Announcement • Jun 09
Quality Beverages Limited, Annual General Meeting, Jun 26, 2026 Quality Beverages Limited, Annual General Meeting, Jun 26, 2026, at 10:00 Arabian Standard Time. Location: the boardroom of the company, situated at royal road, belle rose, Mauritius Board Change • May 20
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Tehseen Aboobakar was the last independent director to join the board, commencing their role in 2025. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jun 02
Quality Beverages Limited, Annual General Meeting, Jun 23, 2025 Quality Beverages Limited, Annual General Meeting, Jun 23, 2025, at 10:00 Arabian Standard Time. Location: at the boardroom of the company, situated at royal road, belle rose, Mauritius Reported Earnings • Aug 10
Second quarter 2024 earnings released: EPS: MU₨0.59 (vs MU₨0.04 in 2Q 2023) Second quarter 2024 results: EPS: MU₨0.59 (up from MU₨0.04 in 2Q 2023). Revenue: MU₨771.6m (up 41% from 2Q 2023). Net income: MU₨21.7m (up MU₨20.3m from 2Q 2023). Profit margin: 2.8% (up from 0.3% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Jun 05
Quality Beverages Limited, Annual General Meeting, Jun 21, 2024 Quality Beverages Limited, Annual General Meeting, Jun 21, 2024, at 11:00 Arabian Standard Time. Location: royal road, belle rose, Mauritius Reported Earnings • May 11
First quarter 2024 earnings released: EPS: MU₨0.06 (vs MU₨0.32 loss in 1Q 2023) First quarter 2024 results: EPS: MU₨0.06 (up from MU₨0.32 loss in 1Q 2023). Revenue: MU₨771.5m (up 50% from 1Q 2023). Net income: MU₨2.24m (up MU₨14.0m from 1Q 2023). Profit margin: 0.3% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to MU₨9.50, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 14x in the Beverage industry in Africa. Total loss to shareholders of 24% over the past three years. Reported Earnings • Mar 31
Full year 2023 earnings released: EPS: MU₨1.25 (vs MU₨1.44 in FY 2022) Full year 2023 results: EPS: MU₨1.25 (down from MU₨1.44 in FY 2022). Revenue: MU₨2.29b (up 12% from FY 2022). Net income: MU₨45.9m (down 13% from FY 2022). Profit margin: 2.0% (down from 2.6% 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 82% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: MU₨548.1m (up 7.7% from 3Q 2022). Net loss: MU₨6.63m (down MU₨7.73m from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Sep 21
Quality Beverages Limited made an offer to acquire Soap & Allied Industries Limited for MUR 77.3 million. Quality Beverages Limited made an offer to acquire Soap & Allied Industries Limited for MUR 77.3 million on September 19, 2023. The shares will be purchased at MUR 17.20 per share. The transaction is subject to regulatory approval and acceptances of at least 50% of voting rights of Soap & Allied Industries Limited. New Risk • Aug 10
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: 1.4% Last year net profit margin: 3.3% 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: Major Risk Market cap is less than US$10m (MU₨367.7m market cap, or US$8.06m). Minor Risk Profit margins are more than 30% lower than last year (1.4% net profit margin). Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: MU₨0.04 (vs MU₨0.35 in 2Q 2022) Second quarter 2023 results: EPS: MU₨0.04 (down from MU₨0.35 in 2Q 2022). Revenue: MU₨545.7m (up 12% from 2Q 2022). Net income: MU₨1.37m (down 89% from 2Q 2022). Profit margin: 0.3% (down from 2.6% 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 78% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Jun 16
Quality Beverages Limited, Annual General Meeting, Jun 30, 2023 Quality Beverages Limited, Annual General Meeting, Jun 30, 2023, at 06:00 Coordinated Universal Time. Location: Royal Road Belle Rose Mauritius Agenda: To adopt the Minutes of the Annual Meeting of Shareholders held on 27th July 2022 as true proceedings of the meeting; to consider the Annual Report for the year ended 31st December 2022; to receive the Auditors' Report for the year ended 31st December 2022; to re-appoint Mr. Saleem Karimjee as Director of the Company; and to consider other matters. Reported Earnings • May 14
