Mauritius-based CIEL records $109.3-million profit in 2024

Omokolade Ajayi -
Key Points
  • CIEL Limited's profit surged 17% to MUR5.038 billion ($109.3 million) for the fiscal year ending June 30, 2024.
  • 2024 revenue held steady at MUR35.2 billion ($763.4 million), despite challenges in the textile segment.
  • Total assets rose to MUR105.85 billion ($2.3 billion), driven by strong performance in finance, healthcare, and hospitality clusters.

CIEL Limited, a Mauritian conglomerate led by businessman Arnaud Dalais, reported a resilient financial performance for the fiscal year ending June 30, 2024.

The group’s profit surged 17 percent to MUR5.038 billion ($109.3 million), building on momentum from 2023 when profit nearly doubled from MUR2.15 billion ($46.63 million) to MUR4.3 billion ($93.26 million).

The growth was fueled by disciplined cost management across the group’s business clusters, solidifying its standing as one of the largest and most profitable conglomerates in Mauritius.

Revenue stabilizes despite regional headwinds

CIEL's 2024 revenue remained steady at MUR35.2 billion ($763.4 million), close to the MUR35.4 billion ($767.7 million) recorded in the prior fiscal year.

Gains in the group’s finance, hotels and resorts, and healthcare segments helped offset challenges in the textile cluster, which faced headwinds from a softer operating environment in the region.

The diversified group maintains operations across 10 emerging and developing markets in Africa and Asia, with investments spanning five core clusters: finance, healthcare, textiles, hotels & resorts, and property.

Arnaud Dalais' stake and asset growth

CIEL Chairman Arnaud Dalais, who holds an 8.2-percent stake in the group, equivalent to 138.69 million ordinary shares, continues to steer the company through solid financial milestones.

Under Dalais' leadership, CIEL’s total assets rose to MUR105.85 billion ($2.3 billion), up from MUR98.06 billion ($2.12 billion) a year earlier, reinforcing its status among Mauritius' top conglomerates.

The group's total equity grew 12 percent to MUR33.72 billion ($731.3 million) by the end of June 2024, compared to MUR30.05 billion ($652 million) a year earlier.

As a reward for shareholders, CIEL’s board approved a dividend of MUR0.32 ($0.00694) per share, a 14-percent increase from the previous year’s payout of MUR0.28 ($0.00607).