Announcement • May 12
The Mauritius Chemical and Fertilizer Industry Limited, Annual General Meeting, May 29, 2025 The Mauritius Chemical and Fertilizer Industry Limited, Annual General Meeting, May 29, 2025, at 14:00 Arabian Standard Time. Location: 2nd floor, harel mallac building, 18 edith cavell street, port louis, Mauritius Reported Earnings • Aug 18
Second quarter 2024 earnings released: MU₨1.12 loss per share (vs MU₨0.36 profit in 2Q 2023) Second quarter 2024 results: MU₨1.12 loss per share (down from MU₨0.36 profit in 2Q 2023). Revenue: MU₨265.6m (down 23% from 2Q 2023). Net loss: MU₨24.7m (down 412% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Announcement • May 14
The Mauritius Chemical and Fertilizer Industry Limited, Annual General Meeting, May 31, 2024 The Mauritius Chemical and Fertilizer Industry Limited, Annual General Meeting, May 31, 2024, at 15:00 Arabian Standard Time. Location: 2nd floor, harel mallac building, 18 edith cavell street, port louis, Mauritius Reported Earnings • Mar 27
Full year 2023 earnings released: EPS: MU₨1.08 (vs MU₨3.04 in FY 2022) Full year 2023 results: EPS: MU₨1.08 (down from MU₨3.04 in FY 2022). Revenue: MU₨1.35b (down 13% from FY 2022). Net income: MU₨23.7m (down 65% from FY 2022). Profit margin: 1.8% (down from 4.3% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to MU₨8.80, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 10x in the Chemicals industry in Africa. Total loss to shareholders of 30% over the past three years. New Risk • Nov 29
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 3.5% 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 Interest payments are not well covered by earnings (1.4x net interest cover). Market cap is less than US$10m (MU₨160.6m market cap, or US$3.64m). Minor Risk Share price has been volatile over the past 3 months (3.5% average weekly change). Reported Earnings • Nov 16
Third quarter 2023 earnings released: MU₨0.73 loss per share (vs MU₨0.52 profit in 3Q 2022) Third quarter 2023 results: MU₨0.73 loss per share (down from MU₨0.52 profit in 3Q 2022). Revenue: MU₨281.5m (down 28% from 3Q 2022). Net loss: MU₨16.1m (down 242% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 12
Second quarter 2023 earnings released: EPS: MU₨0.36 (vs MU₨0.08 loss in 2Q 2022) Second quarter 2023 results: EPS: MU₨0.36 (up from MU₨0.08 loss in 2Q 2022). Revenue: MU₨342.5m (down 1.9% from 2Q 2022). Net income: MU₨7.91m (up MU₨9.75m from 2Q 2022). Profit margin: 2.3% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to MU₨6.20, the stock trades at a trailing P/E ratio of 2x. Average trailing P/E is 9x in the Chemicals industry in Africa. Total loss to shareholders of 52% over the past three years. Board Change • Jul 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. 3 experienced directors. 5 highly experienced directors. Non Executive Director Christine Nguyen was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Jun 09
The Mauritius Chemical and Fertilizer Industry Limited, Annual General Meeting, Jun 30, 2023 The Mauritius Chemical and Fertilizer Industry Limited, Annual General Meeting, Jun 30, 2023, at 14:00 Mauritius Standard Time. Location: 2nd Floor, Harel Mallac Building 18 Edith Cavell Street Port Louis Mauritius Agenda: To consider the Annual Report 2022 of the Company; to receive the report of the Auditors of the Company for the year ended 31 December 2022; to consider and approve the audited financial statements of the Company for the year ended 31 December 2022; to take note, under section 200 of the Companies Act 2001, of the reappointment of Nexia Baker & Arenson, Chartered Accountants, as Auditors to hold office until the conclusion of the next Annual Meeting, and authorize the Board of Directors to fix their remuneration; to re-elect Mr. Alain Yanis Fayd'herbe de Maudave as director of the Company to hold office until the next annual meeting; and to consider other matters. Valuation Update With 7 Day Price Move • May 12
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to MU₨7.10, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 8x in the Chemicals industry in Africa. Total loss to shareholders of 45% over the past three years. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to MU₨8.80, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 8x in the Chemicals industry in Africa. Total loss to shareholders of 32% over the past three years. Reported Earnings • Mar 31
