ENL Limited, a Mauritius-based conglomerate led by renowned businessman Hector Espitalier-Noel, has reported a profit of MUR347 million ($8.03 million) in the first six months of its 2022 fiscal year, with revenue rebounding strongly from the previous year.
After two consecutive years of losses, management expects the group to post profits for the full year, as all of the group’s segments continue to perform well and hospitality benefits, particularly from the lifting of travel restrictions with a strong level of bookings in hand.
In comparison to last year, its financial performance at the end of the first six months of its 2022 fiscal year improved significantly, from a loss of MUR810.54 million ($18.7 million) a year ago to a profit of MUR347.07 million ($8.03 million), driven by an increase in revenue.
ENL is a diversified conglomerate with more than 120 international and domestic brands in the agro-allied, real estate, hospitality, logistics, fintech, commerce, and industrial sectors.
The Mauritius-based group is led by Espitalier-Noel, who has a 9.92-percent beneficial stake in the company, totaling 105,884,604 ordinary shares.
The group’s financial performance improved significantly over last year’s, with revenue increasing by 34 percent from MUR6.9 billion ($160.22 million) to MUR9.24 billion ($214.55 million), resulting in a strong rebound in earnings during the period under review.
This turnaround was mainly driven by the reduction in losses of the hospitality segment from MUR1.11 billion ($25.8 million) to MUR45 million ($1.045 million). Except for real estate, which saw a slight decrease in profits, the group’s other operating segments posted improved results.
As a result of the strong financial performance, ENL’s profit increased from MUR76.3 billion ($1.76 billion) to MUR77.5 billion ($1.8 billion), while the shareholder’s fund increased marginally from MUR26.34 billion ($606.8 million) to MUR26.57 billion ($611.43 million).