Medine Group’s profits hit Rs1 billion, wants to reduce debt

Medine Group saw a marked improvement in its performance for the year ended June 30, 2022, with revenue rising by 36% for the year to reach Rs 1.47 billion. The Group’s EBITDA reached Rs 289m, representing an increase of 83% from the previous year.

Headline profits after tax reached Rs 1 billion, bolstered by higher land sales in line with the execution of the Group’s debt reduction programme.

Agriculture revenues grew by 24% to Rs 606million (FY 2021:Rs 491million) driven by higher sugar prices and improvement in ancillary revenues. This helped achieve an EBITDA of Rs 95million against Rs 68million in the previous year. 

Dhiren Ponnusamy, CEO of Medine, told Le Mauricien in an interview that he intends to bring down the group’s debts to less than Rs 4 billion by the end of next year.

He said his group is investing in new agricultural technologies but real estate remains Medine’s core business, with its Smart City including residences, schools, sports complexes, etc.

This year, Medine launched three new real estate projects: The Grove Phase 1, as well as two residential ventures. It will also soon launch phase 2 of Cascavelle Shopping Mall.

Source: Stock Exchange of Mauritius, Le Mauricien