Since the start of the year, the multimillionaire Espitalier-Noel family of Mauritius has gained MUR229.3 million ($5.33 million) from their stake in ENL Limited, a Mauritius-based conglomerate led by one of the family’s members, Hector Espitalier-Noel.
According to data obtained by Billionaires.Africa, the market value of the 7.2-percent stake in the Mauritius-based conglomerate controlled by the Espitalier-Noel family, one of the wealthiest families in Mauritius, has increased by more than $5.3 million since the beginning of the year.
The sustained buying interest in ENL’s shares on the Stock Exchange of Mauritius has resulted in a 39.5-percent increase in share price from MUR21.5 ($0.5001) at the start of trade on the local bourse on Jan. 1 to MUR30 ($0.698) at the time of writing this report.
As a result, the market value of the family’s 7.2-percent stake in ENL stake has risen from MUR580 million ($13.5 million) at the start of the year to MUR809.3 million ($18.83 million) at the time of writing this report, representing a total gain of MUR230 million ($5.33 million) for the wealthy family.
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 affluent Espitalier-Noel family controls the Mauritius-based group, with members of the family serving as executives on the board.
The rise in its share price since the beginning of the year can be attributed to the company’s strong performance in 2021, as well as the first six months of its fiscal year in 2022.
Following two years of losses, the management expects the group to return to profit 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 the previous 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) to a profit of MUR347.07 million ($8.03 million), driven by an increase in revenue.
This turnaround was primarily driven by a decrease in hospitality segment losses from MUR1.11 billion ($25.8 million) to MUR45 million ($1.045 million). With the exception of the real estate segment, which saw a slight decrease in profits, the group’s other operating segments improved.