Profit Boost: CIEL’s Revenue Drops, Earnings Soar 37%

The CIEL Group’s revenue stands at Rs 17.8 billion for the first half ending December 31, 2023. This represents a 2% decrease compared to the same period in 2022 (Rs 18.14 billion), mainly due to a slowdown in the textile sector. However, this decline was partially offset by double-digit growth in the hotel, finance, and health sectors.

“Our results for the first half show the group’s strong strategic positioning with a significant presence in Africa and India. We aim to accelerate the development of our portfolio in sectors and geographical areas with high potential. We will continue to maintain good financial discipline while accelerating our operational excellence,” says Jean-Pierre Dalais, Group Chief Executive of CIEL Limited.

Other data: EBITDA increased by 27% to reach Rs 4.1 billion, compared to Rs 3.2 billion in the same period in 2022. Net profit after tax saw an increase from Rs 2 billion to Rs 2.7 billion, a 37% improvement. The group’s net interest-bearing debt stood at Rs 12 billion, with a debt ratio of 27.1%, compared to 28.6% as of June 30, 2023.

Performance of the group’s various business sectors:

• Hotels: Rs 4.5 billion in revenue (+10%)
• Textiles: Rs 8.1 billion in revenue (-15%)
• Finance: Rs 2.8 billion in revenue (+12%)
• Health: Rs 2.3 billion in revenue (+20%)
• Real Estate: Rs 118 million in revenue (+6%)
• Agriculture: Rs 308 million in revenue

Source: Defi Media