Table of Contents
Mauritian businessman Arnaud Dalais has seen his stake in CIEL Limited gain $2.14 million (MUR92.12 million) in 14 days. The rise in the market value of his shares occurred on the back of sustained bullish sentiment in his Mauritius-based diversified investment group, as analysts digest its nine-month financial results.
CIEL invests and operates in five business clusters in Mauritius, Africa and Asia through its subsidiaries CIEL Agro and Property, CIEL Finance, CIEL Hotels and Resorts, CIEL Textile and CIEL Healthcare.
In its nine-month unaudited financial results, the group reported a 27.1-percent drop in revenue due to poor activity in its hotels and resorts cluster.
On the flip side, revenue growth in its healthcare and finance clusters was encouraging at 16.2 percent and 6.4 percent, respectively, compared to last year.
However, the underperformance of the hotels and resorts cluster led the group to post losses amounting to MUR397 million from continuing operations.
This follows losses incurred from its Maldives subsidiary, which has since discontinued operations. Its losses for the nine months ending March 31 amounted to $18.8 million (MUR768 million).
The expectation of a strong recovery in the economy and a resurgence in the hospitality sector have led investors to acquire shares in the broad-based group, despite its bland nine-month financial results.
Investors, however, anticipate that it will record impressive growth in Q4 2021, as the tourism industry revs up for a strong recovery. This bullish bias has recently led shares in CIEL to surge.
As of press time, 5:00 PM (UTC), July 15, shares in the investment group were trading at $0.1344 (MUR5.78), 53-percent higher than its opening price of $0.0879 (MUR3.78) for the year.
Between July 1 and 15, CIEL shares have increased in price from $0.1186 (MUR5.10) to $0.1344 (MUR5.78) per share. This translates to a 13-percent gain for shareholders in 14 days.
Dalais, who has been the head of 13 companies and currently chairs the board of CIEL, is one of the group’s leading shareholders.
The market value of the businessman’s shares, according to research conducted by Billionaires.Africa, has increased from $16.07 million (MUR690.87 million) on July 1 to $18.22 million (N782.98 million) on July 15.
This translates to a gain of $2.14 million (MUR92.12 million) for the Mauritian businessman.
