New Risk • Apr 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 35% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 57% per year over the past 5 years. Market cap is less than US$10m (USh4.50b market cap, or US$1.22m). Minor Risks Share price has been volatile over the past 3 months (4.7% average weekly change). Large one-off items impacting financial results. Reported Earnings • Apr 20
Full year 2025 earnings released: EPS: USh0.16 (vs USh5.50 loss in FY 2024) Full year 2025 results: EPS: USh0.16 (up from USh5.50 loss in FY 2024). Revenue: USh34.8b (up 10% from FY 2024). Net income: USh141.7m (up USh5.09b from FY 2024). Profit margin: 0.4% (up from net loss in FY 2024). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 35% per year whereas the company’s share price has fallen by 31% per year. 공고 • Apr 08
Uganda Clays Limited, Annual General Meeting, Jun 26, 2026 Uganda Clays Limited, Annual General Meeting, Jun 26, 2026. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (5.1% operating cash flow to total debt). Earnings have declined by 67% per year over the past 5 years. Market cap is less than US$10m (USh4.05b market cap, or US$1.07m). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (4.9% average weekly change). Reported Earnings • Sep 03
First half 2025 earnings released: USh1.53 loss per share (vs USh0.99 loss in 1H 2024) First half 2025 results: USh1.53 loss per share (further deteriorated from USh0.99 loss in 1H 2024). Revenue: USh15.1b (down 1.7% from 1H 2024). Net loss: USh1.37b (loss widened 54% from 1H 2024). 공고 • Jul 06
Uganda Clays Limited, Annual General Meeting, Jul 25, 2025 Uganda Clays Limited, Annual General Meeting, Jul 25, 2025, at 14:30 E. Africa Standard Time. Location: at the sheraton kampala hotel, rwenzori ballroom, Uganda New Risk • Jun 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Ugandan stocks, typically moving 3.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (3.2% average weekly change). Earnings have declined by 48% per year over the past 5 years. Market cap is less than US$10m (USh5.85b market cap, or US$1.61m). Minor Risk High level of debt (52% net debt to equity). Reported Earnings • Apr 02
Full year 2024 earnings released: USh5.50 loss per share (vs USh3.17 loss in FY 2023) Full year 2024 results: USh5.50 loss per share (further deteriorated from USh3.17 loss in FY 2023). Revenue: USh31.6b (up 3.8% from FY 2023). Net loss: USh4.95b (loss widened 74% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. New Risk • Mar 21
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (4.9% average weekly change). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (USh7.11b market cap, or US$1.94m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Jan 20
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 Ugandan stocks, typically moving 4.1% 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 Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (USh8.10b market cap, or US$2.20m). Minor Risk Share price has been volatile over the past 3 months (4.1% average weekly change). New Risk • Sep 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 10% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (4.2% average weekly change). Earnings have declined by 27% per year over the past 5 years. Market cap is less than US$10m (USh9.63b market cap, or US$2.59m). Reported Earnings • Sep 06
First half 2024 earnings released First half 2024 results: USh0.99 loss per share. Net loss: USh894.0m (flat on 1H 2023). 공고 • Jun 05
Uganda Clays Limited, Annual General Meeting, Jun 21, 2024 Uganda Clays Limited, Annual General Meeting, Jun 21, 2024, at 02:30 E. Africa Standard Time. Location: at the kampala serena hotel, katonga hall., Uganda New Risk • May 03
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.7% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.7% operating cash flow to total debt). Earnings have declined by 2.0% per year over the past 5 years. Market cap is less than US$10m (USh11.3b market cap, or US$2.96m). New Risk • Jan 06
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 0.2% over the past year. Market cap is less than US$10m (USh11.7b market cap, or US$3.09m). Minor Risks High level of debt (45% net debt to equity). Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Profit margins are more than 30% lower than last year (6.7% net profit margin). New Risk • Dec 31
New major risk - Revenue and earnings growth Revenue has declined by 0.2% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Revenue has declined by 0.2% over the past year. Market cap is less than US$10m (USh11.7b market cap, or US$3.09m). Minor Risks High level of debt (45% net debt to equity). Profit margins are more than 30% lower than last year (6.7% net profit margin). New Risk • Jul 30
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 Ugandan stocks, typically moving 4.3% 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 Risk Market cap is less than US$10m (USh12.6b market cap, or US$3.49m). Minor Risks High level of debt (45% net debt to equity). Share price has been volatile over the past 3 months (4.3% average weekly change). Profit margins are more than 30% lower than last year (6.7% net profit margin). Reported Earnings • Jun 24
Full year 2022 earnings released: EPS: USh2.71 (vs USh6.58 in FY 2021) Full year 2022 results: EPS: USh2.71 (down from USh6.58 in FY 2021). Revenue: USh36.6b (flat on FY 2021). Net income: USh2.44b (down 59% from FY 2021). Profit margin: 6.7% (down from 16% in FY 2021). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 22
Full year 2022 earnings released: EPS: USh2.71 (vs USh6.58 in FY 2021) Full year 2022 results: EPS: USh2.71 (down from USh6.58 in FY 2021). Revenue: USh36.6b (flat on FY 2021). Net income: USh2.44b (down 59% from FY 2021). Profit margin: 6.7% (down from 16% in FY 2021). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Tom Mutyabule was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Aug 02
Insufficient new 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. 2 highly experienced directors. Independent Non-Executive Director Tom Mutyabule was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 20
Upcoming dividend of USh1.50 per share Eligible shareholders must have bought the stock before 27 June 2022. Payment date: 20 July 2022. Trailing yield: 7.1%. Lower than top quartile of Ugandan dividend payers (10%). Higher than average of industry peers (6.0%). Buying Opportunity • Feb 21
Now 20% undervalued Over the last 90 days, the stock is up 140%. The fair value is estimated to be USh30.14, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.5% over the last year. Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improved over the past week After last week's 41% share price gain to USh24.00, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 11x in the Basic Materials industry in Africa. Total returns to shareholders of 60% over the past three years. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improved over the past week After last week's 16% share price gain to USh15.02, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 11x in the Basic Materials industry in Africa. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 16% share price gain to USh11.60, the stock trades at a trailing P/E ratio of 2.1x. Average trailing P/E is 12x in the Basic Materials industry in Africa. Total loss to shareholders of 27% over the past three years. Upcoming Dividend • Jun 22
Upcoming dividend of USh1.35 per share Eligible shareholders must have bought the stock before 28 June 2021. Payment date: 21 July 2021. Trailing yield: 16%. Within top quartile of Ugandan dividend payers (8.4%). Higher than average of industry peers (4.8%). Is New 90 Day High Low • Oct 19
New 90-day low: USh7.90 The company is down 1.0% from its price of USh8.02 on 21 July 2020. The Ugandan market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 9.0% over the same period.