Board Change • 18h
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. 3 non-independent directors. Independent Non-Executive Director Marie Nicolas Merven was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
First quarter 2025 earnings released: EPS: MU₨6.19 (vs MU₨3.07 in 1Q 2024) First quarter 2025 results: EPS: MU₨6.19 (up from MU₨3.07 in 1Q 2024). Revenue: MU₨102.0m (up 23% from 1Q 2024). Net income: MU₨12.4m (up 101% from 1Q 2024). Profit margin: 12% (up from 7.4% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 11
Final dividend of MU₨1.50 announced Shareholders will receive a dividend of MU₨1.50. Ex-date: 22nd November 2024 Payment date: 16th December 2024 Dividend yield will be 9.7%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (19% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has grown by 45% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Sep 21
Full year 2024 earnings released: EPS: MU₨12.24 (vs MU₨6.08 in FY 2023) Full year 2024 results: EPS: MU₨12.24 (up from MU₨6.08 in FY 2023). Revenue: MU₨359.5m (up 15% from FY 2023). Net income: MU₨24.5m (up 101% from FY 2023). Profit margin: 6.8% (up from 3.9% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 10
Upcoming dividend of MU₨2.50 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 15 July 2024. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 8.8%. Within top quartile of Mauritian dividend payers (6.0%). Higher than average of industry peers (6.9%). New Risk • May 06
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 Mauritian stocks, typically moving 5.0% 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 (MU₨70.0m market cap, or US$1.51m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.0% average weekly change). Reported Earnings • May 05
Third quarter 2024 earnings released: EPS: MU₨2.99 (vs MU₨0.54 loss in 3Q 2023) Third quarter 2024 results: EPS: MU₨2.99 (up from MU₨0.54 loss in 3Q 2023). Revenue: MU₨84.2m (up 27% from 3Q 2023). Net income: MU₨5.98m (up MU₨7.05m from 3Q 2023). Profit margin: 7.1% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 14
Second quarter 2024 earnings released: EPS: MU₨4.81 (vs MU₨3.77 in 2Q 2023) Second quarter 2024 results: EPS: MU₨4.81 (up from MU₨3.77 in 2Q 2023). Revenue: MU₨98.5m (up 5.3% from 2Q 2023). Net income: MU₨9.62m (up 27% from 2Q 2023). Profit margin: 9.8% (up from 8.1% 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 30% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Annonce • Nov 13
PIM Limited, Annual General Meeting, Nov 30, 2023 PIM Limited, Annual General Meeting, Nov 30, 2023, at 06:00 Coordinated Universal Time. Location: MOROIL, Quay Road Port Louis Mauritius Agenda: To approve the minutes of the Annual Meeting of shareholders held on 1st December 2022; to receive and consider the Annual Report 2023 of the Company; to consider and adopt the audited financial statements (including the auditors' report) of the Company for the year ended 30th June 2023; tore-elect the directors;. Reported Earnings • Nov 12
First quarter 2024 earnings released First quarter 2024 results: Revenue: MU₨83.3m (up 2.2% from 1Q 2023). Net income: MU₨6.15m (up 7.8% from 1Q 2023). Profit margin: 7.4% (up from 7.0% in 1Q 2023). The increase in margin was driven by higher revenue. Reported Earnings • Sep 23
Full year 2023 earnings released Full year 2023 results: Revenue: MU₨312.3m (up 6.5% from FY 2022). Net income: MU₨12.2m (up 51% from FY 2022). Profit margin: 3.9% (up from 2.7% in FY 2022). The increase in margin was driven by higher revenue. New Risk • Aug 07
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 189% The company is paying a dividend despite having no free cash flows. Dividend yield: 8.5% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 189% Paying a dividend despite having no free cash flows. Market cap is less than US$10m (MU₨82.0m market cap, or US$1.81m). Minor Risk Profit margins are more than 30% lower than last year (1.7% net profit margin). Upcoming Dividend • Jun 26
Upcoming dividend of MU₨2.00 per share at 8.1% yield Eligible shareholders must have bought the stock before 03 July 2023. Payment date: 31 July 2023. Trailing yield: 8.1%. Within top quartile of Mauritian dividend payers (6.3%). Higher than average of industry peers (5.7%). Reported Earnings • May 06
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: MU₨66.5m (up 4.2% from 3Q 2022). Net loss: MU₨1.08m (loss widened 54% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 09
