Alteo Records Rs 720 Million Profit As Sugar Sector Drives Group Growth

Mauritian conglomerate Alteo has proved the resilience of its diversified business model, posting a solid net profit of MUR 720 million for the first half of the 2025-2026 financial year, despite a challenging transition period for its real estate and energy sectors.

The Group’s “Agro-business” cluster has emerged as the clear powerhouse of the results, offsetting cyclical downturns elsewhere.

Driven by a significantly improved harvest and a 36% surge in special sugar orders, the division saw revenues climb by 5% to MUR 2.1 billion.

Strategic Shift to Speciality Sugars

The strategic pivot toward high-value speciality sugars has paid dividends, with the Agro-business pôle delivering an EBITDA of MUR 976 million and a profit after tax of MUR 612 million.

Management noted that this move into premium segments is now essential for the long-term viability of the sugarcane industry.

In contrast, the Group’s total turnover saw a slight dip to MUR 2.7 billion, compared to the same period last year, while overall net profit edged down from MUR 727 million to MUR 720 million.

Real Estate and Energy Facing Headwinds

The Property and Energy divisions reported more subdued figures, attributed largely to project lifecycles and market fluctuations:

• Property: Revenue fell by 23%, with profits dropping from MUR 183 million to MUR 54 million. This was expected following the completion of IRS sales at Anahita and a temporary lull in revenue recognition from “VEFA” (off-plan) villa sales.
• Energy: Turnover contracted by 15% to MUR 384 million, hit by lower export volumes to the Central Electricity Board and tariff pressures. However, the segment maintained a profit of MUR 55 million through a better production mix and cheaper coal procurement.

Executive Outlook

Despite the mixed departmental performance, Alteo CEO Fabien de Marassé Enouf remained upbeat, stating the results “confirm above all the solidity of our Business Model.”

He described the dip in property as a “normal cycle” and insisted the Group’s trajectory is now “more balanced and predictable.”

Javesh Boodnah, Chief Operating and Financial Executive, expressed confidence for the second half of the year.

He anticipates steady demand for special sugars and a “progressive normalisation” of property revenues as construction ramps up at the Anahita Beau Champ Smart City.

Source: l’Express