Mauritian tycoon Arnaud Lagesse guides IBL to record $2.2-billion revenue in H1 2024

Omokolade Ajayi -
Key Points
  • IBL Group’s revenue soared nearly 96% to $2.21 billion in H1 2024, driven by aggressive expansion into East Africa.
  • Despite revenue gains, profit rose modestly from $107 million to $127.4 million, impacted by increased operating expenses and finance costs.
  • IBL Group’s assets jumped 33% to $2.77 billion, reflecting successful regional expansion and strategic acquisitions in the Indian Ocean market.

IBL Group, a Mauritian conglomerate led by multimillionaire businessman Arnaud Lagesse, achieved a key milestone in its “Beyond Borders” strategy during the first half of 2024, with revenue surpassing $2.2 billion.

This marks a significant leap from the $1.13 billion reported in the first half of 2023, reflecting the conglomerate's aggressive expansion into East Africa and the Indian Ocean region.

According to its latest financial statements, IBL Group's revenue surged by nearly 96 percent, climbing from MUR52.1 billion ($1.13 billion) in H1 2023 to MUR101.96 billion ($2.21 billion) in H1 2024.

A substantial portion of this growth was attributed to the consolidation of recently acquired subsidiaries in East Africa and Reunion, which collectively contributed more than 40 percent of the group’s revenue.

Existing businesses also saw double-digit growth, underscoring the effectiveness of the group’s diversification strategy.

Profit growth lags behind revenue surge

Despite the sharp rise in revenue, profit growth lagged due to increased operating expenses and rising finance costs.

Net finance costs nearly doubled, soaring from MUR1.87 billion ($40.6 million) in the first half of 2023 to MUR3.23 billion ($70.2 million) in the same period of 2024.

The group's profit grew from MUR4.92 billion ($107 million) to MUR5.86 billion ($127.4 million) in H1 2024 — a more modest increase relative to revenue.

However, total comprehensive income surged 31 percent, rising from MUR6.37 billion ($138.5 million) to MUR8.35 billion ($181.5 million).

IBL Group's assets surge 33 percent

Multimillionaire businessman Arnaud Lagesse’s leadership has been pivotal in executing IBL’s “Beyond Borders” strategy, which focuses on expanding the group's footprint in East Africa.

The opening of a new office in Nairobi, Kenya, signals IBL's intent to capitalize on acquisition opportunities in the region, solidifying its presence in the Kenyan market. Lagesse and his siblings collectively own a 16.8-percent stake in the group, equivalent to 114.4 million shares.

IBL’s expansion efforts are paying off. The group’s assets jumped from MUR96.06 billion ($2.09 billion) as of June 30, 2023, to MUR127.59 billion ($2.77 billion) by mid-2024, a 33-percent increase.

Similarly, total equity grew from MUR36.55 billion ($794.6 million) to MUR44.56 billion ($968.7 million) over the same period, reflecting commitment to shareholder value.

IBL thrives with regional strategy

IBL Group’s robust financial performance in the first half of 2024 demonstrates the success of its regional expansion and acquisitions, positioning the company for sustained growth across the Indian Ocean and East African markets.

Looking ahead, IBL aims to consolidate its gains and leverage synergies across its new acquisitions, while focusing on operational improvements across various sectors.

The group’s leadership acknowledged that this strategy would be crucial in navigating rising costs in Mauritius, especially amid inflationary pressures.