CIEL Group’s  Profits Surge by 37%, Reaching Rs1.5 Billion!

CIEL Group has reported increased profits for the first quarter that ended on September 30, 2023.

Despite a 2% decrease in revenue, primarily driven by a 15% drop in revenue from the Textile cluster, the company experienced strong performances from its Hotels & Resorts, Finance, and Healthcare clusters.

The company’s EBITDA saw a significant increase of 16%, reaching Rs1.5 billion. This growth was supported by the robust performances from the Hotels & Resorts, Finance, and Healthcare clusters.

CIEL Group also witnessed a notable increase in profit after tax, which rose by 37%, and profit attributable to owners, which grew by 21%.

Furthermore, the company experienced a substantial increase in free cash flow, which rose more than fourfold to reach Rs1.2 billion.

This growth was primarily driven by positive cash flows from operating activities in the Hotels & Resorts, Textile, and Finance clusters.

In terms of financial stability, CIEL Group reported a reduction in net interest-bearing debt of Rs135 million during the first quarter, bringing the total to Rs11.9 billion.

This reduction contributed to a gearing ratio of 27.8%.

Source: Stock Exchange of Mauritius