Connect with us

Business

Mauritius-based IBL group unveils Rs5.6 billion African plans

Published

on

Mauritius-based IBL group unveils Rs5.6 billion African plans
IBL Chief Executive Arnaud Lagesse. Photo: Le Mauricien

Mauritius-based IBL Group, which recently acquired a significant stake in Kenyan retailer Naivas, intends to invest more than USD 125 million (some Rs5.6 billion) in Africa over the next five years.

Speaking to Szymon Jagiello of Forbes Africa, IBL Chief Executive Arnaud Lagesse said the group has team up with McKinsey, to identify projects for Africa.

During a meeting with the community of financial analysts, Lagesse explained that these projects mainly relate to the healthcare, renewable energy and distribution sectors.

He added that despite the billions of rupees that will be invested in Africa, local development will not be neglected, as Mauritius remains the “bread and butter” of the group.

Earlier this year, IBL acquired 40% stake in Naivas International Ltd, which owns 100% of the Kenyan supermarket chain Naivas.

The transaction amounted to USD 145 million, of which IBL paid USD 95 million. The remainder was secured through its partnerships with Proparco (a subsidiary of the French Development Agency – AFD) and DEG (a subsidiary of the German KfW Group).

IBL Group’s revenues grew by 26% to reach Rs 45.0 billion for the financial year ended 30 June 2022 (FY2021: Rs 35.8 billion).

This represents an increase of +15% compared to FY2019 (Rs 39.1 billion). Operating profits increased by Rs 2.8 billion to reach Rs 3.4 billion.

Profit before tax for the Group increased by Rs 2.3 billion to reach Rs 2.7 billion.

Source: Le Mauricien/Stock Exchange of Mauritius

Bookmark (0)
ClosePlease login

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.
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

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.