• CIEL Limited reports financial results for the 9 months ended 31 March 2017

    15 May 2017

    At MUR 15.3bn, year-on-year Group revenue growth was 9%, while Earnings Before Interest, Tax, Depreciation & Amortisation (‘EBITDA’) rose by 10% to MUR 2.33bn. This led to an EBITDA margin of 15.23%.

    At the Company level, Net Asset Value (‘NAV’) per share rose from MUR 8.47 in June 2016 to MUR 8.75 mainly attributable to the rise in the share price of Alteo Limited and The Medical & Surgical Centre Limited (‘MSCL’).

    During the period under review, CIEL’s five strategic sectors performed as follows:

    • The Textile cluster remains one of the major contributors to CIEL’s Group profits owing to the solid performance recorded in the Woven segment. On the other hand, the Knitwear cluster’s major restructuring in difficult market conditions together with the newly set up operations of the Knits cluster in India impacted negatively on CIEL Textile’s results compared to prior year.
    • In the Hotels & Resorts cluster, the results were positively impacted with the operation of all resorts since December 2016 and the new rate strategy for Sun managed resorts. Though non-recurring closure costs relating to Kanuhura Maldives have receded significantly, the repositioning and re-opening of the resort after its relaunch is proving to be financially challenging. 
    • The significant contribution of the Finance cluster to the Group’s results is explained by the consistent strong performance of the banking assets – namely, BNI Madagascar and Bank One.
    • The Agro & Property cluster achieved good results mainly attributable to the performance of Alteo whereby sugar prices remained favourable across all markets and enhanced production capacities in its foreign operations led to increased sales volumes.
    • The results of the Healthcare cluster include Fortis Clinique Darné (‘FCD’) and the newly acquired Wellkin Hospital (ex-Apollo Bramwell Hospital) under The Medical and Surgical Centre Limited (‘MSCL’). The cluster has been affected by the planned losses incurred in the month’s post acquisition of WellKin Hospital’s operations. The opening of new clinics in the IMG Group added to the good results of the Ugandan operations while the unstable economy in Nigeria continues to affect the results of Hygeia Nigeria Limited.

    Group Profit After Tax (‘PAT’) stood at MUR 1,013M, up by MUR 310M compared to prior year while Group Profit Attributable to ordinary shareholders increased by MUR 149M, reaching MUR 409M for the nine-month period under review.


    Despite the challenging market conditions in some of the segments, as identified above, CIEL Group expects to post an improved operational performance for the financial year under review.

    Corporate Actions

    • CIEL Limited launched a voluntary offer to acquire all the ordinary shares of CIEL Textile Limited not already held by CIEL. The takeover price (“Offer Price”) per share is MUR 50.00, payable 50% in cash and 50% in ordinary shares of CIEL. The maximum consideration in respect of this Offer shall be around MUR 1.1bn in cash and 154,429,104 ordinary shares in CIEL.
    • SUN Limited has announced its intention to make a Rights Issue to all SUN shareholders of MUR 746.1M of which CIEL will subscribe for its pro-rata ownership of SUN share capital for a total consideration of MUR 447.35M. Another MUR 1.12bn will be raised through a private placement to Dentressangle initiatives SAS.