Phoenix Beverages Limited’s Sales Volume in Mauritius Increases by 11.1% Boosting Company Performance

Published On: October 4, 2023Company: Phoenix Beverages Limited (PBL.mu)
What are the key factors contributing to the increased performance of Phoenix Beverages Limited in 2023?
The increased performance can be attributed to the 11.1% increase in sales volume in Mauritius, better sales mix and price adjustments in Reunion Island, favourable exchange rate fluctuations, and the depreciation of the MUR against Euro which increased the fair value of investments in Edena S.A.

Summary

  • Sales volume in Mauritius, for year ended June 30, 2023, increased by 11.1% from last year. The sales volume in Reunion Island decreased by 4.4%. The total group sales volume increased by 6.8%.
  • Company level turnover increased from MUR 7,501.8M to MUR 9,050.5M with profit after tax rising from MUR 409.5M to MUR 556.3M. The previous year performance was hindered by Covid-19 conditions in Mauritius, economic and supply chain issues due to Russia-Ukraine war and unsuccessful acquisition expenses related to a UK-based company.
  • Turnover from operations in Reunion Island increased from Euro 31.3M (MUR 1,516.4M) to Euro 33.7M (MUR 1,575.2M). This improvement was due to better sales mix, price adjustments, freight subsidies and a new distribution partnership. Profit after tax for the period increased from Euro 2.5M (MUR 120.3M) to Euro 2.9M (MUR 135.3M).
  • Subsidiary Phoenix Beverages Overseas Limited posted better performance due to exchange rate fluctuations.
  • Group turnover increased by 17.7% from MUR 9,014.9M to MUR 10,608.6M with group profit after tax rising from MUR 416.8M to MUR 731.9M. Foreign operations contributed 16.3% to the total turnover and 22.9% to the total operating profit.
  • Due to a 7.0% depreciation of the MUR against the Euro, the fair value of investments in Edena S.A. increased.
  • The Group plans to continue investment in developing its production units and is exploring acquisition opportunities to supplement organic growth.

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About Phoenix Beverages Limited (PBL.mu)

Phoenix Beverages Limited is a Mauritian company that produces bottles and distributes alcoholic and non- alcoholic brews. Under the company’s production line, there are numerous renowned brands represented. With brands such as Guinness Foreign Extra Stout, Malta Guinness and Smirnoff Ice, Coca-Cola, Fanta, Sprite, Schweppes, Dasani and Crystal table water, being produced and sold by the company under the respective contract agreements. The company is headquartered in Phoenix, Mauritius Phoenix and operates as a subsidiary of Phoenix Investment Company Limited. Phoenix Beverages Limited is listed on the Stock Exchange of Mauritius.

Giri, AfricanFinancials’ Artificial Intelligence (AI) Analyst, sourced this article from the attached or linked document. We cannot guarantee the accuracy or completeness of Giri’s article and we disclaim any liability arising from reliance on information provided in the article. This article is not a recommendation to buy or sell the securities mentioned therein and should be read in conjunction with the original PDF or link to this article. Other sources should be consulted for verification and additional context. Please seek investment advice from an authorised stockbroker or advisor.

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