Mauritian Doger de Speville family's Medine posts $25.9-million profit in FY 2024

Feyisayo Ajayi -
Key Points
  • Medine Group reported a profit of MUR1.19 billion ($26 million) for fiscal year ending June 30, 2024, reflecting a 0.97% increase.
  • Revenue surged 66.7% to MUR5.45 billion ($118.5 million), driven by strong performance in real estate and completed residential projects.
  • Total assets grew 6.2% to MUR32.72 billion ($704.85 million), with total equity up 6.5% to MUR23.34 billion ($502.86 million).

Medine Group, a diversified Mauritian conglomerate led by the Doger de Speville family, delivered resilient financial results for the fiscal year ending June 30, 2024.

The company reported a profit of MUR1.19 billion ($26 million), a modest 0.97 percent increase from the MUR1.19 billion ($25.6 million) posted in the previous year.

This marginal growth came despite a substantial surge in revenue, which soared 66.7 percent to MUR5.45 billion ($118.5 million) from MUR3.23 billion ($71.1 million) in 2023.

Medine sees revenue boost from real estate

The remarkable revenue increase was driven by broad-based growth across Medine’s diverse portfolio, with its real estate segment serving as the key engine of the group’s performance. Medine’s real estate division generated MUR3.8 billion ($81.9 million) in revenue, a significant leap from the MUR1.7 billion ($36.62 million) reported the previous year.

This segment alone contributed 69.1 percent of the group’s overall revenue, boosted by the completion of several flagship residential developments, including Magenta Parkside, Oceanside, and the final phase of the Serenis project.

Its “Build and Lease” portfolio also saw gains, with the Cascavelle shopping center at full occupancy and office demand pushing occupancy to 83 percent. Medine’s agricultural, leisure, and education units provided stability, with agricultural revenue rising 6.62 percent to MUR918 million ($19.78 million), aided by higher vegetable production and sugar prices.

Medine Group's family-driven legacy

Medine Group operates across five sectors: real estate, retail, education, hospitality, and agriculture. Its agro-allied business covers sugar, molasses, bagasse, fruit, vegetables, and poultry, reflecting its wide reach in Mauritius.

The Doger de Speville family holds a 14.41 percent stake, with key members like Pierre Doger de Speville, and Marie Therese and Thomas Doger de Speville playing a central role in the group's growth. Their combined shares total 13,519,442.

Medine's assets, equity, see growth

Medine’s balance sheet also exhibited strength during the period. The group’s assets rose 6.2 percent to MUR32.72 billion ($704.85 million) for the period, up from MUR30.82 billion ($663.88 million) a year earlier. Total equity increased 6.5 percent to MUR23.34 billion ($502.86 million).

Medine's performance underscores its ability to navigate economic challenges, with real estate driving its growth during the period under review. The board declared a final dividend of MUR1.4 ($0.03) per share, totaling MUR147 million ($3.17 million), to be paid by Oct. 31, 2024.