SITLH Achieves 471% Profit Increase: A Remarkable Financial Surge

Sugar Investment Trust Land Holdings Ltd (SITLH) has reported a remarkable increase in its profits, with figures rising from Rs 30.4 million in 2023 to Rs 173.9 million by June 30, 2024. This impressive growth represents more than a fivefold increase in earnings, as highlighted in the company’s financial results submitted to the Mauritius Stock Exchange on September 27.

SITLH primarily focuses on agricultural activities, particularly sugar cane cultivation, and aims to diversify its agricultural practices.

The company is also involved in the management of acquired and sold properties, as well as holding real estate assets.

The substantial rise in profits, before accounting for financial costs, reflects a growth of Rs 143.5 million when compared to the previous year’s performance.

Meanwhile, the company has managed to reduce its financial costs slightly, decreasing from Rs 14.3 million in 2023 to Rs 13.7 million in 2024, resulting in a reduction of Rs 682,000.

SITLH’s net profits, after accounting for all obligations, also show positive results. They have increased from Rs 71.1 million in 2023 to Rs 119.8 million, leading to a remarkable total of Rs 190.9 million for the period ending June 30, 2024.

Source: l’Express