MAURITIUS-LISTED CIEL LTD MARKS ITS 110TH ANNIVERSARY WITH A REVENUE INCREASE OF OVER 50%.
Mauritius-listed African investment company CIEL Limited (CIEL.N0000) delivered its best year-to-date results since the COVID-19 pandemic, surpassing its previous performance just as it celebrates its 110th anniversary.
In the nine months to 31 March 2022, CIEL’s revenue grew 51% to USD 475 million, with an EBITDA margin increasing to 16.8% from 12.2% in the prior-year period.
CIEL, listed on the Stock Exchange of Mauritius and the SEM Sustainability Index, has investments in over 25 companies across six clusters (TEXTILE, FINANCE, HEALTHCARE, HOTELS & RESORTS, PROPERTIES, and AGRO-BUSINESS).
“Our diversified portfolio has proven its strength through the most uncertain times, and now, CIEL is ready to undertake future challenges successfully”, remarks Jean-Pierre Dalais, Group Chief Executive, who has led the company since 2017.
CIEL is headquartered in Mauritius and operates across 10 markets in Africa and Asia, earning 60% of its revenue in USD and EUR, generating strong cash reserves in foreign currencies.
CIEL has leveraged its market position by crafting and executing robust business plans and nurturing and developing companies in its chosen sectors.
Founded in 1912 as a sugar business, the conglomerate has evolved and expanded through specific and diversified investments to emerge as a rising star in multiple industries, including HEALTHCARE, TEXTILE, FINANCE, HOTELS & RESORTS, PROPERTIES and AGRO. This ensures a well-balanced portfolio, positioning the company to tackle future growth.
With 19 different production units, CIEL’s TEXTILE business has emerged as a powerhouse, providing a strong alternative to China for the global fashion industry. Through this cluster, CIEL ships 42 million garments every year to global brands such as Lacoste, Asos, (LON: ASC), and Puma (ETR: PUM), among others. The TEXTILE cluster is the largest in CIEL’s portfolio in terms of the number of employees, with some 20,000 talents in four nations, across two continents.
CIEL’s FINANCE cluster has stakes in two banks and partners with international organisations such as Kenya’s I&M Bank and Africa's AXIAN. The cluster further offers financial services and employs 1,600 finance professionals.
CIEL’s HEALTHCARE cluster, C-Care, is the leader in private hospitals on the island as well as laboratories through an extensive network under the C-Lab brand. C-Care employs more than 2,000 medical and support professionals and includes the most recognised network of doctors in Mauritius. C-Care has a considerable presence in Uganda and is now expanding into East Africa.
The company’s HOTELS & RESORTS cluster is the strategic partner in Mauritius for the Four Seasons and Shangri-La chains and owns several long-standing local hotels under the SUN Resorts brand.
The PROPERTIES arm of the business was created in June 2020 and leverages the land and buildings owned by CIEL. It also has a sustainable property development offering with a strong focus on biodiversity and agri-hub opportunities.
CIEL maintains its original sugar-producing roots through its investment in the Alteo Group (AGRO-BUSINESS), which employs more than 5,800 people. It is the largest sugar producer in Mauritius and has a strategic presence in East Africa, creating a competitive advantage throughout the sugarcane value chain with the production of raw sugars, special granulated sugars, bagasse, molasses, and energy.
As a country, Mauritius has delivered outstanding economic performance. Its GDP rebounded in 2021, growing by about 4% for the year. The International Monetary Fund (IMF) has forecast growth of 6% for 2022. CIEL has been acting as one of the cornerstones of the country’s growth and development for more than a century.
CIEL was listed in 2014 on the Stock Exchange of Mauritius, an internationally recognised exchange, a member of the World Federation of Exchanges, and winner of the 2017 title of Most Innovative African Stock Exchange.
With a population of 1.2 million people, the country has a growing economy that has consistently delivered solid results. This has led to significant foreign direct investment and a rapidly growing financial, IT, and digital services sector to complement the traditional maritime and tourism strengths. Its main export partners are the European Union, the United States, the United Kingdom, and South Africa.
"We are proud to be an international company committed to the development of Mauritius as an economy, and we plan to continue on this journey of investing, growing, and innovating in all our sectors and in our chosen emerging markets", added Jean-Pierre Dalais.