Key highlights
• Group revenue increased by 10% to MUR 20.7 bn, mainly supported by the strong performance at Sunlife hotels in Mauritius, improved banking income at BNI Madagascar and continued growth at C-Care both in Mauritius and Uganda.
• EBITDA rose to MUR 4.1 bn, highlighting the Group’s sustained operating performance and continued focus on efficiency. This was achieved notwithstanding a weaker contribution from the Textile cluster, as regional operations were impacted by uncertainty surrounding the renewal of AGOA. The Group EBITDA margin strengthened to 20.0%.
• Profit after tax was up to MUR 2.2 bn, reflecting strengthened broad-based contributions across most clusters.
• Profit attributable to owners remained broadly on par with the corresponding period last year at MUR 1.11 bn, translating into earnings per share of MUR 0.65.
• Free cash flow totalled MUR 1.4 bn for the semester, marked by higher operating income and lower recurrent capital expenditure.
• Net interest-bearing debt stood at MUR 17.2 bn, reflecting funding requirements for hotel renovations within the Riveo portfolio, CIEL’s consolidation of its investment in the Healthcare cluster and higher working capital requirements for the six-month period under review. The Group’s gearing ratio stood at 32.0%, with Net Debt to EBITDA at 2.2x.
Commenting on the results, Guillaume Dalais, Group Chief Executive of CIEL Limited said: “The diversification of our portfolio continues to strengthen the Group’s resilience. Our Healthcare and Financial Services clusters, in East Africa, remain on a strong growth trajectory. Recent international trade developments around AGOA, together with growing trade engagement between India, the US and the EU, are also providing a more favourable outlook for our Textile operations and reinforce our strategic ambition to strengthen our manufacturing platform in India, positioning us well to deliver sustainable growth.”
Cluster Review
Hotels & Resorts
• Hotels & Resorts delivered a strong performance, underpinned by continued momentum across the Sunlife portfolio and the ramp-up of Shangri-La Le Touessrok at Riveo, following its reopening.
• Revenue rose 22% to MUR 5.4 bn, supported by a 10% increase in RevPAR at Sunlife and sustained demand across key markets.
• EBITDA increased to MUR 1.5 bn driven by strong margins and cost discipline at Sunlife.
• Profit after tax grew to MUR 704M, attributable to higher profitability at Sunlife, partly offset by renovation-related losses at Riveo and additional tax charges under new government measures.
Textile
• Revenue for the cluster was stable at MUR 8.5 bn, reflecting pressure in regional operations linked to uncertainty around AGOA renewal, partly mitigated by continued positive momentum in Asia.
• EBITDA amounted to MUR 690M, reflecting margin pressure, restructuring costs, and lower contributions from certain business segments.
• Profit after tax declined to MUR 235M, driven by lower profitability in the region, moderated by the stronger contribution from the Indian shirt operations in the second quarter.
• The cluster remains focused on operational optimisation and the continued strengthening of its manufacturing platform in India.
Finance
• The Finance cluster reported year-on-year revenue growth of MUR 3.4 bn, mainly on account of a higher asset base at BNI Madagascar and improved interest rate conditions.
• EBITDA increased to MUR 1.3 bn due to a higher net interest margin.
• Profit after tax was MUR 956M, despite a lower share of profit from Bank One of MUR 132M.
Healthcare
• The cluster continued its positive trend across both Mauritius and Uganda. Revenue increased to MUR 3.3 bn from MUR 2.7 bn, benefitting from higher activity at C-Lab, expanded capacity at both C-Care Wellkin and C-Care Darne Hospitals, together with continued strong traction in clinic volumes in Uganda.
• EBITDA improved over the period to reach MUR 691M, supported by operating leverage from revenue growth and continued operational efficiencies.
• Profit after tax grew by 43% to MUR 281M.
Properties
• Revenue increased by 13% to MUR 185M, supported by recurring rental income from the Evolis portfolio and continued progress across the development pipeline.
• EBITDA increased year-on-year to reach MUR 45M and Profit after tax was at breakeven, for the corresponding six-month period.
• The Ferney Farm Living Project has been completed, with plot sales expected to bring a positive contribution in the second half of this financial year.
Agro
• The share of profit for the semester increased to MUR 205M.
• Miwa Sugar delivered solid results, as a result of higher sugar sales volumes, favourable pricing conditions and enhanced operational efficiency.
• Alteo reported a steady performance despite varied sector conditions, supported by improved sugar production and higher volumes of special sugars, partly offset by a lower contribution from Property activities in line with the project development cycle.
