Mauritius Dividend Tracker 2026: SEM Companies That Have Paid and What's Still Due

Last updated: April 24, 2026 | Reading time: ~9 minutes

Mauritius runs one of the most investor-friendly dividend environments on the continent. The Stock Exchange of Mauritius (SEM) has no dividend withholding tax for either resident or non-resident shareholders — a distinction that makes it unique among African exchanges. While the market is smaller than the JSE or NSE by capitalisation, several of its blue-chip names — MCB Group, Vivo Energy Mauritius, SBM Holdings, and New Mauritius Hotels — pay consistent, growing dividends that deserve attention from any investor tracking African income opportunities.

This tracker covers SEM-listed companies with declared 2026 dividend events, amounts stated in Mauritius rupees (MUR) per share, gross before any applicable tax.

Quick summary:

• 3 companies have paid or are paying dividends in Q1–Q2 2026 based on confirmed announcements: Vivo Energy Mauritius, New Mauritius Hotels, and Mauritius Oil Refineries.
• SBM Holdings declared a dividend on March 30, 2026, with payment imminent.
• MCB Group — the SEM's largest company — pays its interim in July and final in December; H1 2026 payments are expected in those months.
• Mauritius applies 0% dividend withholding tax for both residents and non-residents on dividends from locally domiciled companies — the most favourable dividend tax in Africa.

> Track live Mauritius market data on Mansa Markets, compare the SEM with other African exchanges on the markets page, or read our full guide to how the SEM works.

## Companies That Have Paid or Are Paying in 2026

All amounts are in Mauritius rupees (MUR) per share. Mauritius applies 0% withholding tax on dividends from locally domiciled companies, so declared amounts equal what shareholders receive.

Notes:

• Vivo Energy Mauritius declared its final dividend of 12.05 MUR per share on March 27, 2026, bringing its full FY2025 total to 15.60 MUR per share (interim 3.55 + final 12.05). The dividend yield on the full-year amount is approximately 3.74%.
• New Mauritius Hotels raised its ordinary dividend 40% year-on-year to 0.70 MUR per share for FY ended June 2025. The preference dividend — a smaller, fixed-rate payment to preference shareholders — was also confirmed with an ex-date of February 25, 2026.
• Mauritius Oil Refineries declared its 0.50 MUR interim in late 2025 with payment falling in early 2026. The annualised payout runs at approximately 1.30 MUR per share, implying a dividend yield of around 8.1% — one of the highest nominal yields on the SEM.
• SBM Holdings made a dividend announcement on March 30, 2026. The per-share amount had not been formally published in publicly accessible filings at the time of this update; confirmation is expected from SBM investor relations shortly.

## MCB Group — The Dividend to Watch in H2

MCB Group is the SEM's largest company by market capitalisation and the most closely tracked dividend payer on the exchange. Its annual dividend for FY2025 was 24.00 MUR per share, equivalent to a yield of approximately 5.14%. MCB follows a twice-yearly payment structure:

• Interim dividend: paid in July (covering October–March earnings period)
• Final dividend: paid in December (full-year, after March year-end results)

This means no MCB dividend payment falls in Q1 2026. Investors expecting H1 cash from MCB should note the July timeline. MCB's track record of annual dividend growth and its dominant position in Mauritius banking — and increasingly across East and Southern Africa — make it one of the most cited SEM income stocks.

The bank reported strong FY2025 results and there is no indication of a dividend cut. The 2026 interim (July) will be the first MCB cash event in the current calendar year.

## What Stood Out This Season

Vivo Energy Mauritius delivered a front-loaded year. The combined 15.60 MUR full-year payout, with the bulk (12.05 MUR) arriving as the final in early 2026, makes Vivo Energy the standout cash event of the current reporting period. Its downstream fuel distribution model produces consistent cash flows that management has reliably returned to shareholders. At a 3.74% yield on recent prices, it competes credibly with Mauritian bank deposit rates.

New Mauritius Hotels raised its ordinary dividend 40%. NMH lifted its payout from 0.50 MUR to 0.70 MUR — a meaningful increase from a hospitality company that was still recovering from post-pandemic revenue compression in previous years. The 40% raise signals that management sees the recovery as consolidated enough to share meaningfully with shareholders.

Mauritius Oil Refineries offers the SEM's standout yield. At an annualised 1.30 MUR and a yield approaching 8.1%, MOIL punches above its weight as an income stock relative to its market profile. It is a smaller-cap name that does not receive as much coverage as MCB or Vivo Energy, but income-oriented investors tracking the SEM have taken note.

SBM Holdings returned to dividend declarations. Following a period of balance sheet recalibration, SBM's March 2026 announcement signals the bank is comfortable enough in its capital position to resume distributions. The specific per-share amount will confirm whether this is a symbolic gesture or a meaningful yield.

## Upcoming Names to Monitor

Rogers and ENL merged in July 2025 to form the combined entity now operating as Almarys Limited. The merged group's first full dividend cycle under the new structure will be watched carefully — Rogers had previously paid approximately 0.61 MUR per share in January 2025.

