A FUTURE BUILT
TO LAST
Since its creation in 1953, the history of UBP has been deeply rooted into the growth and progress of Mauritius. As the nation evolved, so too did UBP. From infrastructure projects that connect communities, to solutions that empower several industries, UBP emerged as a cornerstone of the construction landscape and social fabric of Mauritius.
Over the decades, our Company has evolved into a dynamic and resilient organisation, poised to seize new opportunities, and ready to face future challenges with the same resolve that has defined its past.
On July 01, 2024, UBP achieved another milestone by acquiring the construction division of Groupe Leandri, a well-respected group in the building and civil engineering sector in Reunion Island. Beyond being a business transaction, this strategic move heralds a pivotal chapter in UBP’s growth history, exemplifying its commitment to enhancing its reach and impact beyond Mauritian borders, grounded in its long-lasting expertise and setting the stage for a rock-solid future.
FINANCIAL
HIGHLIGHTS
FOR FINANCIAL YEAR 2024
REVENUE
Rs 5.1 billion
Our Group revenue for FY 2024 increased by 9.7% (+Rs 451 million) compared to the previous year to reach Rs 5.1 billion. This rise was attributable mainly to our core business activities. FAST (Flacq Associated Stonemasters Limited), which was consolidated as a subsidiary for the entire financial year under review, contributed Rs 168.4 million to the revenue increase for the financial year, while Premix, our ready-mixed concrete subsidiary, contributed to Rs 117.5 million.
REVENUE SHARE BY SEGMENT
CORE BUSINESS
74 %
RETAIL
23 %
AGRICULTURE
3 %
+47.6% VS 2023
Rs 7.44
Earnings per share 2024
SHARE PRICE 2024
Rs 86.00
-14.0% vs 2023
-34.5% since 5 years
Rs Nil for 2023
Rs 1.75
Dividend per share 2024
OVER THE PAST 5 YEARS
53.6 %
Average dividend payout ratio
- 6.1 %
Compound average annual
total shareholders return
over the past 5 years
- 8.1 %
Compound average annual
GROWTH RATE OF SHARE PRICE
over the past 5 years
GROUP REVENUE 2024
Rs 5.1 Billion
+9.7% VS 2023
+58.0% SINCE 5 YEARS
+29.0% VS 2023
Rs 330.8 Million
Operating Profit 2024
Rs 208.6 Million
Net Profit 2024
CHAIRMAN'S
STATEMENT
Dear shareholders,
I am pleased to report a very encouraging and satisfactory performance for the UBP Group after a year of significant transition. FY2024 saw a continuation of our strategic journey, highlighted by the completion of a major acquisition on July 01, 2024. This pivotal move demanded substantial focus from our management teams, who have not only successfully led the acquisition of the new entities in Reunion Island, but also managed to cross key milestones, including the integration of FAST and the turnaround of Premix.
Overview of the macroeconomic context and its impact on UBP
Mauritius’ construction sector is in expansion, driven by strong demand for residential properties and significant investments in infrastructure development and modernisation. Yet, FY2024 presented a challenging landscape for UBP, marked by rising costs across several key areas. Labour expenses, financing costs, and maintenance outlays have all increased significantly, influenced by a combination of external factors. The escalation in prices for critical materials, coupled with higher labour expenses and the large number of public and private projects underway, has led to considerable increases in construction costs. Along with this, financing costs increased from Rs 107.3 million to Rs 151.0 million in 2024, due to increased borrowings to finance the acquisitions of Premix and FAST over the past two years, coupled with higher interest rates.
GROUP CEO'S
INTERVIEW
BUILDING A ROCK-SOLID FUTURE
In last year’s report, you anticipated a challenging FY2024 due to a VUCA environment. How did these challenges materialise, and how did they impact the Group?
As expected, challenges abound in FY2024. High inflation kept interest rates on the rise throughout the year, significantly increasing our borrowing costs for newly acquired entities. Meanwhile, raw material prices continued their upward trajectory, casting a shadow over UBP’s operations and affecting players along the entire value chain. Although we maintained strong sales volumes from larger clients, the individual segment, including SMEs and small businesses who are central to our ecosystem, experienced a slowdown. These more price-sensitive players were forced to either delay, reconsider, or even cancel their construction or renovation projects. Additionally, the industry is grappling with labour shortages and escalating labour costs, which particularly affected Espace Maison’s operations, undermining its ability to maintain service excellence.
ABOUT US
STRATEGY
OUR PERFORMANCE
REUNION ISLAND
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
FULL REPORT
ABOUT US
STRATEGY
OUR PERFORMANCE
REUNION ISLAND
CORPORATE GOVERNANCE
FINANCIAL STATEMENTS
FULL REPORT
Dear shareholders,
The Board of Directors of UBP is pleased to present its Integrated Report for the year ended June 30, 2024, covering the performance and the operations of the Group, covering our five main companies: The United Basalt Products Limited (UBP), Premix Ltd (Premix), Drymix Ltd (Drymix), Espace Maison Ltée (Espace Maison), Compagnie de Gros Cailloux Limitée (Gros Cailloux, and a focus on our newly-acquired group of companies in Reunion Island.
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.
Stéphane Ulcoq
Group CEO