Key highlights for the year ended 30 June 2024 compared to the corresponding year ended June 2023:
Profit reaches new heights:
• Profit after tax (PAT) increased by 17% to MUR 5.0 bn, compared to last year’s MUR 4.3 bn
• Earnings per Share increased by 6%, reaching MUR 1.66, with Profit Attributable to Owners improving to MUR 2.8 bn from MUR 2.7 bn.
• A 14% increase in dividends to MUR 0.32 per share was declared for the 2024 financial year.
Improved operational efficiency and strategic gain:
• EBITDA increased by 6% to MUR 7.5 bn from MUR 7.1 bn.
• The Group’s strategic focus on diversification, innovation and operational efficiency across its clusters, led to an improved EBITDA margin of 21.3%, up from 20.0%.
• In line with its sustainable development in the Southeast region, the Group benefited from the sale of land of MUR 362M in the Property cluster.
Continued financial discipline:
• EBITDA increased by 6% to MUR 7.5 bn from MUR 7.1 bn.
• Free Cash Flow from operations was maintained at MUR 4.2 bn
• Group Net Interest-Bearing Debt decreased to reach MUR 11.3 bn, resulting in a reduction of the gearing ratio from 28.6% in the previous year to 25.1%.
Solid revenue performance:
• CIEL remains one of the most international, Mauritian group.
• The portfolio continues to show strong growth, with 55% of its turnover being derived from international operations.
• This equates to 50% of the revenue generated in hard currencies (Euros, USD & GBP).
Commenting on the results, Guillaume Dalais, Group Chief Executive of CIEL Limited said: “Our diversified portfolio and international exposure have allowed us to tap into the right opportunities and deliver solid results this year. Our strategic investments have positioned us for long-term growth, and we will continue to stay agile to capitalise on market opportunities, ensuring sustained growth and value creation.”
Cluster Review – Diversified portfolio elevates the Group’s 2024 annual results
Hotels & Resorts
• The positive trend in tourist arrivals, along with an 11% increase in RevPAR driven by higher average room rates, continued to enhance the cluster’s performance.
• Revenue increased by 8%, reaching MUR 8.7 bn for the year ended 30 June 2024, compared to MUR 8.1 bn in the prior year.
• The prudent management of cost pressures, including inflationary impacts, led to a 7% increase in EBITDA to MUR 2.6 bn from MUR 2.4 bn.
• PAT increased by 32% to MUR 2.0 bn from MUR 1.5 bn in the prior year, positively impacted by an increase in the share of profit of one of its associated undertakings for an amount of MUR 372M.
Textile
• The cluster faced a challenging global retail market environment, resulting in softer demand and lower sales volumes, predominately impacting our regional operations.
• Despite these headwinds, the operations in India delivered strong performances. EBITDA decreased to MUR 1.7 bn, down from MUR 2.0 bn, impacted by the drop in volume, inflationary pressures and exceptional reorganisation costs incurred in the region.
• Profit after tax stood at MUR 797M from MUR 1.1 bn last year.
Finance
• The finance cluster continued to deliver consistent revenue growth, achieving a 10% increase to MUR 5.7 bn for the 2024 financial year from MUR 5.1 bn.
• The increase in revenue and better cost management led to a 30% increase in EBITDA to MUR 2.1 bn.
• The cluster’s profit after tax increased to MUR 1.6 bn from MUR 1.1 bn, mainly due to lower IFRS 9 provisions at BNI level of MUR 139M (FY23: MUR 304M).
• This performance was primarily driven by improved net banking income at BNI Madagascar, supported by a higher asset base and improved interest rate margins.
• Bank One improved its share of results for the Group to MUR 333M compared to MUR 320M in the previous year.
Healthcare
• The healthcare cluster maintained its growth momentum, recording an 18% increase in revenue to MUR 4.9 bn for the financial year ended 30 June 2024, up from MUR 4.1 bn in the previous year.
• EBITDA rose to MUR 925M compared to MUR 803M last year, underscoring the effectiveness of operational cost management despite significant pressures on staff costs in Mauritius.
• This growth reflects continued efforts in modernising facilities and enhancing patient care across operations in Mauritius and Uganda.
• Profit after tax was flat on the prior year at MUR 350M, largely due to strategic investments in medical equipment and infrastructure that resulted in higher depreciation and financing costs as well as professional fees relating to the acquisition of Centre Technique Biomédical in Madagascar and the launch of the C-Care Kenya office.
Properties
• The property cluster increased revenue by 14% to MUR 234M up from MUR 206M in the previous year, supported by an occupancy rate of 98.6% in the Evolis property portfolio.
• EBITDA improved to MUR 365M largely due to the profit on the strategic sale of land at Ferney in the second quarter.
• Profit after tax reached MUR 302M, a 51% improvement from MUR 200M in the prior year.
• The year also held the successful issuance of the first tranche of notes to the value of MUR 640M in the first quarter of FY24 for building regeneration and portfolio expansion at Evolis and the securing of a MUR 435M sustainable loan for Ferney Development Ltd reflecting the cluster’s commitment to sustainable growth.
Agro
• Alteo’s Agro-business had a good performance, particularly due to higher sugar prices and improved agricultural operations, which helped to mitigate the less favourable outcome in the property segment due to the cyclical nature of residential project deliveries.
• EMIWA Sugar Limited, operating in Kenya and Tanzania, encountered a decrease in profitability. The Tanzanian operations were particularly impacted by lower production volumes and sales due to factory outages and poor cane quality caused by heavy rainfall during the harvest season.
• In Kenya, while production was hampered by a shortage of cane supply, the adverse effects were partially mitigated by the favourable increase in sugar prices.
• CIEL’s share of profit from the Agro cluster decreased to MUR 293M from MUR 306M in the prior year.
