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Celebrating
70 Years of
building emotions

As we celebrate UBP’s 70th anniversary, we commemorate seven decades in the construction industry, looking both at our past accomplishments with pride and at the future and its endless possibilities with hope. We thank our dedicated employees, visionary leadership, and supportive shareholders for their pivotal roles in our enduring success.

During Mauritius’ darkest times, UBP supported the country in building solid foundations for the nation: after cyclone Carole in 1960, we industrialised the production of concrete blocks to meet urgent needs. Amid the pandemic, we prioritised the safety of Mauritians and our employees, standing in solidarity.

For this occasion, we place a strong emphasis on celebrating our employees and thus honour in a unique and befitting way seven exceptional employees and partners, our “emotion-building heroes,” representing various trades. To celebrate our anniversary, we are holding eight nationwide exhibitions of photos showcasing UBP’s major milestones, which started at Bagatelle Mall. In October 2023, we launched the “Creative Challenge,” promoting sustainability and citizen engagement with Smart Blocks. The festivities will wrap up in December 2023. Learn more about our exciting celebrations and activities on dedicated sections of the digital version of the Integrated Report.

Here’s to 70 years of building emotions and – paving the way forward – to many more to come!

FINANCIAL HIGHLIGHTS

Financial highlights of FY2023

Our Group revenue for FY2023 increased by 15.0% to Rs 4.7 billion (FY2022 – Rs 4.1 billion). Premix Ltd(formerly Pre-Mixed Concrete Limited), has been consolidated as a subsidiary for the entire financial year under review, and contributed Rs 330.9 million to the revenue increase for the financial year while FAST (Flacq Associated Stonemasters Limited), acquired on March 31, 2023, contributed Rs 36.0 million.

GROUP
REVENUE 2023

Rs 4.7 Billion

+15%

over 2022

+60%

since 5 years

OPERATING
PROFIT 2023

Rs 247.7 million

+21%

over 2022

NET PROFIT
2023

Rs 142 million

EARNINGS PER SHARE
2023

Rs 5.04

+297.6%

vs 2022

SHARE PRICE
2023

Rs 100.00

-28.1%

vs 2022

-20.3%

Since 5 years

REVENUE SHARE BY SEGMENT

DIVIDEND PER SHARE
2023

Rs Nil

Rs 3.00

per share for 2022

AVERAGE DIVIDEND
PAYOUT RATIO 2023

65.9%

OVER THE PAST 5 YEARS

COMPOUND AVERAGE
ANNUAL TOTAL
SHAREHOLDERS’
RETURN

- 2.3%

OVER THE PAST 5 YEARS

COMPOUND AVERAGE
ANNUAL GROWTH
RATE OF
SHARE PRICE

- 4.4%

OVER THE PAST 5 YEARS

Chairman’s Message

Dear shareholders,

One year has passed since I assumed the chairmanship of the UBP. In reflecting on what has been a challenging year for the Group, I am pleased to report on a year of transition, rationalisation and optimisation. Although our financial results do not reflect the progress made, the Group built scale in its core markets, completed large-scale projects to modernise its production processes, continued to focus squarely on its ambitious environmental agenda, and opened new windows of opportunity for expansion.

PERFORMANCE AND MARKET ENVIRONMENT IN FY2023

The world is in a better position since exiting the pandemic. Mauritius is on an encouraging growth trajectory, supported by the rebound in tourism and significant investment in property development and infrastructure projects. Although demand is strong, supply-side challenges made it difficult to fulfil them.

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CEO’s Message

LAST YEAR, UBP GROUP HAD WHAT YOU CALLED A ‘BREAKTHROUGH’ FINANCIAL YEAR. WAS THIS MOMENTUM PURSUED INTO FY 2023?

UBP Group delivered a satisfactory 15% increase in revenue and a turnaround performance in terms of net profit due to the exceptional goodwill impairment of Premix Ltd in FY 2022. Having said that, I would not characterise FY 2023 as a breakthrough year. The upsurge in imports, fuel, electricity and maintenance costs significantly impacted our core businesses locally, leading to escalated production costs and logistics expenses, and severely affecting our profit margins. However, our net result for the year benefitted from the reversal of provisions on staff-related costs, retirement benefit liabilities, inventories and expected credit losses during the last quarter of the financial year.

Financial Highlight

Strategy

About us

Performance

Governance

Financial Statement

Full Report

Financial Highlight

Strategy

About us

Performance

Governance

Financial Statement

Full Report

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Dear Shareholders,

The Board of Directors of UBP is pleased to present its Integrated Report for the year ended June 30, 2023 covering the performance and the operations of the Group, with a focus on our five main companies: The United Basalt Products Limited (UBP), Premix Ltd (Premix), Drymix Ltd (Drymix), Espace Maison Ltée (Espace Maison) and Compagnie de Gros Cailloux Limitée (Gros Cailloux).

FORWARD-LOOKING STATEMENTS

This report contains certain forward-looking statements regarding the results and operations of the Group, which, by their nature, involve risk and uncertainty, because they depend on circumstances that may or may not occur in the future. Although forward-looking statements contained in this presentation are based upon what management believes are reasonable assumptions, undue reliance should not be placed on them.

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Stéphane Ulcoq
Group CEO