NMH’s Rs 7.4 Billion Revenue: Optimistic Outlook for Future Growth

New Mauritius Hotels (NMH) has reported strong financial results for the first half of the financial year 2024. The group saw a 6% increase in revenue to Rs 7.4 billion and an EBITDA of Rs 2.4 billion. Post-tax profits stood at Rs 1.1 billion, slightly lower than the previous year due to a 20% room unavailability in the first quarter.

CEO Stéphane Poupinel de Valencé expressed optimism for the second half, despite challenges in Morocco due to regional conflicts. NMH aims to enhance customer experience and focus on employee well-being in the coming months.

In Mauritius, the hotels experienced growth in client numbers and improved occupancy mix, leading to a revenue increase of 8% to Rs 5.9 billion. EBITDA in Mauritius reached Rs 1.9 billion.

In Morocco, a compensation of Rs 175 million was received due to an earthquake, with an impairment of Rs 62 million applied. Despite challenges in the Middle East, the Moroccan operations reported a revenue decline of 8% to Rs 473 million. EBITDA for Morocco was Rs 115 million, including insurance compensation.

Looking ahead, Beachcomber, the commercial brand of NMH, anticipates a positive trend in reservations in Mauritius. However, Moroccan operations continue to be impacted by regional conflicts. Rising minimum wages and living costs will increase personnel expenses, leading to inflationary pressures.

The group will focus on cost control and optimizing employee and customer experiences. NMH expects to achieve an EBITDA of over Rs 4 billion for the financial year ending on 30th June 2024.

Source: l’Express