Business
IBL Profits Soar to Rs2.9 Billion following Successful Beyond Borders Expansion Strategy
IBL Group has posted a formidable set of financial results for the half-year ending 31 December 2025, revealing a 32% increase in net profit to MUR 2.9 billion.
The Mauritius-based conglomerate saw group turnover rise by 13% to reach MUR 68.4 billion, driven by growth across all four of its primary business clusters.
Despite a rising tax burden in Mauritius, the group’s focus on operational efficiency and rigorous financial discipline saw operating profit jump by 41% to MUR 4.8 billion.
Strategic Expansion and Debt Reduction
The results highlight the success of IBL’s “Beyond Borders” strategy, which aims to sweat assets from recent acquisitions and bolster the group’s presence in East Africa and the Indian Ocean.
Group Chief Executive Officer Arnaud Lagesse described the performance as a reflection of a “solid economic model.”
He noted that while the group remains anchored in Mauritius, it is successfully “rooting its regional presence” by blending international standards with local expertise.
The group’s financial health has also strengthened. EBITDA rose 27% to MUR 7.7 billion, while active portfolio management and investment disposals helped reduce the net debt-to-EBITDA ratio from 3.8x in June 2025 to 3.0x in December 2025.
Cluster Performance Breakdown
| Cluster | Key Highlights |
| Retail | Naivas (East Africa) saw sustained growth; Winners (Mauritius) benefited from new store openings; Run Market (Réunion) maintains positive EBITDA with a pending strategic alliance with Caillé Grande Distribution. |
| Consumer Brands | PhoenixBev grew turnover despite Seybrew acquisition costs; BrandActiv remained resilient against inflation; Harley’s expanded through growth investments. |
| Services | LUX* and The Lux Collective saw strengthened results via higher occupancy in Mauritius and the Maldives; City Brokers and Eagle Insurance reported improved profitability. |
| Industrials | Seafood turnover rose; Energy launched carbon-neutral projects; Building & Engineering faced higher financial costs but was offset by regional margin improvements. |
Real Estate Consolidation
In a significant move for the Services cluster, Bloomage Ltd has notified its intention to acquire BlueLife.
This merger aims to create a “stronger and more diversified real estate pole” within the IBL ecosystem.
BlueLife recently saw profits rise following the partial completion of projects and the launch of Amara Golf Villas Phase 2.
Outlook and Resilience
While the macroeconomic environment remains volatile, Group CFO Cédrik Le Juge remains confident.
He stated that the group’s strategy has reinforced “financial resilience,” allowing IBL to support continued growth despite an uncertain economic climate.
The group credited its diverse geographic footprint as a “resilient base” that allows it to navigate risks while pursuing sustainable value for stakeholders.
Source: Le Mauricien