Financial Report: IBL Sees 30% Surge in Revenue

In its latest financial report, IBL has announced a remarkable 30% increase in group revenue for the quarter ending September 30, 2024. Revenue reached Rs 28.7 billion, compared to Rs 22 billion during the same period last year. This growth can be attributed to both organic expansion and the impact of recent acquisitions.

Operating profits for IBL reached Rs 1.4 billion, marking a significant 65% increase compared to the corresponding period last year.

However, the profits from associated companies saw a drastic decline of 48%, primarily due to challenges faced by African agro-food enterprises.

Consequently, the group’s profit after tax (PAT) has fallen to Rs 846 million, down from Rs 1.04 billion in the previous year, representing a decrease of 19%.

Despite the positive revenue figures, management highlighted in their latest financial report that the costs associated with recent salary adjustments in Mauritius are impacting overall operations.

To sustain strong financial performance moving forward, improving operational efficiency across different business units and geographical areas will be crucial.

The group is heavily focused on integrating its recent acquisitions, emphasizing value creation through the alignment of systems and processes, sharing best practices and technology, and achieving revenue and cost synergies.

In line with its long-term vision of becoming a leading player in East Africa and the Indian Ocean in its core sectors, IBL has reached an agreement to sell its stake in AfrAsia Bank to Access Bank, based in the UK.

The group anticipates that this transaction will be finalized in the forthcoming months.

Source: Defi Media