The ENL Group has reported impressive financial results for the fiscal year ending June 30, 2023.
Despite increased financial costs due to a raised Key Rate, the group’s revenue surged by a notable 18% to reach Rs 20.9 billion.
Concurrently, the net profit experienced a remarkable 85% upswing, soaring to Rs 3 billion.
Shareholders reaped the benefits with a dividend yield of 5.13%, up from the previous year’s 2.96%.
The Hospitality, Commerce, and Industry sectors were the key drivers behind this robust performance.
Gilbert Espitalier-Noël, CEO, credited the achievement to the dedication and discipline of their teams, emphasising the ability to focus and seize opportunities.
The outgoing CEO, Hector Espitalier-Noël, was also acknowledged for his 40 years of leadership.
Beyond financial success, ENL maintained a strong commitment to environmental and social impact, including carbon footprint management, renewable energy production, waste reduction, improved social climate within its companies, and socio-economic inclusion of vulnerable communities.
In the Agribusiness segment, despite lower sugar tonnage for the 2022 harvest, profits increased due to higher sugar prices and enhanced agricultural profitability.
The associated company, Eclosia, also made a significant contribution.
The Commerce and Industry segment demonstrated outstanding performance, with a 32% increase in revenue and an 80% surge in net profit.
This was primarily driven by Axess and Ensport, operating the Decathlon franchise in Mauritius.
Axess achieved record sales and improved market share, benefiting from sustained demand for new vehicles.
Ensport capitalised on increased consumer spending and an expanded product range.
In tourism, with arrivals nearing pre-Covid-19 levels, the industry regained momentum.
This was attributed to increased tourist arrivals and the rupee’s depreciation, positively impacting financial performance.
Hotel segment revenues rose by a striking 74%, reaching Rs 5.1 billion, with a net profit of Rs 1.4 billion, inclusive of NMH’s profits. Other segments, including finance and technology, real estate, lands and investments, and logistics, also performed well.
Looking forward to 2024, first-quarter results are in line with budgetary estimates, showcasing resilience in all segments despite a high-interest rate business environment. Positive prospects are anticipated for the remainder of the year.
Source: l’Express
