Home » Led by Mauritian businessman Jean Ribet, BMH posts $5.8 million in profit

Led by Mauritian businessman Jean Ribet, BMH posts $5.8 million in profit

by Mfonobong Nsehe
Jean Ribet

BMH Limited, an investment holding company partly owned by Mauritian businessman Jean Ribet, has reported a significant profit of $5.8 million at the end of its 2022 fiscal year, marking an impressive turnaround from the losses it incurred in the previous year.

Despite facing headwinds such as geopolitical tensions and inflationary pressures, the company, under Ribet’s astute leadership, achieved a remarkable turnaround at the end of its 2022 fiscal year, with a net profit of MUR264.4 million ($5.83 million) compared to a loss of MUR673.08 million ($14.84 million) the previous year.

The company’s exceptional performance is attributed to a robust operational recovery, which was fueled by favorable trading conditions in key markets.

These conditions led to a remarkable increase in its revenue from MUR2.44 billion ($53.8 million) in 2021 to MUR5.09 billion ($112.3 million), representing a surge of 108.7 percent.

This underscores the company’s resilience and capacity to adapt to changing market dynamics, showcasing its ability to create value for stakeholders.

BMH Holding, one of the leading investment holding companies in Mauritius, has significant equity positions in Hotelest Limited, IBL Ltd, and AfrAsia Bank Ltd.

With a controlling stake of 3.32 percent, worth more than $1.7 million, in the holding, Ribet has played a pivotal role in the company’s success in recent years.

Thanks to its robust financial performance, which also consolidates the results of its subsidiary, Constance Hotels Services, BMH’s total assets increased from MUR21.93 billion ($483.9 million) to MUR22.6 billion ($498.7 million).

The good performance of associates linked to Constance Hotels Services also delivered a share of profit of MUR154.4 million ($3.41 million) during the period under review, this translates to a significant improvement from a loss of MUR42.7 million ($942,200) in 2022.

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