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Lux Group Reports Strong Financial Performance for FY 2023



Lux Group Reports Strong Financial Performance for FY 2023
Lux Group Reports Strong Financial Performance for FY 2023

Lux Group reported outstanding financial results for the second consecutive year post the Covid-19 pandemic.

The group’s income surged by 27%, from Rs 6.49 billion to Rs 8.23 billion, while Normalised EBITDA showed an impressive increase of 38%.

Mauritius played a pivotal role, contributing 65% of the group’s overall figures with an EBITDA of Rs 1,521 million. The Maldives and Reunion Island also demonstrated strong performances.

Following improved hotel performance, Rs 144 million was recorded as other gains, and Rs 39 million was recognized as a gain from the sale of a villa at LUX* Grand Baie.

Compensation agreements have been reached for losses incurred due to the fire at LUX* Belle Mare. Loss of profit compensation and Material Damages compensation have been finalized.

Operating Profit almost doubled, reaching Rs 2.3 billion, while Net finance costs increased due to a full-year interest charge on the loan for constructing LUX* Grand Baie.

Profit attributable to the Group surged from Rs 479 million to Rs 1.46 billion. Basic Earnings Per Share also saw a significant increase.

The Group’s gearing stands at a healthy 32%. The reconstruction of LUX* Belle Mare is progressing well, with an estimated total cost of Rs 1.9 billion, including refurbishment of the undamaged part of the hotel at Rs 225 million. The hotel is set to welcome its first paying guests in early October 2023.

Source: African Financials

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