Connect with us

Business

United Docks gets back on the path to profitability

Published

on

United Docks Ltd, which owns around 100,000 sqm of prime freehold land in Port-Louis with total assets of Rs 3.2 billion, has posted an increase of 7% in total revenue from Rs56.89million to Rs60.86million.

EBITDA increased significantly from Rs5.03million to Rs23.39 million. Operating profit increased from Rs3.09 million to Rs22.75 million and a profit before tax of Rs1.91 million was realised compared to loss of Rs16.4 million last year.

Other Comprehensive income, which comprised mainly of fair value gain in investments, increased significantly from Rs 2.07 million to Rs 21.41 million.

A total comprehensive profit of Rs23.32 million was realised, compared to a comprehensive loss of Rs 14.3 million last year. Earnings per share increased from negative Rs (1.55) to Rs 0.12.

A dividend of Rs 0.3 per share was declared during the financial year under review for a total amount of Rs 5 million and paid in July 2021.

United Docks successfully raised RS 1.06 Billion for debt restructuring and project financing during the financial year through a Rights Issue of RS 314.2 and a Notes Issue of Rs750 million.

Total Assets increased by 27% from RS 2.49 billion to RS 3.17 billion and Net Assets increased by 16% from RS 2.06 billion to RS 2.39 billion.

United Docks Ltd operates 2 business parks in Port-Louis and is also the pioneer of Park and Ride in Mauritius with 700 parking bays.

It has started construction of a new financial and business centre in Caudan known as “The Docks”, which will comprise four 10-storey towers with 30,000 sqm of Gross Building Area.

This project has been issued with a National Regeneration Programme (NRP) Certificate under then provisions of Economic Development Board (Smart City Scheme) Regulations 2015.

Construction of the first Tower, which started in October 2020, is progressing at a sustained pace and is scheduled to be completed in March 2022. Construction of the second Tower which started in April 2021, is expected to be completed in June 2022.

United Docks is also currently working on the planning and clearances of a forthcoming project in Fanfaron Quays.

This development will be undertaken on an extent of 2.27 hectares strategically located on the edge of the motorway and will comprise a Park & Ride facility and provide office space for companies involved in trade and technology activities.

The project has been issued a Letter of Registration as an NRP developer by the Economic Development Board. The first phase of the project is expected to start in the first quarter of 2022 with the construction of a Park and Ride facility with 560 parking bays.

Bookmark(0)

No account yet? Register

Spread the News
The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.
Click to comment

Leave a Reply

Your email address will not be published.

The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.

Can you support?

Dear Reader,

NewsMoris is a media service that is dependent on support from its readers in the form of subscriptions.

As a startup that was born in and faring through challenging times like these, we need your support now more than ever.

Subscribing for as little as USD10/month is the best way you can support our efforts.

Thank you.