Mauritian tycoon Arnaud Mayer’s Evaco surpasses $9 million in revenue in H1 2023

Feyisayo Ajayi -

Evaco Group, a leading real estate development firm led by Mauritian businessman Arnaud Mayer, has bounced back with a stellar financial performance in the first half of its 2023 fiscal year, building on its resilient performance in 2022.

The group’s revenue during the first six months of its 2023 fiscal year surged past $9 million, propelled by a surge in demand for luxury real estate properties after Mauritius reopened its borders in 2022. This remarkable turnaround enabled the group to achieve profitability after incurring losses last year.

According to figures contained in its recently published financial statement, Evaco Group reported a net profit of MUR45.14 million ($970,444) compared to a loss of MUR14.25 million ($306,400) in the same period last year.

The remarkable turnaround is attributed to a staggering 54-percent surge in its revenue, which rose from MUR285.06 million ($6.12 million) to MUR438.7 million ($9.4 million) due to an increase in the demand for high-end real estate properties.

Mayer founded Evaco Group as a real estate development company in 2001.

Over the years, the group has expanded into an investment holding and emerged as a leading player in the high-end real estate sector in Mauritius.

Its subsidiaries and brands, including Evaco Creations, Evaco Property, Evaco Escapes, and Evaco Solutions, maintain active operations in the country.

To consolidate its position in the real estate market and cater to the soaring demand, the group has launched new high-end real estate projects.

Thanks to its impressive financial performance, Evaco Group’s total assets have grown from MUR2.67 billion ($57.4 million) to MUR3.01 billion ($65 million), while retained earnings increased from MUR289.1 million ($6.21 million) to MUR357 million ($7.67 million) as of Dec. 31, 2022.

These figures reflect the group’s strategic investments and focus on creating sustainable value for stakeholders, including customers, shareholders, and employees.