Board Change • May 14
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director Aniedi Edet was the last director to join the board, commencing their role in 2023. 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 • Apr 20
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₦18.15, the stock trades at a trailing P/E ratio of 61.4x. Average trailing P/E is 20x in the Chemicals industry in Nigeria. Total returns to shareholders of 103% over the past three years. Board Change • Apr 13
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director Aniedi Edet was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 30
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director Aniedi Edet was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 08
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director A.E. Edet was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jul 03
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director A.E. Edet was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Apr 10
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 Nigerian stocks, typically moving 8.3% 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 (-₦1.4b). Earnings have declined by 22% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (₦1.90b market cap, or US$1.19m). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Board Change • Apr 02
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director A.E. Edet was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 14
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director A.E. Edet was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 02
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director A.E. Edet was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Oct 31
New major risk - Revenue and earnings growth Earnings have declined by 3.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₦1.3b). Earnings have declined by 3.7% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (₦2.19b market cap, or US$1.31m). Board Change • Apr 25
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Director A.E. Edet was the last director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Is New 90 Day High Low • Nov 06
New 90-day low: ₦9.90 The company is down 10.0% from its price of ₦10.95 on 07 August 2020. The Nigerien market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 23% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: ₦9.90 The company is down 10.0% from its price of ₦10.95 on 23 July 2020. The Nigerien market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Food industry, which is up 13% over the same period.