Mauritian multimillionaire businessman Pierre Guy Noel is set to pocket a MUR12.43-million ($291,520) dividend from MCB Group Limited.
MCB Group is the largest banking group in Mauritius.
The dividend will be paid from the profit of MUR8.24 billion ($194.5 million) that the leading lender posted at the end of its 2021 financial year, despite challenging economic and market conditions that exerted pressure on revenue lines across segments.
On Sept. 30, the Mauritius-based financial services holding reported a 3.1-percent growth in its profit from MUR7.99 billion ($186.20 million) a year ago to MUR8.24 billion ($194.5 million) at the end of its 2021 financial year.
Aside from the growth in its profits during the period, MCB Group emerged resilient, with its cash portfolio and total assets increasing from MUR71.57 billion ($1.67 billion) and MUR532.11 billion ($12.38 billion) in 2020 to MUR108.71 million ($2.53 billion) and MUR683.13 billion ($15.91 billion), respectively.
The resilient financial performance led the group to resume dividend payment after a year without dividends.
In reaction, the board declared a dividend of MUR9.50 ($0.221) per share payable on Dec. 21 on all the group’s issued shares. This brought the total dividend payable this year to MUR16.75 ($0.390) per share after it paid shareholders an interim dividend of MUR7.25 ($0.169) per share in July.
Pierre Guy Noel, the outgoing CEO of MCB Group, is expected to pocket a final dividend of MUR12.43 million ($291,520).
The final dividend payment will take his total dividend earnings from the Mauritian lender in 2021 to MUR21.91 million ($514,000) as the multimillionaire received an interim dividend of MUR9.48 million ($222,480) in July 2021.
As of press time, Oct. 4, shares in MCB Group were trading at MUR312.50 ($7.332) per share, 40-basis points higher than its opening price today.
At the current price valuation, the market value of Noel’s equity stake in the bank is valued at MUR408.72 million ($9.59 million), making him one of the wealthiest investors on the local bourse.
MC Group is a financial service holding headquartered in Port Louis, the capital city. It includes several subsidiaries and associates operating in three business clusters: banking, non-banking financial and other investments.