MUA Ltd’s Revenue Stands at Rs 5.67 Billion, but Profits Drop by 13%

MUA Ltd (MUA), the largest insurance company in Mauritius in terms of market capitalisation, has experienced a slight decline in revenue.

The group’s revenue for the nine-month period ending on September 30, 2023, amounted to Rs 5.67 billion, compared to Rs 5.72 billion for the same period in 2022.

However, the company’s post-tax profit took a hit, falling by 13% to Rs 129 million compared to the corresponding period in 2022.

Despite this decrease, the net asset value per share saw a slight increase, rising to Rs 82.44 as of September 30, 2023, up from Rs 81.26 at the end of 2022.

MUA attributed its decline in revenue to deliberate measures taken to streamline its portfolio of non-profitable businesses.

While the company experienced robust growth in general insurance premiums in Mauritius, with a double-digit expansion of 20%, its East African subsidiaries showed even more dynamic growth, except for Kenya, where a deliberate 30% contraction in revenue was accepted for portfolio optimisation.

Source: Defi Media