New Risk • Jun 11
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 9.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.9% average weekly change). Negative equity (-PK₨6.9m). Earnings have declined by 16% per year over the past 5 years. Market cap is less than US$10m (PK₨2.57b market cap, or US$9.24m). Minor Risk Revenue is less than US$5m (PK₨1.0b revenue, or US$3.7m). Reported Earnings • Apr 30
Third quarter 2026 earnings released: PK₨0.09 loss per share (vs PK₨0.20 profit in 3Q 2025) Third quarter 2026 results: PK₨0.09 loss per share (down from PK₨0.20 profit in 3Q 2025). Revenue: PK₨84.7m (down 87% from 3Q 2025). Net loss: PK₨8.72m (down 148% from profit in 3Q 2025). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • Apr 21
United Brands Limited to Report Q3, 2026 Results on Apr 28, 2026 United Brands Limited announced that they will report Q3, 2026 results on Apr 28, 2026 New Risk • Apr 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Pakistani stocks, typically moving 10.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10.0% average weekly change). Market cap is less than US$10m (PK₨2.01b market cap, or US$7.20m). Minor Risk Large one-off items impacting financial results. Reported Earnings • Feb 27
Second quarter 2026 earnings released: EPS: PK₨0.27 (vs PK₨0.15 loss in 2Q 2025) Second quarter 2026 results: EPS: PK₨0.27 (up from PK₨0.15 loss in 2Q 2025). Revenue: PK₨197.5m (down 74% from 2Q 2025). Net income: PK₨24.9m (up PK₨38.5m from 2Q 2025). Profit margin: 13% (up from net loss in 2Q 2025). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. New Risk • Feb 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-PK₨23m). Earnings have declined by 4.9% per year over the past 5 years. Market cap is less than US$10m (PK₨2.21b market cap, or US$7.90m). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). Announcement • Feb 18
United Brands Limited to Report Q2, 2026 Results on Feb 25, 2026 United Brands Limited announced that they will report Q2, 2026 results on Feb 25, 2026 Announcement • Jan 08
United Brands Limited Announces Cessation of Syed Nadeem Ahmed as Director, Effective January 1, 2026 United Brands Limited announced that Mr. Syed Nadeem Ahmed, Director has ceased to be the director of the company with effect from January 1, 2026 . Announcement • Oct 24
United Brands Limited to Report Q1, 2026 Results on Oct 30, 2025 United Brands Limited announced that they will report Q1, 2026 results on Oct 30, 2025 Reported Earnings • Oct 04
Full year 2025 earnings released: PK₨0.07 loss per share (vs PK₨0.50 loss in FY 2024) Full year 2025 results: PK₨0.07 loss per share (improved from PK₨0.50 loss in FY 2024). Revenue: PK₨2.66b (up 9.3% from FY 2024). Net loss: PK₨6.41m (loss narrowed 86% from FY 2024). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 03
United Brands Limited, Annual General Meeting, Oct 28, 2025 United Brands Limited, Annual General Meeting, Oct 28, 2025. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to PK₨27.82, the stock trades at a trailing P/E ratio of 62x. Average trailing P/E is 20x in the Retail Distributors industry in Asia. Total returns to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • May 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to PK₨25.46, the stock trades at a trailing P/E ratio of 56.7x. Average trailing P/E is 17x in the Retail Distributors industry in Asia. Total returns to shareholders of 76% over the past three years. New Risk • Mar 06
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 1.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (1.5% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Negative equity (-PK₨20m). Market cap is less than US$10m (PK₨2.12b market cap, or US$7.56m). Buy Or Sell Opportunity • Dec 16
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 80% to PK₨27.32. The fair value is estimated to be PK₨22.00, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Nov 18
Now 23% undervalued Over the last 90 days, the stock has risen 11% to PK₨17.00. The fair value is estimated to be PK₨21.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Meanwhile, the company became loss making. Announcement • Oct 09
United Brands Limited, Annual General Meeting, Oct 28, 2024 United Brands Limited, Annual General Meeting, Oct 28, 2024. Location: at the registered office of the company, at ground floor,one ibl center, block no. 7 & 8, dmmchs, shahrah-e-faisal, karachi Pakistan Announcement • Aug 16
United Brands Limited Announces CFO Transition United Brands Limited has announced a significant change in its leadership team effective August 15, 2024. The company has appointed Mr. Mehboob Yasin as the new Chief Financial Officer (CFO), succeeding Mr. Shariq Ahmed who has ceased his role. Mr. Mehboob Yasin, stepping into the CFO role, brings a wealth of experience in financial management and corporate strategy. His appointment is expected to maintain the company's financial health and support its continued growth. New Risk • Mar 07
New major risk - Negative shareholders equity The company has negative equity. Total equity: -PK₨30m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Negative equity (-PK₨30m). Market cap is less than US$10m (PK₨1.22b market cap, or US$4.35m). New Risk • Oct 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Pakistani stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (PK₨945.5m market cap, or US$3.40m). Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • Apr 29
