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CIEL’s revenue shoot up by 51%, profits up 100%

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CIEL's revenue shoot up by 51%, profits up 100%
CIEL's headquarters in Ebene

CIEL group’s revenues for the nine months ended 31 March 2022 have shot up by 51%, hitting Rs20.3 billion and profits soared by over 100% to reach Rs1.48 billion.

According to the Unaudited Financial Performance just released on the Stock Exchange of Mauritius, the Hotels, Textile and Finance clusters have been instrumental to boost to CIEL’s finances.

The outstanding results are in sharp contrast with a loss of Rs768 million for the corresponding period – nine months as at end March 2021.

For the quarter ended 31 March 2022, CIEL posted revenues of Rs7.14 billion compared to Rs4.33 billion for the same period last year, while profits soared to Rs564million (2020Q1: Loss of Rs318million).

CIEL also improved its cash flow during the nine months period. Group Free Cash Flow was Rs1.4 billion for the period under review versus Rs1.3 billion in the prior nine months reflecting increased cash generation across the clusters.

The Group’s net interest-bearing debt decreased by 6% to Rs13.3 billion resulting in a Group gearing ratio of 35.3% compared to 39.0% as at 30 June 2021

The Finance cluster remained a key growth driver with revenue for the nine months reaching Rs3.2 billion, a 20% increase on the prior year period. The continued good performance of BNI, in Madagascar, mainly explained this increase which led to an EBITDA improvement of 18% to reach Rs1.1 billion.

After accounting for the much improved 50% share of results from Bank One, profit after tax for the nine months stood at Rs577million, a 70% increase on the prior year period and an 81% increase on the prior year’s comparative quarter.

Group Finance Director Jérôme de Chasteauneuf was cited as saying that the CIEL’s business model was resilient thanks to its diversification strategy.

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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.