October 30, 2026
Margaritaville (Turks) Limited (MTL)
Unaudited financials for the first quarter ended August 31, 2026:
All figures are stated in US$ unless otherwise indicated.
Margaritaville (Turks) Limited (MTL) for the first quarter ended August 31, 2026, reported a 28% decrease in Revenue totalling US$1.76 million compared to US$2.44 million in the corresponding three months last year. Management attributed the decline primarily to lower cruise passenger volumes, with passenger arrivals falling to 267,471 from 317,372 in the prior year.
Cost of Sales amounted to US$398,033 (2025: US$598,153), representing a 33% decrease year over year. Consequently, Gross Profit decreased by 26% to US$1.36 million compared to US$1.84 million for the first quarter ended August 31, 2025. Management noted that Cost of Sales improved as a percentage of revenue due to cost control and procurement efficiencies, contributing an incremental US$33,905 to gross margin.
Administrative Expenses decreased by 7% to US$1.10 million from US$1.18 million in 2025, while Promotional Expenses declined by 25% to US$4,799 from US$6,416. Depreciation and Amortisation remained relatively unchanged at US$58,415 compared to US$58,250 in the prior year. As a result, Total Expenses for the first quarter amounted to US$1.16 million, representing a 7% decrease relative to US$1.25 million reported in 2025.
Operating Profit for the three months amounted to US$198,590, representing a 66% decrease from US$592,202 reported in 2025. Other Operating Expenses increased to US$60,652 from US$17,344 in the prior year, with management noting that this category included non-recurring operating adjustments.
Finance Costs decreased by 82% to US$344 from US$1,875 in 2025. The company also recorded a Foreign Exchange Loss of US$7 during the quarter compared to nil in the corresponding period last year.
Consequently, Total Comprehensive Profit for the first quarter ended August 31, 2026 amounted to US$137,588, representing a 76% decrease from US$572,983 reported in the corresponding period last year.
Earnings Per Share for the first quarter amounted to 0.204 US cents or approximately J$0.33, compared to 0.849 US cents or approximately J$1.37. The twelve-month trailing EPS was approximately US$0.0125, or J$1.99, and the number of shares used in these calculations was 67,500,000.
Notably, MTL’s stock price closed the trading period on October 29, 2026 at J$11.91, with a corresponding P/E ratio of approximately 5.99x based on the twelve-month trailing EPS.
Balance Sheet Highlights
The company’s Total Assets amounted to US$11.59 million at August 31, 2026, representing an 18% increase from US$9.80 million at August 31, 2025. The increase was primarily driven by amounts Due from Related Party, which rose by 27% to US$8.64 million from US$6.79 million. This approximately US$1.84 million increase accounted for the majority of the year-over-year growth in the company’s asset base.
Shareholders’ Equity increased by 12% to US$7.64 million from US$6.79 million in 2025. Based on 67,500,000 ordinary shares in issue, book value per share amounted to approximately US$0.1131, or J$18.03, compared to approximately US$0.1007, or J$16.20 for the first quarter of 2025.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
