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BMH Limited, a Mauritian investment holding company led by businessman and leading executive Jean Ribet, reported a profit of MUR316.77 million ($7.42 million) at the end of the first quarter of 2022, which ended on March 31, as revenue increased by triple digits.
The increase in earnings and revenue follows a loss of MUR673.08 million ($15.7 million) from its broad-based operations at the end of 2021, despite significant revenue growth during the period under consideration.
Ribet believes that, barring any unforeseen circumstances, the 2022 results will show a positive overall performance compared to 2021.
BMH Holding operates as one of Mauritius’ leading investment holding companies, with significant equity positions in Hotelest Limited, IBL Ltd, and AfrAsia Bank Ltd. Ribet controls a significant 3.32-percent stake in the holding worth $1.71 million.
Due to strong growth across its operating segments, its financial result at the end of the first three months of 2022 improved significantly from a loss of MUR375.97 million ($8.81 million) in the first quarter of 2021 to a profit of MUR316.77 million ($7.42 million).
Its revenue increased by 256 percent in the first quarter of 2022, from MUR405.84 million ($9.51 million) to MUR1.44 billion ($33.75 million), thanks to a strong recovery in its operations following positive trading conditions from key markets.
As economic conditions remain volatile, management is cautious about the likelihood of a return to pre-pandemic levels. It goes on to say that the current geopolitical climate is bringing more global uncertainty, as well as inflationary pressures, which are negatively impacting travel and imported goods costs.