First quarter 2023 earnings released: MU₨0.32 loss per share (vs MU₨0.01 loss in 1Q 2022) First quarter 2023 results: MU₨0.32 loss per share (further deteriorated from MU₨0.01 loss in 1Q 2022). Revenue: MU₨514.9m (up 21% from 1Q 2022). Net loss: MU₨11.8m (loss widened MU₨11.5m from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 11
Full year 2022 earnings released: EPS: MU₨1.44 (vs MU₨0.13 in FY 2021) Full year 2022 results: EPS: MU₨1.44 (up from MU₨0.13 in FY 2021). Revenue: MU₨2.05b (up 37% from FY 2021). Net income: MU₨52.8m (up MU₨48.2m from FY 2021). Profit margin: 2.6% (up from 0.3% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 17% share price gain to MU₨12.00, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 18x in the Beverage industry in Africa. Total loss to shareholders of 27% over the past three years. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: MU₨0.03 (vs MU₨0.38 loss in 3Q 2021) Third quarter 2022 results: EPS: MU₨0.03 (up from MU₨0.38 loss in 3Q 2021). Revenue: MU₨508.7m (up 46% from 3Q 2021). Net income: MU₨1.10m (up MU₨15.0m from 3Q 2021). Profit margin: 0.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Non- Executive Director V. A. Legris was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Aug 12
Second quarter 2022 earnings released: EPS: MU₨0.35 (vs MU₨0.65 loss in 2Q 2021) Second quarter 2022 results: EPS: MU₨0.35 (up from MU₨0.65 loss in 2Q 2021). Revenue: MU₨489.1m (up 51% from 2Q 2021). Net income: MU₨12.9m (up MU₨36.7m from 2Q 2021). Profit margin: 2.6% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Jul 14
Quality Beverages Limited, Annual General Meeting, Jul 27, 2022 Quality Beverages Limited, Annual General Meeting, Jul 27, 2022, at 09:00 Coordinated Universal Time. Location: Royal Road Belle Rose Mauritius Agenda: To adopt the Minutes of the Annual Meeting of Shareholders held on 30th September 2021 as true proceedings of the meeting; to consider the Annual Report for the year ended 31st December 2021; to receive the Auditors' Report for the year ended 31st December 2021; to consider and adopt the Audited Financial Statements for the year ended 31st December 2021; to re-appoint Mr. Saleem Karimjee as Director of the Company, to hold office until the next Annual Meeting of Shareholders; to re-appoint Mr. Azim F Currimjee as Director of the Company, to hold office until the next Annual Meeting of Shareholders; to re-appoint Mr. Raffi Currimjee as Director of the Company, to hold office until the next Annual Meeting of Shareholders; to re-appoint Mr. Ashraf M Currimjee as Director of the Company, to hold office until the next Annual Meeting of Shareholders; and to transact other matters. Reported Earnings • May 14
First quarter 2022 earnings released: MU₨0.01 loss per share (vs MU₨0.45 loss in 1Q 2021) First quarter 2022 results: MU₨0.01 loss per share (up from MU₨0.45 loss in 1Q 2021). Revenue: MU₨427.3m (up 34% from 1Q 2021). Net loss: MU₨266.3k (loss narrowed 98% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 18
Second quarter 2021 earnings released: MU₨0.65 loss per share (vs MU₨0.17 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: MU₨323.8m (up 8.9% from 2Q 2020). Net loss: MU₨23.8m (loss widened 273% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 27
Full year 2020 earnings released: MU₨0.63 loss per share (vs MU₨0.95 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: MU₨1.42b (down 11% from FY 2019). Net loss: MU₨23.3m (down 167% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Nov 19
New 90-day high: MU₨15.00 The company is up 14% from its price of MU₨13.15 on 21 August 2020. The Mauritian market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Beverage industry, which is up 12% over the same period. 
