Mauritian multimillionaire Hector Espitalier-Noel and related entities are set to earn $1.24 million (MUR52.94 million) from his direct and indirect stakes in ENL Limited.
ENL Limited is a holding company of ENL Group, a broad-based enterprise developing and managing more than 120 global and homegrown brands in critical sectors of the Mauritian economy.
In its most recent quarterly filings, ENL reported a 23-percent decline in revenues from $286.44 million (MUR12.17 billion) in the nine months ending in March 2020 to $220.70 million (MUR9.40 billion) in the nine months ending in March 2021.
The losses came on the back of disruptions caused by COVID-19, which impacted operations in all of its business segments with the exception of logistics.
The pandemic-driven challenges in its operating environment led to a sharp decline in operating profits from $15.27 million (MUR649.6 million) in 2020 to $63,516 (MUR2.70 million) in 2021.
Due to this impact, the Mauritius-based conglomerate incurred a loss after taxes of $30.60 million (MUR1.30 billion) in the nine months ending in March 2021, driven by a $37.65-million (MUR1.60 billion) loss suffered from its hospitality-sector operations.
Despite the weak performance, the ENL Limited Board of Directors declared a dividend of MUR0.50 ($0.0014) per share payable to shareholders on all issued shares on Aug. 6.
Espitalier-Noel, a seasoned entrepreneur, has led ENL Group for nearly three decades. He is one of the leading shareholders in the Mauritius-based conglomerate.
The tycoon owns a total stake of 105,884,604 ordinary shares in the enterprise, which ranks among the top 10 in Mauritius in terms of assets and turnover.
His equity position in ENL qualifies him to pocket a total dividend of $1.24 million (MUR52.94 million) from the conglomerate’s profits in the financial year ending June 30, 2020.
