Medine Group Profits Soar as Turnover Hits Rs 6 Billion

Medine Limited has recorded a massive surge in financial performance, tripling its turnover to reach Rs 6 billion. The group successfully converted this revenue growth into a substantial bottom line, posting a net profit of Rs 1.31 billion.

The primary catalyst for this exceptional growth was the sales generated from the Pierrefonds real estate project. This strategic development provided the momentum needed to catapult the group’s turnover to its current record levels.

Beyond the impact of one-off property sales, the group demonstrated robust operational health across its broader portfolio. When excluding real estate activities, Medine’s operational revenue still climbed by 30% over the past year.

This upward trajectory was reflected in all of the group’s core business pillars. Medine reported “solid progression” within its diverse sectors.

The latest figures highlight a period of significant expansion for the group, balancing high-value property disposals with consistent growth in its recurring operational activities.

The Group’s Financial Performance

*> Excluding real estate activities, Medine’s operational revenue grew by 30% year-on-year.

Results by Group Clusters

• Agriculture: The agricultural pole recorded 53% revenue growth to Rs 1.1 billion (vs Rs 722 million previously). Sugarcane production rose 16% to 194,000 tonnes, leading to a 12% increase in sugar production (15,800 tonnes). Food crop production also grew by 14% to 3,832 tonnes, supported by a strong onion harvest, despite mixed results for potatoes.
• Property Operations: This segment continued its growth with revenues up 14% to Rs 398 million and EBITDA up 26% to Rs 269 million. Since the opening of the Cascavelle Mall extension in November 2025, average footfall has doubled compared to the previous year, attracting several popular brands.
• Casela: Casela showed sustained growth with a 13% increase in turnover to Rs 442 million.
• Sports & Hospitality: The Sports & Hospitality segment recorded a 22% increase in revenue to Rs 272 million.
• Education: The Education pole maintained a positive trend with turnover up 20% to Rs 80 million and EBITDA increasing 23% to Rs 28 million.
• Real Estate: The real estate segment saw a massive revenue surge to Rs 3.7 billion (vs Rs 456 million previously). EBITDA reached Rs 896 million, primarily due to the signing of sale deeds for the Pierrefonds land partitioning project, where 1,210 lots were handed over to new owners.

The Reason Behind This Progression

This increase is mainly linked to the completion of sales for the Pierrefonds land partitioning project, which was delayed last year due to administrative permit issues.

A Net Debt of Rs 5.6 Billion

As of March 31, 2026, the group’s net debt stood at Rs 5.6 billion, compared to Rs 5.5 billion at the end of the previous financial year.

“This slight increase reflects continued investment in the ‘build-and-lease’ portfolio, supported by solid cash flows from core and real estate activities.

Medine also maintains its ‘CARE MAU A; Stable’ rating from CARE Ratings Africa, testifying to the market’s confidence in its repayment capacity,” management stated.

Management’s Outlook

“We remain attentive to the evolution of the conflict in the Middle East and its potential consequences on tourism connectivity and operational costs.

However, we believe that the diversification of our activities and the strength of our real estate pipeline will allow us to maintain our resilience and close the financial year on a positive note.”

Source: Defi Media