29 Sep 2023
CIEL Group

CIEL Group posts MUR 4.3 bn Profit after Tax for the financial year ended 30 June 2023

Key highlights


The strategy execution across regions led to a strong financial performance:

  • Revenue of MUR 35.4 bn, up 24% from the prior year driven by solid growth in all clusters
  • EBITDA totalled MUR 7.1 bn with the EBITDA Margin reaching 20%, a one and a half percentage point increase on last year
  • The two-fold increase in Profit after Tax to MUR 4.3 bn benefitted from Hotels & Resorts, Textile and Finance all
  • breaking the MUR 1 bn milestone
  • Profit attributable to owners doubled to MUR 2.7 bn

Continued financial discipline underpins balance sheet strength:

  • Free Cash Flow increased by more than 100% to reach MUR 4.2 bn, after a 70% increase in maintenance capex
  • Net Interest Bearing Debt reduced by MUR 1.1 bn and stood at MUR 12.1 bn with a gearing ratio of 28.6%

Increased shareholder returns:

  • A dividend increase of 33% to MUR 0.28 per share was declared for the 2023 financial year



Commenting on the results, Jean-Pierre Dalais, Group Chief Executive of CIEL Limited said: “CIEL's strategic roadmap continues to generate increased returns for shareholders while providing the financial strength needed to invest in future growth. Our diversification and geographic positioning give us a competitive edge as CIEL benefits from operating in emerging regions, like India, where GDP growth is robust. We remain focused on driving operational excellence across the Group, whilst ensuring that we have a positive impact on the economies and societies in which we operate.”



Cluster Review – Diversified Portfolio Elevates Group’s 2023 Full Year Results

Hotels & Resorts

The positive trend in tourist arrivals to Mauritius for the financial year under review translated into a MUR 3.3 bn increase in revenue to MUR 8.1 bn for the cluster. EBITDA was up 100% to MUR 2.4 bn supported by the operational improvements of the past few years which led to an EBITDA margin of 30.2%, up from 25.3% in the prior year. The cluster posted a MUR 1.5 bn profit after tax compared to MUR 210M in the prior year. SUN Limited repaid its rupee-denominated bonds totalling MUR 1.0 bn, six months ahead of schedule in May 2023, bringing the cluster’s gearing ratio down to 22.7% from 34.8%.



The concerted efforts in enhancing product mix, diversifying the customer base and bolstering manufacturing capacity in the cluster led to a MUR 2.4 bn increase in revenue to reach MUR 17.8 bn. The robust growth in the Woven segment, across business units in India and the Indian Ocean region, mitigated headwinds stemming from volume reduction and softer market conditions experienced in other segments and geographies. EBITDA rose to MUR 2.1 bn, up from MUR 1.7 bn in the previous year whilst, the EBITDA margin edged slightly up to 11.5% from 11.1%. Profit after tax for the year increased to MUR 1.1 bn versus MUR 744M for the 2022 financial year, which included the MUR 100 M closure costs for Consolidated Fabrics Limited operations in Mauritius, part of the strategic partnership with SOCOTA in Madagascar.




The cluster recorded a 13% uptick in revenue to reach MUR 5.1 bn. This performance was primarily attributed to BNI Madagascar’s increase in net banking income led by improved interest rate margins. This resulted in a 12% year-on-year increase in EBITDA which closed at MUR 1.6 bn with EBITDA margin of 31.2% at par against FY 2022. Reversal of provisions coupled with higher interest income arising from the growth in Bank One’s loans and advances further enhanced the financial performance. The cluster’s profit after tax increased by MUR 382M to reach MUR 1.1 bn for FY 2023.




The healthcare cluster’s execution of its strategy with ongoing capital expenditure to modernise and expand facilities as well as its focus on quality patient care resulted in a 16% revenue increase to MUR 4.1 bn for the financial year ended on 30 June 2023. EBITDA was MUR 803M, a limited decline of 2%, due to efficient cost management which mitigated the impact of a strong prior year comparison, which included a MUR 62M profit on divesting from the Nigerian medical insurance business. The EBITDA margin dropped circa three percentage points to 19.5%. Profit after tax was MUR 350M due to a good performance in Mauritius and the turnaround of the Ugandan operations, compared to MUR 432M in the prior year.




The cluster achieved a 55% increase in revenue which stood at MUR 206M for the financial year under review, underpinned by the successful regeneration of various buildings in the portfolio, two of which have reached full occupancy. In addition, the Ferney sustainable development project gained traction,

with the first phase of sales fully reserved. EBITDA increased by 17% to MUR 278M on account of the revaluation of investment properties in the portfolio of MUR 271M, with a flow-through to profit after tax of MUR 200M from MUR 136M in the prior year.




CIEL reported a 44% increase in the combined share of profit attributable from Alteo Limited and MIWA Sugar Limited of MUR 306M. MIWA Sugar, a positive contributor to the cluster, as both the Kenyan and Tanzanian operations continue to perform well. MIWA benefitted from higher sugar prices despite challenges from persistent inflationary cost pressures and the depreciation of the Kenyan shilling. At Alteo Limited, the property segment’s revenue performance has been lower than the prior year due to the cyclical nature of the delivery of residential projects. However, at profit level, this shortfall was more than offset by the fair value gain on revaluation of investment properties. On the agricultural side, the company benefitted from higher sugar prices that helped to mitigate the negative impact of higher production costs and reduced tonnage of cane harvested for the 2022 crop.