“CIEL Group posts MUR 2.0 billion profit for the six-month period ending December 2024… ”

• (…) with steady growth from the Textile, Finance and Healthcare sectors

For the first six months of the 2025 financial year, CIEL Group delivered strong results with steady growth in revenue reaching MUR 18.9 bn. Commenting on the results, Guillaume Dalais, Group Chief Executive of CIEL Limited said: “Our international presence in East Africa and India, combined with our ability to generate more than half of our revenue in hard currencies, strengthen our resilience to manage volatility and capture emerging opportunities.”

Key highlights

• The Group’s revenue reached Rs 18.9 billion, a 6% increase compared to the same period last year. The revenue growth in the Healthcare (+20%), Finance (+9%), and Textile (+5%) clusters reflects the positive impact of our expansion and investment strategy.
• EBITDA reached MUR 3.6 bn, attributable to strong performances in the Textile, Healthcare and Finance clusters. This semester’s results were impacted by several government-led wage adjustments across clusters, while the prior period comparison reflects a high base that included a one-off gain from the sale of land in the Property cluster. This led to an EBITDA margin of 19.3%.
• Profit After Tax totalled MUR 2.0 bn, reflecting the softer EBITDA performance, the impact of the Corporate Climate Risk (CCR) levy and a lower contribution from the Agro cluster.

• Profit Attributable to Owners amounted to MUR 1.1bn resulting in an Earnings per Share of MUR 0.67.

• Free Cash Flow amounted to MUR 518M for this financial period. This was mainly on account of higher working capital requirements in the Textile cluster due to increased production capacity in the Woven cluster in India as well as ongoing commitments to our investment programme across clusters.
• Net Interest-Bearing Debt was MUR 14.2 bn, driven by funding requirements to consolidate our investment in two investee companies, namely in the Healthcare and Hotels & Resorts clusters, as well as the capital expenditure and working capital requirements mentioned above. The gearing ratio stood at a healthy 28.2%.

Cluster Review

Hotels & Resorts

• During the period, Sun Limited underwent a restructuring into two distinct listed entities on the official market of the SEM, enhancing its market positioning. The cluster reported revenue of MUR 4.4 bn, supported by a 12.5% increase in RevPAR in the Sunlife portfolio.

• The extended closure of Shangri-La Le Touessrok for renovations, along with softer booking trends in the Riveo portfolio, moderated the overall performance. Increased cost pressures, mainly coming from mandatory wage inflation, led to an EBITDA of MUR 1.2 bn.

• PAT stood at MUR 490M, after also accounting for the 2% CCR levy and reduced foreign exchange gains in the period.

Textile

• The Textile operations saw an increase in revenue of 5%, reaching MUR 8.5 bn, driven by higher sales volumes in the Woven segment in India, where demand continues to grow, and the Knitwear segment in the region.

• Improved operational efficiencies and effective cost management contributed to an 18% increase in EBITDA to MUR 909M.

• Profit After Tax reached MUR 427M, benefiting from a more stable operational performance across its segments.

Finance

• In the six-month period under review, the Finance cluster recorded sustained revenue growth of 9%, reaching MUR 3.0 bn.

• EBITDA increased by 4% to MUR 1.1 bn, indicating a more measured operational pace amid challenging market conditions in Madagascar.

• Profit after tax grew by 16% to MUR 911M, primarily driven by lower incremental IFRS 9 provisions at BNI. CIEL’s share of profit from Bank One was MUR 178M, up 2% on the corresponding period last year.

Healthcare

• Revenue in the Healthcare cluster grew by 20% to MUR 2.7 bn, demonstrating strong operational performances across hospitals in Mauritius and Uganda, alongside solid contributions from C-Lab in both regions.

• EBITDA reached MUR 521M, reflecting the underlying strength of the business. However, this growth was partially offset by higher staff costs.

• Profit after tax (PAT) for the cluster increased by 23%, reaching MUR 196M.

Properties

• The Property cluster recorded a 39% increase in revenue, reaching MUR 164M, driven by an expanded leasable area and higher rental rates within the Evolis portfolio.

• A recent warehousing and office acquisition is expected to contribute to additional revenue from Q3 onwards.

• At Ferney, construction of the Farm Living and the general infrastructure of the property development project commenced in Q2.

Agro

• The cluster reported a profit of MUR 178M in the corresponding period last year, largely due to lower sugar prices across regions.

• At Alteo, improved results from the Property segment were offset by a reduction in production in the Agro segment due to a lower cane harvest further impacted by pricing pressures.

• MIWA’s Tanzanian operations saw strong production recovery period on period, though import-driven sales and subsequent price declines impacted performance.

• The Kenyan operations faced lower production due to reduced cane availability.

“Our international presence in East Africa and India, combined with our ability to generate more than half of our revenue in hard currencies, strengthen our resilience to manage volatility and capture emerging opportunities,” Guillaume Dalais, Group Chief Executive of CIEL Limited, said.”

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 35.2 bn as at 30 June 2024.