IBL’s Revenue Soars to Rs 77.8 Billion: Naivas Ignites Success

The IBL Group, leading conglomerate in Mauritius, has achieved an outstanding performance for the 9-month period ending March 31, with a 92% increase in revenue to Rs 77.8 billion, compared to Rs 40.4 billion for the corresponding period of the previous year.

This remarkable achievement is attributed to the consolidation of the Naivas supermarket chain into the group’s accounts following the acquisition of the Kenyan company, which operates over 100 stores.

The group’s CEO, Arnaud Lagesse, received the prestigious Family Business Award at the Africa CEO Forum 2024 in Kigali, Rwanda, recognizing IBL as the best family business in Africa.

The award honors companies that excel in governance, combining entrepreneurial management and family leadership.

For the 9-month period ending March 31, IBL’s operating profit reached Rs 4.5 billion, a 48% increase from the previous year.

The company’s profit before tax stood at Rs 4.4 billion, a 15% increase from 2023. The net profit reached Rs 3.8 billion, a 11.3% increase from the previous year.

The group’s Agro and Energy sector benefited from profitable sugar prices and increased production volumes.

The Miwa Sugar company in Kenya recorded a solid performance, driven by higher sugar prices, despite being partially affected by unfavorable weather conditions.

IBL Energy continued to pursue its strategic objectives, achieving several milestones in both Mauritius and Africa.

Most businesses under the Building and Engineering sector reported increased profits. The Manser Saxon Group’s results improved due to better project selection and management.

UBP’s performance was driven by its new pricing strategy and strong core business. The Chantier Naval de l’Océan Indien (CNOI) focused on ship repair and cost reduction initiatives, resulting in stable profitability.

The Commercial and Distribution sector showed significant improvement, driven by organic growth of existing activities and the consolidation of newly acquired businesses.

Naivas, now consolidated into IBL’s accounts, reported a two-digit growth rate and operates 103 stores.

The consolidation of Naivas contributed to a significant increase in the sector’s revenue from Rs 24.3 billion to Rs 59.2 billion.

Run Market, which operates four hypermarkets in Réunion, continues to recover as expected. Harley’s, a pharmaceutical and health products specialist, contributed to the sector’s growth, although it was only consolidated into IBL’s accounts from December 2023.

On the national level, Winners maintained its growth trend, driven primarily by sales at Tribeca Mall.

The Financial Services sector also reported improved results, thanks to Eagle Insurance’s performance. City Brokers integrated new clients and retained its existing customer base, while AfrAsia improved its results due to increased interest income and commission revenues.

Finally, the Hospitality and Services sector also showed strong performance, with increased revenue and profitability driven by higher occupancy rates in Mauritius and the reopening of Lux* Belle Mare.

The Lux Collective benefited from higher management fees, resulting in increased revenue and profitability.

Overall, IBL Group’s outstanding performance demonstrates its ability to adapt to changing market conditions and capitalize on new opportunities, solidifying its position as a leading conglomerate in Mauritius.

Source: Le Mauricien