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CIEL Limited, a leading conglomerate led by Mauritian businessman Arnaud Dalais, has recovered from last year’s losses, with profit exceeding $20.9 million in the first six months of its 2022 fiscal year, driven by the gradual recovery of commercial activities and the reopening of borders in Mauritius.
In contrast to the previous year’s losses of MUR449.6 million ($8.4 million), the company declared a profit of MUR918.6 billion ($21 million) for the half-year period that concluded on Dec. 31.
The strong growth in the company’s earnings during the half-year period may be attributed to the gradual recovery of economic activity and the reopening of borders in Mauritius, which resulted in the robust rebound of its operations and a 45-percent increase in its income.
The conglomerate’s revenue rose by 45 percent from MUR9.1 billion ($207 million) in the first half of 2021 to MUR13.2 billion ($300.2 million) in the same period of 2022, owing to strong growth in its textile and finance clusters, as well as a strong contribution from its hotels and resorts cluster due to the reopening of Mauritius’ borders.
Aside from the recovery in its operational areas, which resulted in double-digit revenue growth, the recent comeback in profitability underscores CIEL’s competitiveness in fast-growing international markets and its relevant strategic positioning.
The management observed that the group’s agility and ability to recoup is demonstrated by the 5.8-percent rise in its EBITDA margin to 17.1 percent, demonstrating the efficiency of its business models when paired with its strong cost-management discipline and compelling restructuring.
CIEL is a Mauritian company with active activities and interests in more than 10 emerging and developing economies in Africa and Asia. Its investments are diversified throughout five business clusters across its subsidiaries’ activities.
Dalais, the chairman of the Mauritius-based company, owns an eight-percent stake in CIEL, totaling 135,464,460 ordinary shares.
As of press time on Feb. 15, the group’s shares were trading at MUR6.54 ($0.149), up 1.87 percent from their starting price on the local exchange this morning.
Dalais’ equity position in the company is presently worth MUR885.9 million ($20.1 million) at the current market price, while CIEL is worth MUR11 billion ($251.2 million).
As a result of the strong performance, the group’s total asset value climbed from MUR84.1 billion ($1.9 billion) at the start of the current fiscal year to MUR90.3 billion ($2 billion), while shareholder funds rose from MUR22.2 billion ($505.2 million) to MUR23.7 billion ($540 million).