Second quarter 2023 earnings released: EPS: MU₨3.77 (vs MU₨3.84 in 2Q 2022) Second quarter 2023 results: EPS: MU₨3.77 (down from MU₨3.84 in 2Q 2022). Revenue: MU₨93.5m (up 19% from 2Q 2022). Net income: MU₨7.55m (down 1.7% from 2Q 2022). Profit margin: 8.1% (down from 9.8% 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 19% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Dec 14
Upcoming dividend of MU₨1.50 per share Eligible shareholders must have bought the stock before 21 December 2022. Payment date: 16 January 2023. Trailing yield: 7.5%. Within top quartile of Mauritian dividend payers (5.0%). Higher than average of industry peers (4.8%). Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. No experienced directors. 6 highly experienced directors. 2 independent directors (5 non-independent directors). Non-Executive and Independent Director Mushtaq Mohamed O. Oosman was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Sep 23
Full year 2022 earnings released: EPS: MU₨4.02 (vs MU₨3.10 in FY 2021) Full year 2022 results: EPS: MU₨4.02 (up from MU₨3.10 in FY 2021). Revenue: MU₨293.4m (up 25% from FY 2021). Net income: MU₨8.04m (up 30% from FY 2021). Profit margin: 2.7% (up from 2.6% 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 33% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 26
Upcoming dividend of MU₨2.00 per share Eligible shareholders must have bought the stock before 02 June 2022. Payment date: 30 June 2022. The company last paid an ordinary dividend in September 2011. The average dividend yield among industry peers is 3.5%. Annonce • May 20
Pim Limited Declare A Final Dividend of the Year Ending 30Th June 2022, Payable on or About 30Th June 2022 PIM Limited declared a final dividend of MUR 2.00 per share to all shareholders registered at the close of business on 6th June 2022, in respect of the year ending 30th June 2022. The dividend will be paid on or about 30th June 2022. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 1 experienced director. 5 highly experienced directors. 2 independent directors (5 non-independent directors). Non-Executive and Independent Director Mushtaq Mohamed O. Oosman was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Feb 16
Second quarter 2022 earnings: Revenues in line with analyst expectations Second quarter 2022 results: Revenue: MU₨78.5m (up 25% from 2Q 2021). Net income: MU₨7.68m (up 123% from 2Q 2021). Profit margin: 9.8% (up from 5.5% in 2Q 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Upcoming Dividend • Nov 24
Inaugural dividend of MU₨1.50 per share Eligible shareholders must have bought the stock before 01 December 2021. Payment date: 15 December 2021. The company last paid an ordinary dividend in November 2019. The average dividend yield among industry peers is 2.2%. Reported Earnings • Nov 19
First quarter 2022 earnings released: EPS MU₨3.98 (vs MU₨1.47 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: MU₨75.7m (up 28% from 1Q 2021). Net income: MU₨7.95m (up 171% from 1Q 2021). Profit margin: 11% (up from 5.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Nov 28
New 90-day low: MU₨52.00 The company is down 4.0% from its price of MU₨54.00 on 28 August 2020. The Mauritian market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 17% over the same period. Annonce • Nov 13
PIM Limited, Annual General Meeting, Dec 10, 2020 PIM Limited, Annual General Meeting, Dec 10, 2020, at 06:30 Coordinated Universal Time. Location: MOROIL, Quay Road Port Louis Mauritius Agenda: To approve the minutes of the annual meeting of shareholders held on 5 December 2019. to approve the minutes of the special meeting of shareholders held on 9 September 2020; to receive and consider the annual report 2020 of the company; to consider and adopt the audited financial statements (including the auditors' report) of the company for the year ended 30 June 2020; to ratify the dividend paid to the company's shareholders during the financial year 2019; to re-elect the following directors; to determine the fees of the non-executive directors for their services as directors; to appoint Deloitte as the independent auditor of the company for the financial year ending 30 June 2021, until the conclusion of the company's next AGM; and to determine the remuneration of the independent auditor. 