## Why Mauritius Has the Best Dividend Tax in Africa

Mauritius applies 0% withholding tax on dividends paid by Mauritius-resident companies to both resident and non-resident shareholders. This is the unambiguous standout feature of the SEM as an income investment destination.

Compare this with the other major African exchanges:

The Mauritius advantage compounds quickly. On a gross declared dividend of 24.00 MUR (MCB Group's FY2025 figure), a South African JSE investor would net only 19.20 MUR equivalent after the JSE's 20% DWT. A Mauritius shareholder receives all 24.00 MUR.

There are no complex DTA forms to file, no treaty-rate applications, and no partial exemption claims to navigate. The 0% applies by default, by statute, on all ordinary dividend payments from locally domiciled SEM companies.

Two things to note for foreign investors:

• If you receive dividends in Mauritius but are a tax resident elsewhere, your home jurisdiction may tax those dividends as foreign income. The 0% Mauritian WHT does not protect you from your own country's tax law.
• Mauritius introduced an Alternative Minimum Tax (AMT) from July 1, 2026 for certain sectors (hotels, insurance, financial intermediation, real estate, telecoms). This applies at the company level and does not affect the shareholder WHT treatment, but may influence the earnings base from which dividends are paid.

## How SEM Dividends Are Paid

Dividend payments on the SEM flow through the Central Depository System (CDS), operated by the Stock Exchange of Mauritius. The mechanics are straightforward:

1. A listed company announces a dividend, setting a book closure date (the record date equivalent). Shareholders on the register at close of business on that date qualify.
2. The company lodges the dividend funds with its paying agent or registrar.
3. The registrar credits dividend payments to the bank accounts of CDS-registered shareholders within the stated payment period — typically two to four weeks after the book closure date.
4. No tax is deducted at source. The gross amount is what you receive.

For investors holding SEM shares through a Mauritian broker, the CDS account is typically opened as part of the account setup process. Foreign investors accessing the SEM through a DMA arrangement or international custodian need to confirm that their custodian passes dividend cash-flows through to their nominated account promptly.

## FAQ

How many Mauritius SEM companies have paid dividends in 2026 so far?

At least three — Vivo Energy Mauritius, New Mauritius Hotels, and Mauritius Oil Refineries — have made 2026 dividend payments based on confirmed announcements. SBM Holdings declared a dividend on March 30, 2026, with payment pending confirmation of the per-share amount. MCB Group, the SEM's largest company, pays its 2026 dividends in July (interim) and December (final).

Is there withholding tax on Mauritius dividends?

No. Mauritius applies 0% withholding tax on dividends from locally domiciled SEM-listed companies for both resident and non-resident shareholders. This is confirmed by PwC Mauritius Tax Summaries and the Mauritius Revenue Authority. Note that your own country may still tax Mauritius dividends as foreign income under domestic rules.

What is MCB Group's dividend payment schedule?

MCB Group pays twice a year: an interim dividend in July (covering the first half of its October–March financial year) and a final dividend in December after full-year results are published. MCB paid 24.00 MUR per share in total for FY2025, yielding approximately 5.14% on recent market prices.

What is the ex-dividend date and how does it work on the SEM?

The SEM uses a book closure date system rather than a standalone ex-dividend date. The company announces a date after which the share register is "closed" to new qualifying shareholders. To receive the dividend, your CDS account must show you as a registered holder before the book closure date. Trades settling on or after book closure do not qualify.

Can foreign investors access SEM dividends?

Yes. The SEM has been open to foreign investors since 1994. Foreign shareholders holding SEM-listed shares through a CDS account receive dividend payments like any other holder — and benefit from the same 0% Mauritius WHT. Confirm with your broker or custodian that your CDS account has a linked bank account for dividend crediting.

How does SBM Holdings compare with MCB Group as a dividend stock?

MCB Group is the larger, more established dividend payer, with a long track record of consistent annual payouts and a current yield around 5%. SBM Holdings has gone through a more turbulent period and is resuming distributions after balance sheet consolidation. MCB is generally the higher-conviction dividend name; SBM represents a potential recovery story with less predictable payout history in recent years.

## Sources

• Stock Exchange of Mauritius (SEM) official corporate announcements — sem.intnet.mu
• Vivo Energy Mauritius investor relations — dividend announcements FY2025 interim and final
• New Mauritius Hotels PLC investor relations — FY2025 ordinary and preference dividend announcements
• Mauritius Oil Refineries Ltd (MOIL) — interim dividend filing, November 2025
• SBM Holdings investor relations — dividend communiqué, March 30, 2026
• MCB Group investor relations — FY2025 annual results and dividend history (mcbgroup.com)
• AfricanFinancials — SEM company filings and dividend data (africanfinancials.com)
• PwC Mauritius Worldwide Tax Summaries — Corporate withholding taxes, dividend treatment (taxsummaries.pwc.com/mauritius)
• Mauritius Revenue Authority — Income tax guidance on dividends
• African Markets — SEM dividend tracker (african-markets.com/en/stock-markets/sem/dividends)

This tracker is for informational purposes only and does not constitute investment advice. Declared amounts and dates can change if companies amend payment schedules after publication.