Ciel Group Soars: 33% Profit Boost in Just 9 Months

The Ciel Group, a multinational conglomerate, has announced its financial results for the nine-month period ending March 31, 2023.

The company’s revenues have decreased by 2% compared to the same period last year, largely due to a decline in the textile segment.

The textile segment, which accounted for Rs 11.5 billion in revenue, has seen a 16% drop from last year’s Rs 13.7 billion.

This decline is primarily attributed to the slowdown in the global retail market. However, the woven operations in India and knitwear activities in the region continued to demonstrate strong performances.

Despite this decline, the group’s net profits have increased by 33% to Rs 3.7 billion, compared to Rs 2.8 billion in the same period last year.

The group’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) has decreased to Rs 1.1 billion, down from Rs 1.4 billion in 2023, due to margin constraints caused by persistent inflationary pressures and increased financing costs.

The healthcare segment has seen an 18% increase in revenue to Rs 3.5 billion, driven by an expansion of base operations in Mauritius and Uganda.

The finance segment has also recorded a 10% increase in revenue to Rs 4.1 billion, mainly due to its banking operations in Madagascar (BNI Madagascar).

The hotels and resorts segment has seen a 9% increase in revenue to Rs 6.8 billion, driven by an increase in average room rates, resulting in a 13% increase in RevPAR (Revenue per Available Room).

Despite persistent cost pressures, the group’s hotels and resorts segment has reported an EBITDA of Rs 2.2 billion, up from Rs 2 billion in the same period last year.

The segment’s pre-tax profits have increased by 27% to Rs 1.4 billion.

The group’s overall EBITDA has increased by 15% to Rs 5.8 billion, compared to Rs 5.1 billion last year. The group’s EBITDA margin has improved to 22.4%, up from 18.9%, mainly due to the growth of the hotels and resorts and finance segments.

The expected credit losses (ECLs) have decreased to Rs 206 million, down from Rs 351 million last year, largely due to a reduction in provisioning in the finance segment’s banking operations (BNI Madagascar).

The group’s net debt has decreased to Rs 11.7 billion, down from Rs 12.1 billion last year.

The group’s Chief Financial Officer, Jérôme de Chasteauneuf, stated: “We remain focused on improving operational efficiency and creating value from our portfolio of activities. By creating new opportunities in Africa and Asia and capitalizing on our real estate portfolio in Mauritius, we are activating new growth engines.”

The company’s objective is to expand its production capacities in India, extend its healthcare services in the Indian Ocean islands and East Africa, and explore innovative revenue streams through digitalization in the banking sector.

Source: Le Mauricien