Mauritius mall giant posts profits of almost Rs1 billion

Ascencia, the owner of the major malls on the island, may safely be all smiles: it has closed the financial year with Profit After Tax of Rs 958m (FY 20: Rs 407m) including fair value gains of Rs 537m (FY 20: Rs 110m.)

This result is particularly satisfactory, the Group said, as it has provided financial support to the tune of Rs 300m over the last 15 months to its tenants.

The Group completed the bond raising of Rs 1.5 billion in December 2020 to support its growth strategy: Decathlon opened in May 2021 and the Bagatelle Extension in July 2021.

Moreover, Ascencia intends to complete the full acquisition of Bo’Valon Mall and complete several sustainability-linked projects such as a Biogas Pilot Station, a Wastewater Treatment Plant, the replacement of our HVAC system and B-Local initiative.

It currently owns Bagatelle Mall, Riche Terre Mall, Phoenix Mall, Kendra, So’flo and Les Allées shopping centres.

Created by the Rogers Group and listed on the Stock Exchange of Mauritius, Ascencia’s retail property fund’s portfolio value has increased tenfold within a decade.