CIEL Group continues to deliver solid results for the nine months ended 31 March 2024

CIEL Group continues to deliver solid results with a 33% increase in Profit after Tax to reach MUR 3.8 bn for the nine-month ended 31 March 2024

Key highlights


  • The Hotels & Resorts, Finance, Healthcare, and Property clusters achieved solid growth, supporting overall Group revenue. However, this growth was offset by a shortfall in the Textile cluster due to the prevailing soft retail market conditions. Group revenue stood at MUR 26.1 bn (USD 580.6M), from MUR 26.8 bn (USD 601.9M) in the prior year period.

  • Operational efficiencies in the Hotels & Resorts cluster improved while net banking income in the Finance cluster increased. Along with a profitable land sale totalling MUR 362M (USD 8.1M) in the Property cluster, EBITDA rose by 15% to MUR 5.8 bn (USD 129.9M), up from MUR 5.1 bn (USD 113.5M). This improvement pushed the EBITDA margin up to 22.4% from 18.9%.

  • Profit After Tax (PAT) rose to MUR 3.8 bn (USD 84.1M) from MUR 2.8 bn (USD 63.7M), marking a 33% improvement over the comparative nine-month period.

  • Earnings per Share increased by 24%, reaching MUR 1.27 (USD 0.03), as Profit Attributable to Owners of the Parent climbed to MUR 2.1 bn (USD 47.6M) from MUR 1.7 bn (USD 38.6M) in the same nine months of the previous year.

  • Free Cash Flow generated from operations reached MUR 3.6 bn (USD 81.1M) from MUR 3.5 bn (USD 78.2M) in the corresponding nine-month period.

  • Group Net Interest-Bearing Debt stood at MUR 11.7 bn (USD 251.2M) as at 31 March 2024 compared to MUR 12.1 bn (USD 264.9M) as at 30 June 2023, resulting in a gearing ratio of 25.7% compared to 28.6% as at 30 June 2023.


Commenting on the results, Jérôme de Chasteauneuf, Group Finance Director of CIEL Limited said: “Our financial results reflect our strong foundation and strategic focus. Despite the current economic challenges, our clusters have demonstrated their resilience and adaptability. We will continue to build on this foundation, focusing on disciplined growth and creating sustainable value.”


Cluster Review


Hotels & Resorts

For the nine-month period ended 31 March 2024, the cluster’s revenue increased by 9% to MUR 6.8 bn from MUR 6.3 bn, mainly driven by an increase in average room rates which led to a 13% increase in RevPAR (revenue per available room). Despite cost pressures persisting, the cluster posted an EBITDA of MUR 2.2 bn, up from MUR 2.0 bn in the same period last year. PAT grew by 27% to MUR 1.4 bn from MUR 1.1 bn boosted by positive foreign exchange gains.



Revenue for the cluster increased by 10% to MUR 4.1 bn, primarily driven by a rise in net banking income and higher interest rate margins at BNI Madagascar. EBITDA improved to MUR 1.6 bn from MUR 1.1 bn as a result of lower specific write-offs compared to the same period last year. PAT rose by 66% to MUR 1.2 bn from MUR 718M, attributed to a 46% reduction in expected credit loss provisions and higher recoveries. It was further supported by a 21% increase in the share of profit from Bank One, which rose to MUR 290M from MUR 239M.


The cluster’s revenue reduced to MUR 11.5 bn from MUR 13.7 bn primarily influenced by current softer global retail market conditions. Nonetheless, the Woven operations in India and Knitwear operations in the region continued to deliver solid performances. EBITDA decreased to MUR 1.1 bn, compared to MUR 1.4 bn, due to margin constraints stemming from ongoing inflationary pressures and increased finance costs. PAT reached MUR 484M, down from MUR 747M in the corresponding period last year.



For the period under review, the cluster’s revenue continued its upward trajectory with an increase of 18% to MUR 3.5 bn, up from MUR 2.9 bn in the corresponding period last year. EBITDA rose to MUR 668M from MUR 607M reflecting ongoing efficient management of operational expenses, both in Mauritius and Uganda. PAT reached MUR 232M, a 12% decrease from MUR 263M, primarily attributed to strategic investments in medical equipment and infrastructure which incurred higher depreciation and financing costs.



As the cluster expands its portfolio with the launch of new projects, revenue for the period under review rose by 14% to MUR 172M, primarily driven by an increase in rental income. EBITDA significantly improved, climbing from MUR 10M to MUR 380M, largely due to the profit on sale of land at Ferney in the second quarter. This led to a PAT of MUR 327M compared to a loss of MUR 39M in the corresponding period last year.



CIEL’s share of profit rose to MUR 346M from MUR 224M in the prior year period. Alteo’s profits improved, driven by the robust performance of its Agro-business mainly led by higher sugar prices. MIWA Sugar Limited, which operates in Kenya and Tanzania, experienced a decrease in profitability over the nine months. In Kenya, higher sugar prices helped to offset the shortfall from the Tanzanian operations which were affected by lower sales and production volumes, following recent factory outages.