Board Change • May 20
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Akintayo Odeyemi was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 10
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Akintayo Odeyemi was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Mar 11
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₦13.7b (US$9.82m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (₦514m revenue, or US$369k). Market cap is less than US$10m (₦13.7b market cap, or US$9.82m). Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). Board Change • Mar 11
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Akintayo Odeyemi was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Feb 15
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 9.3% 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 Revenue is less than US$1m (₦514m revenue, or US$380k). Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (₦15.2b market cap, or US$11.2m). Reported Earnings • Feb 03
Full year 2025 earnings released: EPS: ₦0.055 (vs ₦0.08 loss in FY 2024) Full year 2025 results: EPS: ₦0.055 (up from ₦0.08 loss in FY 2024). Revenue: ₦513.8m (up 79% from FY 2024). Net income: ₦54.5m (up ₦133.2m from FY 2024). Profit margin: 11% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jan 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Revenue is less than US$1m (₦442m revenue, or US$311k). Market cap is less than US$10m (₦8.59b market cap, or US$6.05m). Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). Board Change • Jan 15
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Akintayo Odeyemi was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 01
Morison Industries Plc to Report Q4, 2025 Results on Jan 27, 2026 Morison Industries Plc announced that they will report Q4, 2025 results on Jan 27, 2026 Board Change • Dec 29
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Akintayo Odeyemi was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 04
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Akintayo Odeyemi was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 30
Morison Industries Plc, Annual General Meeting, Dec 04, 2025 Morison Industries Plc, Annual General Meeting, Dec 04, 2025, at 11:00 W. Central Africa Standard Time. Location: companys premises 28/30, morison crescent, oregun industrial area, ikeja, lagos Nigeria Board Change • Oct 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Akintayo Odeyemi was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 01
Morison Industries Plc to Report Q3, 2025 Results on Oct 28, 2025 Morison Industries Plc announced that they will report Q3, 2025 results on Oct 28, 2025 Announcement • Jul 04
Morison Industries Plc to Report Q2, 2025 Results on Jul 24, 2025 Morison Industries Plc announced that they will report Q2, 2025 results on Jul 24, 2025 Reported Earnings • Jun 07
First quarter 2025 earnings released: EPS: ₦0 (vs ₦0.015 loss in 1Q 2024) First quarter 2025 results: EPS: ₦0. Revenue: ₦91.5m (up 59% from 1Q 2024). Net loss: ₦18.6m (loss widened 26% from 1Q 2024). Board Change • May 30
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. 4 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). MD & Director Olusoji Oladejo was the last 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: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 04
Morison Industries Plc to Report Q1, 2025 Results on Apr 24, 2025 Morison Industries Plc announced that they will report Q1, 2025 results on Apr 24, 2025 Board Change • Feb 25
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. 4 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). MD & Director Olusoji Oladejo was the last 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jan 30
Full year 2024 earnings released: ₦0.047 loss per share (vs ₦0.10 loss in FY 2023) Full year 2024 results: ₦0.047 loss per share (improved from ₦0.10 loss in FY 2023). Revenue: ₦287.2m (up 98% from FY 2023). Net loss: ₦46.8m (loss narrowed 53% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Board Change • Jan 23
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. 5 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). MD & Director Olusoji Oladejo was the last 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: Lack of independent directors. Insufficient board refreshment. Announcement • Jan 01
Morison Industries Plc to Report Q4, 2024 Results on Jan 28, 2025 Morison Industries Plc announced that they will report Q4, 2024 results on Jan 28, 2025 Board Change • Dec 10
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. 5 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). MD & Director Olusoji Oladejo was the last 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 29
Third quarter 2024 earnings released: ₦0.002 loss per share (vs ₦0.008 loss in 3Q 2023) Third quarter 2024 results: ₦0.002 loss per share (improved from ₦0.008 loss in 3Q 2023). Revenue: ₦88.2m (up 67% from 3Q 2023). Net loss: ₦2.07m (loss narrowed 74% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 33% per year, which means it is well ahead of earnings. Announcement • Oct 01
Morison Industries Plc to Report Q3, 2024 Results on Oct 24, 2024 Morison Industries Plc announced that they will report Q3, 2024 results on Oct 24, 2024 Reported Earnings • Jul 09
