Ebene, 14 November 2024 – CIEL Group maintains a solid performance with key capital investments.
Key highlights
• CIEL Group focused on growth through investments in key projects, including renovating Shangri-La Le Touessrok and increasing its stake in C-Care International Limited from 53.03% to 63.47%.
• The Group delivered a strong performance, with revenue for the period reaching MUR 8.8bn, consistent with CIEL’s expectations and driven by strong contributions from the Finance & Healthcare clusters.
• EBITDA stood at MUR 1.5 bn in line with the prior period, despite the Shangri-La Le Touessrok Hotel’s temporary closure for renovation. The proactive operational efficiencies across the portfolio mitigated inflationary and wage pressures.
• Profit After Tax was at MUR 772M reflecting a lower share of profit from the Agro-cluster.
• Profit Attributable to Owners amounted to MUR 455M, resulting in an Earnings per Share of MUR 0.27 from MUR 0.35.
• Free Cash Flow amounted to MUR 451M reflecting the capital expenditure program in the Hotels & Resorts and Healthcare clusters and higher working capital requirements from theTextile cluster, both in alignment with our growth strategy.
• Net Interest-Bearing Debt stood at MUR 13.0 bn, driven by the strategic investments.
• The gearing ratio remains at a healthy 27.7% at 30 June 2024.
Commenting on the results, Jérôme De Chasteauneuf, Group Finance Director of CIEL Limited said, “As CIEL navigates the complexities of the global economy, adhering to a disciplined & efficient capital investment program will be essential for achieving sustained financial performance and creating value for our shareholders. Embracing this philosophy will not only drive long-term earnings growth but also position the Group to thrive in an ever-changing business landscape.”
Cluster Review
Hotels & Resorts
• The Sunlife portfolio in the cluster, delivered a solid performance in a seasonally low quarter for the industry.
• EBITDA stood at MUR 230M despite the temporary closure of Shangri-La Le Touessrok for renovations and the recent Wage Relativity Adjustment due to the revised Hospitality Remuneration Order. Profit for the period stood at MUR 12M.
• Prospects for the second quarter are positive with the successful reopening of Shangri-La, favourable forward bookings and the ongoing development of La Pirogue Residences.
Finance
• The Finance cluster continued to deliver a solid operational performance, with revenue increasing by 10% to MUR 1.5 bn for the first quarter, driven by higher net banking income at BNI Madagascar.
• EBITDA stood at MUR 551M due to a contraction in the interest margin resulting from increased funding costs.
• Profit after tax reached MUR 472M, largely due to the reversal of prior period provisions at BNI Madagascar.
• The share of results of Bank One also improved, with a profit of MUR 115 million.
Textile
• The Textile cluster reported revenue of MUR 4.2 bn.
• EBITDA increased by 15% to MUR 424M, driven by a more favourable product mix coupled with effective cost management and improved operational efficiencies.
• Profit After Tax rose by 23% to reach MUR 184M.
• The outlook remains positive, driven by sustained and increasing sourcing demand from global retailers, particularly for our Indian operations.
Healthcare
• The Healthcare cluster demonstrated steady progress in this quarter, with revenue increasing by 19% to MUR 1.3 bn.
• EBITDA increased by 19% to MUR 273M, reflecting strong cost discipline despite rising staff costs and other inflationary pressures.
• Profit after tax rose by 26% to MUR 112M, despite higher depreciation costs linked to the ongoing capital expenditure programme.
• Revenue growth was supported by new revenue streams from the completion of key projects in Mauritius, including the launch of the oncology unit at Darne, increased capacity at Wellkin and the opening of the new clinic in Grand Baie.
• In Uganda, continued higher admissions and outpatient cases led to a 24% growth in revenue, positively contributing to the Healthcare cluster.
Properties
• Revenue for the cluster increased by 18% to MUR 71M as rentals increased at the Evolis property portfolio level due to the higher occupancy rate.
• Key milestones this quarter included the launch of phase 1 of the infrastructure and site works for Ferney Farm Living project and an improved performance from the eco-tourism activities at Ferney.
• The cluster reported a loss of MUR 21M, in line with expectations, due to project and development related fees across the portfolio.
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About CIEL Limited:
CIEL is an international Mauritian Group, listed on the Stock Exchange of Mauritius and on the SEM Sustainability Index. The Group invests and operates in 6 strategic sectors, namely Agriculture, Finance, Healthcare, Hospitality, Property and Textile.
Founded in 1912, CIEL is today present in more than 10 countries across Africa and Asia. It employs 37,500 talented individuals for an annual turnover of approx. MUR 35.2 bn as at 30 June 2024.
For more info, visit www.cielgroup.com
