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MIC Rolls in Cash Despite 90% Profit Plunge



MIC Rolls in Cash Despite 90% Profit Plunge
Image source: Defi Media

Mauritius Investment Corporation (MIC) reports a 90.76% drop in profits as a subsidiary of the Bank of Mauritius. Despite this decrease, MIC plans to reinvigorate the Mon Trésor Smart City under the name MIC Smart City.

For the financial year 2022-23, MIC recorded a profit of Rs 212.5 million, representing a significant decrease of 90.76%.

However, the subsidiary of the Bank of Mauritius still maintains a substantial cash reserve of Rs 31.6 billion and has acquired a significant real estate portfolio.

While the annual report for 2022-23 has not been made public by Mauritius Investment Corporation (MIC), they have submitted their figures to the Registrar of Companies for that financial year.

The company reported a revenue of Rs 639.2 million and a profit of Rs 212.5 million, a stark contrast to the previous financial year where MIC made profits of Rs 2.3 billion.

MIC was established in 2020 by the Bank of Mauritius with an initial injection of 2 billion US dollars (approximately Rs 80 billion at that time) to provide financial support during the COVID-19 pandemic.

As of January 31st, MIC had invested Rs 52.3 billion in 52 private companies, including a significant investment in Airport Holdings Ltd (AHL).

By the end of 2022, the company had invested Rs 48.6 billion in 48 entities and an additional Rs 3.7 billion in the first six months of 2023.

Total assets managed by MIC amounted to Rs 82.9 billion at the end of the financial year 2022-23.

In just three years, the subsidiary of the Bank of Mauritius has acquired a substantial real estate portfolio, including lands purchased from Medine and Omnicane.

The Mon Trésor Smart City has been rebranded as MIC Smart City, with plans to commence development in the coming years.

Source: Defi Media

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