Full year 2023 earnings released: ₦0.10 loss per share (vs ₦0.11 loss in FY 2022) Full year 2023 results: ₦0.10 loss per share (improved from ₦0.11 loss in FY 2022). Revenue: ₦145.2m (down 6.2% from FY 2022). Net loss: ₦98.7m (loss narrowed 8.1% from FY 2022). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. 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 11% 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 Less than 1 year of cash runway based on free cash flow trend (-₦28m free cash flow). Revenue is less than US$1m (₦145m revenue, or US$116k). Market cap is less than US$10m (₦2.30b market cap, or US$1.85m). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). New Risk • Jan 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₦28m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-₦28m free cash flow). Revenue is less than US$1m (₦145m revenue, or US$164k). Market cap is less than US$10m (₦3.34b market cap, or US$3.77m). Reported Earnings • Jul 30
Second quarter 2023 earnings released: ₦0.02 loss per share (vs ₦0.03 loss in 2Q 2022) Second quarter 2023 results: ₦0.02 loss per share (improved from ₦0.03 loss in 2Q 2022). Revenue: ₦25.3m (down 20% from 2Q 2022). Net loss: ₦23.3m (loss narrowed 31% from 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 68% per year, which means it is well ahead of earnings. Reported Earnings • Jun 15
First quarter 2023 earnings released: ₦0.02 loss per share (vs ₦0.01 loss in 1Q 2022) First quarter 2023 results: ₦0.02 loss per share (further deteriorated from ₦0.01 loss in 1Q 2022). Revenue: ₦31.0m (down 44% from 1Q 2022). Net loss: ₦21.5m (loss widened 67% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 53% per year, which means it is well ahead of earnings. Reported Earnings • Jan 30
Full year 2022 earnings released: ₦0.09 loss per share (vs ₦0.095 loss in FY 2021) Full year 2022 results: ₦0.09 loss per share (improved from ₦0.095 loss in FY 2021). Revenue: ₦154.9m (up 10% from FY 2021). Net loss: ₦91.5m (loss narrowed 2.6% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 63% per year, which means it is well ahead of earnings. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. MD & Director Olusoji Oladejo was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released: ₦0.03 loss per share (vs ₦0.015 loss in 3Q 2021) Third quarter 2022 results: ₦0.03 loss per share (further deteriorated from ₦0.015 loss in 3Q 2021). Revenue: ₦34.7m (down 24% from 3Q 2021). Net loss: ₦24.9m (loss widened 82% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 31
Second quarter 2022 earnings released: ₦0.03 loss per share (vs ₦0.026 loss in 2Q 2021) Second quarter 2022 results: ₦0.03 loss per share (down from ₦0.026 loss in 2Q 2021). Revenue: ₦31.4m (down 19% from 2Q 2021). Net loss: ₦33.8m (loss widened 58% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 28
First quarter 2022 earnings released: ₦0.01 loss per share (vs ₦0.02 loss in 1Q 2021) First quarter 2022 results: ₦0.01 loss per share (up from ₦0.02 loss in 1Q 2021). Revenue: ₦55.6m (up 91% from 1Q 2021). Net loss: ₦12.8m (loss narrowed 36% from 1Q 2021). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. MD & Director Olusoji Oladejo was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ₦0.08 loss per share (up from ₦0.11 loss in FY 2020). Revenue: ₦140.6m (up 15% from FY 2020). Net loss: ₦79.5m (loss narrowed 26% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 01
Third quarter 2021 earnings released: ₦0.01 loss per share (vs ₦0.014 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: ₦45.6m (up 49% from 3Q 2020). Net loss: ₦13.7m (loss widened 3.6% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 51% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 03
Second quarter 2021 earnings released: ₦0.02 loss per share (vs ₦0.02 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ₦43.5m (up 52% from 2Q 2020). Net loss: ₦16.7m (loss narrowed 18% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 41% per year whereas the company’s share price has increased by 37% per year. Reported Earnings • Apr 04
Full year 2020 earnings released: ₦0.11 loss per share (vs ₦0.11 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: ₦122.0m (up 42% from FY 2019). Net loss: ₦107.3m (loss widened 2.5% from FY 2019). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Mar 04
New 90-day high: ₦0.60 The company is up 22% from its price of ₦0.49 on 04 December 2020. The Nigerien market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Household Products industry, which is up 2.0% over the same period. Is New 90 Day High Low • Feb 09
New 90-day high: ₦0.55 The company is up 2.0% from its price of ₦0.54 on 11 November 2020. The Nigerien market is up 18% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Household Products industry, which is also up 2.0% over the same period. Is New 90 Day High Low • Nov 12
New 90-day low: ₦0.49 The company is down 18% from its price of ₦0.60 on 14 August 2020. The Nigerien market is up 35% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Household Products industry, which is down 2.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: ₦0.54 The company is down 10.0% from its price of ₦0.60 on 28 July 2020. The Nigerien market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Household Products industry, which is up 8.0% over the same period. Is New 90 Day High Low • Sep 28
New 90-day high: ₦0.64 The company is up 7.0% from its price of ₦0.60 on 30 June 2020. The Nigerien market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Household Products industry, which is down 8.0% over the same period. 
