Rogers and Company Limited (Rogers), a Mauritius-based international services and investment firm led by the affluent Mauritian Espitalier-Noel family, recorded a loss of MUR614.3 million ($13.97 million) at the conclusion of its fiscal year ending in June 2021.
According to Rogers’ financial statement, the company’s loss at the end of 2021 increased by 23.7 percent from MUR496.8 million ($11.3 million) in 2020 to MUR614.3 million ($13.97 million), owing to the continuing impact of the COVID-19 epidemic on its operational environment.
This is the second year in a row that the Mauritian investment firm has incurred operating losses, bringing its overall operating losses to MUR1.11 billion ($25.2 million) through June 2019.
The company’s profits reserves fell by 5.2 percent, from MUR8.83 billion ($200.6 million) in 2012 to MUR8.37 billion ($190.2 million) in 2021, as a result of the bad performance. Rogers’ reserves have fallen 13.34 percent from MUR9.66 billion ($219.5 million) in 2019.
The group’s revenue also declined 18 percent from MUR9.24 billion ($210 million) in 2020 to MUR7.57 billion ($172 million) at the end of 2021, owing to the protracted closure of international borders and travel restrictions affecting the hospitality serviced market.
The multimillion-dollar loss posted by the Espitalier Noel-led firm was primarily attributed to the MUR1.97-billion ($44.8 million) loss reported by its hospitality segment during the period under review, as the market was affected by border closures and difficult traveling conditions for the entire fiscal year, compared to only three months in the previous period.
Despite the dismal performance, the board of directors recommended a payout of MUR0.60 ($0.0136) per share, up from MUR0.38 ($0.0086) per share last year.
While providing a forecast for the company’s performance in 2022 and beyond, the management stated that the tourist sector is gradually recovering as a result of the relaxation of travel restrictions in Mauritius and throughout the world.
According to this forecast, the Group’s operating results for the fiscal year ending June 2022 will considerably improve, as other sectors continue to perform well.
