Africa Eats Ltd, listed on the Stock Exchange of Mauritius (SEM), reported a loss of USD 699,129 for the quarter ended 30 September 2026. It booked a profit of USD 1,129,977 in the same quarter of 2025. The company says it is advancing a cross-listing on the Nairobi Securities Exchange (NSE).
The unaudited results show a profit of USD 1,455,556 in the quarter to 30 June 2026. The Board attributed the swing to fair value adjustments that reflect slower revenue growth and delays in deploying growth capital at some investee companies.
| Period | Result |
|---|---|
| Quarter to 30 September 2026 | Loss of USD 699,129 |
| Quarter to 30 June 2026 | Profit of USD 1,455,556 |
| Quarter to 30 September 2025 | Profit of USD 1,129,977 |
| Nine months to 30 September 2026 | Profit of USD 1.27 million, down 70.9 percent |
| Nine months to 30 September 2025 | Profit of USD 4,355,708 |
Portfolio value stays above its December level
The investment portfolio stood at USD 34.45 million at 30 September. That is 0.47 percent below the June figure and USD 2.15 million, or 6.6 percent, above December 2025. The Board said “the investment portfolio remained resilient at USD 34.45 million.” Total assets slipped to USD 35.6 million from USD 35.7 million at 30 June.
Net asset value (NAV) per share reached USD 3.04, up from USD 3.00 at 30 June. It stood at USD 2.84 at the end of 2025. The release describes the USD 3.04 as the share price, a gain of about 1.3 percent over the quarter.
Nyota and Zamgoat lift revenue
Africa Eats is a permanent capital investment company domiciled in Mauritius. It backs companies in Sub Saharan Africa that strengthen food and farm supply chains, which it calls bizi.
Two of them posted gains. Nyota in Kenya and Zamgoat in Zambia recorded trailing twelve month revenues above USD 400,000 and USD 500,000. Their 2024 revenues were USD 60,000 and USD 47,000.
The company added three bizi: Okin Kitchen and Bakery and Movnn in Nigeria, and Chambayika Milling in Malawi.
EA Foods closes funding round
EA Foods closed its Series B round in October 2026, and Africa Eats put in USD 1 million to raise its stake. East Africa Foods raised about USD 40 million, which includes a USD 26 million Series B equity round led by PIDG’s InfraCo with Oikocredit and FMO. The Schmidt Family Foundation provided debt funding. Africa Eats was among the existing investors that participated, and the company plans to expand into Kenya.
The Board said added production capacity at Agro Supply and Goldenpot should support revenue growth in 2027.
NSE cross listing aims to widen the investor base
The company said the NSE cross listing will “broaden its investor base and unlock additional growth capital.” Its annual meeting notice asked shareholders to authorise the Board to proceed and to submit documentation to the Capital Markets Authority.
Indicative trading in its shares on the SEM came to USD 3.09 million over the 12 months to 3 May 2026, an average of about USD 257,000 a month.
The NSE had asked Africa Eats in October 2024 to launch an exchange traded fund on its platform. For 2027, the Board also plans to support the expansion of key investees, strengthen portfolio performance and pursue new investments. Read more on East African markets and the economy at Khusoko.
