IBL Group profits soars 13 fold, driven by recovery in hotel sector

Mauritius-based IBL Group revenues for the quarter ended 30 September 2022 increased by 28% to Rs 12.1 billion compared to Rs9.48 billion for the corresponding period in 2021.

For the same period, its Operating profit has increased from Rs 379 million to Rs 482 million, representing an increase of 27%.

Underlying profit has increased by 13 times – mainly attributed to the recovery of the hotel sector. However, the reported PBT reportedly showed a decline compared to last year due to the impact of non-recurring items in the hospitality sector.

Good performance across all companies in its Commercial and Distribution segment. Winners recorded an increase of 22% in turnover.

IBL acquired a significant stake in Naivas in Kenya during the quarter and reflected its share of profits since acquisition in the results for its first time this quarter.

Financial Services: Eagle Insurance’s results were affected by an increase in claims within the property, engineering, and motor segments.

AfrAsia saw a general uptick in yield levels, an increase in loans and advances and improved fee income compared to the same period last year which yielded better results overall.

Source: Stock Exchange of Mauritius