Mauritian tycoon Hector Espitalier-Noel's ENL reports stellar $33.9 million profit

Under the leadership of renowned businessman Hector Espitalier-Noel, Mauritian conglomerate ENL Limited has continued its remarkable financial turnaround, posting impressive results at the end of the first nine months of its 2023 fiscal year.

The company’s recently published financial results revealed a staggering 161-percent increase in profit, soaring from MUR595.45 million ($13.04 million) in the first nine months of 2022 to MUR1.55 billion ($33.9 million).

ENL’s exceptional financial performance can be attributed to a robust 21.3-percent surge in revenue, climbing from MUR12.58 billion ($275.4 million) to MUR15.26 billion ($334.1 million).

The surge in revenue was driven by solid performances in the company’s operating segments during the period under review.

The hospitality segment was pivotal in driving ENL’s success, surpassing expectations and rebounding to pre-COVID levels. The sector benefited from increased guest night spending and the appreciation of foreign currencies, from which most revenues are derived.

Additionally, the commerce and manufacturing segments capitalized on the buoyancy of the automotive and retail markets, further contributing to the group’s positive financial performance.

ENL Limited is a diversified conglomerate with more than 120 domestic and international brands spanning agro-allied, real estate, hospitality, logistics, fintech, commerce, and industrial sectors.

Spearheaded by Espitalier-Noel, the company’s CEO and owner of a 9.92-percent beneficial stake, ENL has positioned itself as a prominent player in various industries.

With the triple-digit surge in profit, ENL’s total assets rose by 3.8 percent, reaching MUR85.96 billion ($1.88 billion) from MUR82.84 billion ($1.81 billion).

Moreover, equity holders’ interests increased from MUR28.61 billion ($626.4 million) to MUR29.12 billion ($637.5 million), showcasing the company’s commitment to enhancing shareholder value.