Mauritian companies’ profits plunge by 55%

Business Magazine’s Top 100 companies ranking has revealed an 8% drop in net revenues for the 10 largest companies.

According to the publication, the fall in profitability has been mostly due to borders remaining closed last year affecting the tourism sector on which the island economy is highly dependent.

The hotel industry, it said, is crumbling under consolidated losses of Rs 7.2 billion, while the Top 100 companies see their profitability fall by 55%. This led to a contraction of 14.9% of GDP.

The IBL Group still tops the list with revenues of Rs 36.8 billion for financial year ending June 2020, followed by CIEL Group and ENL with revenues amounting to Rs 17.8 billion and Rs 14.3 billion respectively for the same period.

Eclosia has been ranked fourth with revenues hitting Rs 11.3 billion followed by the LEAL group with revenues at Rs 11.2 billion.