up from the previous P/E ratio of 18.3x. This compares to an average P/E of 20x in the Beverage industry in Sri Lanka. Total returns to shareholders over the past three years are 27%. Is New 90 Day High Low • Jan 04
New 90-day high: LK₨53.90 The company is up 80% from its price of LK₨30.00 on 06 October 2020. The Sri Lankan market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Beverage industry, which is up 21% over the same period. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improved over the past week After last week's 16% share price gain to LK₨47.60, the stock is trading at a trailing P/E ratio of 16.5x, up from the previous P/E ratio of 14.2x. This compares to an average P/E of 15x in the Beverage industry in Sri Lanka. Total returns to shareholders over the past three years are 1.6%. Is New 90 Day High Low • Dec 12
New 90-day high: LK₨47.60 The company is up 61% from its price of LK₨29.50 on 11 September 2020. The Sri Lankan market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Beverage industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 22% share price gain to LK₨43.80, the stock is trading at a trailing P/E ratio of 15.2x, up from the previous P/E ratio of 12.5x. This compares to an average P/E of 16x in the Beverage industry in Sri Lanka. Total return to shareholders over the past three years is a loss of 11%. Is New 90 Day High Low • Nov 18
New 90-day high: LK₨35.50 The company is up 29% from its price of LK₨27.50 on 20 August 2020. The Sri Lankan market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Beverage industry, which is up 11% over the same period. Reported Earnings • Nov 17
Second quarter 2021 earnings released: EPS LK₨1.57 The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: LK₨20.7b (down 14% from 2Q 2020). Net income: LK₨1.83b (up 193% from 2Q 2020). Profit margin: 8.8% (up from 2.6% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. 
