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“CIEL Group continues to deliver solid results with a 33% increase in Profit after Tax to reach MUR 3.8 Bn”

Key highlights for the nine months period ended 31 March 2024 compared to the corresponding nine months ended 31 March 2023:


  • The Hotels & Resorts, Finance, Healthcare, and Property clusters achieved solid growth, supporting overall Group revenue. However, this growth was offset by a shortfall in the Textile cluster due to the prevailing soft retail market conditions. Group revenue stood at MUR 26.1 bn, from MUR 26.8 bn. 

  • Operational efficiencies in the Hotels & Resorts cluster improved while net banking income in the Finance cluster increased. Along with a profitable land sale totalling MUR 362M in the Property cluster, Group EBITDA rose by 15% to MUR 5.8 bn, up from MUR 5.1 bn. This improvement pushed the EBITDA margin up to 22.4% from 18.9%. 

  • Profit After Tax (PAT) rose to MUR 3.8 bn from MUR 2.8 bn, marking a 33% improvement over the comparative period. 

  • Earnings per Share increased by 24%, reaching MUR 1.27, as Profit Attributable to Owners climbed to MUR 2.1 bn from MUR 1.7 bn. 

  • Free Cash Flow generated from operations reached MUR 3.6 bn from MUR 3.5 bn. 

  • Group Net Interest-Bearing Debt stood at MUR 11.7 bn as at 31 March 2024 compared to MUR 12.1 bn as at 30 June 2023, resulting in a gearing ratio of 25.7% compared to 28.6% as at 30 June 2023.

“As the financial year unfolds, our focus remains on achieving operational efficiencies and unlocking value across our diverse business portfolio. By generating new opportunities in Africa, Asia and capitalising on our property portfolio in Mauritius, we are activating new growth drivers. Our aim is to broaden manufacturing capabilities in India, expand healthcare services in the Indian Ocean Islands and East Africa, and explore innovative revenue streams through digitalisation in the banking segments”,  stated Jérôme de Chasteauneuf, Group Finance Director of CIEL Limited.

Cluster Review


Hotels & Resorts

For the nine-month period ended 31 March 2024, the cluster’s revenue increased by 9% to MUR 6.8 bn from MUR 6.3 bn, mainly driven by an increase in average room rates which led to a 13% increase in RevPAR (revenue per available room). Despite cost pressures persisting, the cluster posted an EBITDA of MUR 2.2 bn, up from MUR 2.0 bn in the same period last year. PAT grew by 27% to MUR 1.4 bn from MUR 1.1 bn boosted by positive foreign exchange gains.



Revenue for the cluster increased by 10% to MUR 4.1 bn, primarily driven by a rise in net banking income and higher interest rate margins at BNI Madagascar. EBITDA improved to MUR 1.6 bn from MUR 1.1 bn as a result of lower specific write-offs compared to the same period last year. PAT rose by 66% to MUR 1.2 bn from MUR 718M, attributed to a 46% reduction in expected credit loss provisions and higher recoveries. PAT was further supported by a 21% increase in the share of profit from Bank One, which rose to MUR 290M from MUR 239M.



The cluster’s revenue reduced to MUR 11.5 bn from MUR 13.7 bn primarily influenced by current softer global retail market conditions. Nonetheless, the Woven operations in India and Knitwear operations in the region continued to deliver solid performances. EBITDA decreased to MUR 1.1 bn, compared to MUR 1.4 bn, due to margin constraints stemming from ongoing inflationary pressures and increased finance costs. PAT reached MUR 484M, down from MUR 747M in the corresponding period last year.



For the period under review, the cluster’s revenue continued its upward trajectory with an increase of 18% to MUR 3.5 bn, up from MUR 2.9 bn in the corresponding period last year. EBITDA rose to MUR 668M from MUR 607M reflecting ongoing efficient management of operational expenses, both in Mauritius and Uganda. PAT reached MUR 232M, a 12% decrease from MUR 263M, primarily attributed to strategic investments in medical equipment and infrastructure which incurred higher depreciation and financing costs.



As the cluster expands its portfolio with the launch of new projects, revenue for the period under review rose by 14% to MUR 172M, primarily driven by an increase in rental income. EBITDA significantly improved, climbing from MUR 10M to MUR 380M, largely due to the profit on sale of land at Ferney in the second quarter. This led to a PAT of MUR 327M compared to a loss of MUR 39M in the corresponding period last year.



CIEL’s share of profit rose to MUR 346M from MUR 224M in the prior year period. Alteo’s profits improved, driven by the robust performance of its Agro-business mainly led by higher sugar prices. MIWA Sugar Limited, which operates in Kenya and Tanzania, experienced a decrease in profitability over the nine months. In Kenya, higher sugar prices helped to offset the shortfall from the Tanzanian operations which were affected by lower sales and production volumes following recent factory outages.

About CIEL Limited:

CIEL is an international Mauritian Group, listed on the Stock Exchange of Mauritius and on the SEM Sustainability Index. The Group invests and operates in 6 strategic sectors, namely Agriculture, Finance, Healthcare, Hospitality, Property and Textile. Founded in 1912, CIEL is today present in more than 10 countries across Africa and Asia. It employs 37,500 talented individuals for an annual turnover of approx. MUR 35.4 bn as at 30 June 2023. For more info, visit

Jérôme de Chasteauneuf, Group Finance Director of CIEL Limited
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