Evaco Group, a leading real estate development firm led by Mauritian businessman Arnaud Mayer, recovered from last year’s losses with a profit of more than $2 million at the end of its 2022 fiscal year, which ended on June 30, thanks to a spectacular turnaround in its operations.
Mayer established Evaco in 2001 as a real estate development company. It now has active operations and investments in the real estate sector through its subsidiaries and brands such as Evaco Creations, Evaco Property, Evaco Escapes, and Evaco Solutions.
Since its inception more than a decade ago, the firm has quickly evolved into an investment holding company and a leader in high-end real estate development in Mauritius.
The group earned MUR87.55 million ($2.01 million) in profit at the end of its 2022 fiscal year compared to a loss of MUR205.84 million ($4.65 million) the previous year, according to figures contained in its recently published financial statement.
The strong financial performance can be attributed to the group’s operations recovering strongly, resulting in a 74.3-percent increase in revenue from MUR434.2 million ($9.9 million) the previous year to MUR756.9 million ($17.26 million).
Evaco added that the double-digit revenue increase is largely due to the full reopening of Mauritian borders in February, which resulted in an increase in demand for high-end real estate properties during the period under review.
As a result of the impressive financial performance, Evaco’s total assets rose by MUR582 million ($13.28 million) from MUR2.09 billion ($47.7 million) to MUR2.67 billion ($61 million), while retained earnings increased from MUR263.47 million ($6.01 million) to MUR294.78 million ($6.73 million).
The group also announced that the first phase of the Cap Marina Project, consisting of 25 Harmony villas, is 69-percent complete, with first deliveries scheduled for the first quarter of 2023, and that the construction of the second phase, consisting of 24 units of villas du parc and marina villas are proceeding as planned, with first deliveries scheduled for the third quarter of 2023.