Third quarter 2023 earnings released: PK₨0.12 loss per share (vs PK₨0.09 loss in 3Q 2022) Third quarter 2023 results: PK₨0.12 loss per share (further deteriorated from PK₨0.09 loss in 3Q 2022). Revenue: PK₨692.5m (down 9.6% from 3Q 2022). Net loss: PK₨11.4m (loss widened 34% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to PK₨11.40, the stock trades at a trailing P/E ratio of 42.2x. Average trailing P/E is 14x in the Retail Distributors industry in Asia. Total loss to shareholders of 60% over the past three years. Board Change • Jan 23
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Tayyaba Rasheed was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment deteriorated over the past week After last week's 18% share price decline to PK₨12.07, the stock trades at a trailing P/E ratio of 50.9x. Average trailing P/E is 14x in the Retail Distributors industry in Asia. Total loss to shareholders of 45% over the past three years. 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, 1 was an independent director. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Tayyaba Rasheed was the last independent director to join the board, commencing their role in 2020. 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 • Oct 09
Full year 2022 earnings released: EPS: PK₨0.24 (vs PK₨0.67 in FY 2021) Full year 2022 results: EPS: PK₨0.24 (down from PK₨0.67 in FY 2021). Revenue: PK₨3.27b (flat on FY 2021). Net income: PK₨21.8m (down 65% from FY 2021). Profit margin: 0.7% (down from 1.9% in FY 2021). Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Board Change • Apr 27
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, 1 was an independent director. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Director Tayyaba Rasheed was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 19% share price gain to PK₨20.21, the stock trades at a trailing P/E ratio of 56.5x. Average trailing P/E is 16x in the Retail Distributors industry in Asia. Total loss to shareholders of 28% over the past three years. Reported Earnings • Oct 28
First quarter 2022 earnings released: PK₨0.02 loss per share (vs PK₨0.29 profit in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2022 results: Revenue: PK₨834.6m (down 17% from 1Q 2021). Net loss: PK₨2.18m (down 108% from profit in 1Q 2021). 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 17% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to PK₨20.13, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 19x in the Retail Distributors industry in Asia. Total loss to shareholders of 57% over the past three years. Reported Earnings • Sep 21
Full year 2021 earnings released: EPS PK₨0.67 (vs PK₨2.83 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: PK₨3.29b (down 8.1% from FY 2020). Net income: PK₨61.8m (up PK₨321.4m from FY 2020). Profit margin: 1.9% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 24
Third quarter 2021 earnings released: PK₨0.15 loss per share (vs PK₨0.69 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: PK₨732.7m (up 3.3% from 3Q 2020). Net loss: PK₨13.6m (loss narrowed 78% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 35% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Mar 08
New 90-day low: PK₨28.37 The company is down 2.0% from its price of PK₨29.00 on 08 December 2020. The Pakistani market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is flat over the same period. Announcement • Mar 03
United Brands Limited Announces Executive Changes United Brands Limited informed Pakistan Stock Exchange that Mr. Munis Abdullah has been appointed as Chairman/Non-Executive Director with effect from February 25, 2021 in place of Mr. Rashid Abdulla. Reported Earnings • Feb 28
Second quarter 2021 earnings released: EPS PK₨0.29 (vs PK₨1.02 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: PK₨675.0m (down 40% from 2Q 2020). Net income: PK₨26.6m (up PK₨119.9m from 2Q 2020). Profit margin: 3.9% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has fallen by 61% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Dec 17
New 90-day high: PK₨36.10 The company is up 1.0% from its price of PK₨35.70 on 18 September 2020. The Pakistani market is flat over the last 90 days, indicating the company outperformed over that time. It also outperformed the Retail Distributors industry, which is down 1.0% over the same period. Is New 90 Day High Low • Nov 16
New 90-day low: PK₨26.99 The company is down 6.0% from its price of PK₨28.84 on 18 August 2020. The Pakistani market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Retail Distributors industry, which is down 4.0% over the same period. Reported Earnings • Oct 22
First quarter earnings released Over the last 12 months the company has reported total losses of PK₨144.8m, with losses narrowing by 78% from the prior year. Total revenue was PK₨3.90b over the last 12 months, up 9.5% from the prior year. Reported Earnings • Oct 08
Full year earnings released - PK₨2.83 loss per share Over the last 12 months the company has reported total losses of PK₨259.5m, with losses narrowing by 53% from the prior year. Total revenue was PK₨3.57b over the last 12 months, down 12% from the prior year. Reported Earnings • Oct 03
Full year earnings released - PK₨2.83 loss per share Over the last 12 months the company has reported total losses of PK₨259.5m, with losses narrowing by 53% from the prior year. Total revenue was PK₨3.57b over the last 12 months, down 12% from the prior year. Announcement • Sep 23
United Brands Limited to Report Fiscal Year 2020 Results on Sep 29, 2020 United Brands Limited announced that they will report fiscal year 2020 results on Sep 29, 2020 