Full year 2022 earnings released: EPS: MU₨3.04 (vs MU₨0.51 in FY 2021) Full year 2022 results: EPS: MU₨3.04 (up from MU₨0.51 in FY 2021). Revenue: MU₨1.56b (up 31% from FY 2021). Net income: MU₨67.0m (up 499% from FY 2021). Profit margin: 4.3% (up from 0.9% 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 99% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 20% share price gain to MU₨9.70, the stock trades at a trailing P/E ratio of 5.4x. Average trailing P/E is 8x in the Chemicals industry in Africa. Total loss to shareholders of 24% over the past three years. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: MU₨0.52 (vs MU₨0.64 in 3Q 2021) Third quarter 2022 results: EPS: MU₨0.52 (down from MU₨0.64 in 3Q 2021). Revenue: MU₨390.6m (up 28% from 3Q 2021). Net income: MU₨11.4m (down 20% from 3Q 2021). Profit margin: 2.9% (down from 4.6% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 13
Third quarter 2022 earnings released: EPS: MU₨0.52 (vs MU₨0.64 in 3Q 2021) Third quarter 2022 results: EPS: MU₨0.52 (down from MU₨0.64 in 3Q 2021). Revenue: MU₨390.6m (up 28% from 3Q 2021). Net income: MU₨11.4m (down 20% from 3Q 2021). Profit margin: 2.9% (down from 4.6% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment deteriorated over the past week After last week's 20% share price decline to MU₨8.10, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 8x in the Chemicals industry in Africa. Total loss to shareholders of 46% over the past three years. Announcement • Jun 07
The Mauritius Chemical and Fertilizer Industry Limited, Annual General Meeting, Jun 28, 2022 The Mauritius Chemical and Fertilizer Industry Limited, Annual General Meeting, Jun 28, 2022, at 11:00 Coordinated Universal Time. Location: the 7th Floor, Harel Mallac Building, 18 Edith Cavell Street Port Louis Mauritius Agenda: To consider the Annual Report 2021 of the Company; to receive the report of the Auditors of the Company for the year ended 31 December 2021; to consider and approve the audited financial statements of the Company for the year ended 31 December 2021; to appoint Nexia Baker & Arensonas the Company's Auditors to hold office until the conclusion of the next Annual Meeting, and authorize the Board of Directors to fix their remuneration; and to transact other matters. Reported Earnings • May 12
First quarter 2022 earnings released: MU₨0.07 loss per share (vs MU₨0.34 loss in 1Q 2021) First quarter 2022 results: MU₨0.07 loss per share (up from MU₨0.34 loss in 1Q 2021). Revenue: MU₨299.7m (up 20% from 1Q 2021). Net loss: MU₨1.59m (loss narrowed 79% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS MU₨0.64 (vs MU₨1.34 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: MU₨305.6m (up 22% from 3Q 2020). Net income: MU₨14.2m (up MU₨43.6m from 3Q 2020). Profit margin: 4.6% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year whereas the company’s share price has fallen by 20% per year. Reported Earnings • Jun 27
First quarter 2021 earnings released: MU₨0.34 loss per share (vs MU₨1.21 loss in 1Q 2020) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2021 results: Revenue: MU₨249.5m (up 44% from 1Q 2020). Net loss: MU₨7.58m (loss narrowed 72% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • May 04
Full year 2020 earnings released: MU₨5.58 loss per share (vs MU₨10.51 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: MU₨859.4m (up 12% from FY 2019). Net loss: MU₨122.9m (loss narrowed 47% from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 16
New 90-day low: MU₨10.20 The company is down 18% from a price of MU₨12.40 on 16 December 2020. Underperformed the Mauritian market, which is down 1.0% over the last 90 days. Lagged the Chemicals industry, which is up 37% over the same period. Upcoming Dividend • Dec 23
Upcoming Dividend of MU₨0.32 Per Share Will be paid on the 18th of February to those who are registered shareholders by the 30th of December. The trailing yield of 2.5% is below the top quartile of Mauritian dividend payers (5.7%), and is lower than industry peers (5.3%). Is New 90 Day High Low • Nov 18
New 90-day low: MU₨12.40 The company is down 6.0% from its price of MU₨13.20 on 20 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 Chemicals industry, which is down 3.0% over the same period. Is New 90 Day High Low • Oct 19
New 90-day low: MU₨12.45 The company is down 6.0% from its price of MU₨13.20 on 21 July 2020. The Mauritian market is down 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is down 9.0% over the same period. Is New 90 Day High Low • Sep 30
New 90-day low: MU₨12.50 The company is down 5.0% from its price of MU₨13.20 on 02 July 2020. The Mauritian market is down 8.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 9.0% over the same period. 
