IBL Group, a world-class multinational conglomerate managed by Mauritian multimillionaire business Arnaud Lagesse, recorded a triple-digit increase in profit in the first half of its 2022 fiscal year as a result of a solid rebound across its major operational divisions.
According to the conglomerate’s unaudited financial filings, its profit rose by 215 percent from MUR498.3 million ($11.4 million) in the first half of 2021 to MUR1.57 billion ($36 million) in the same period of 2022.
The reopening of borders in Mauritius during the review period resulted in a solid rebound in its operational environment and a 16-percent rise in group revenue from MUR18.9 billion ($433.6 million) to MUR21.9 billion ($502.4 million).
The strong growth in revenue and earnings can be linked to Winner’s, a leading online grocery supermarket in Mauritius that reported strong results with higher turnover and good cost control, coupled with the performance of LUX Island Resorts, among others.
Its commercial and distribution businesses made a profit of MUR824.1 million ($18.9 million), while LUX Island Resorts had a profit of MUR423.5 million ($9.7 million), owing to the reopening of business, tourism and hospitality facilities.
As a result, IBL’s assets climbed from MUR71 billion ($1.6 billion) to MUR74.3 billion ($1.7 billion), while shareholder funds increased from MUR15 billion ($344.3 million) to MUR15.7 billion ($360.4 million).
IBL Group is a leading Mauritian conglomerate with one of the largest enterprises on the island, with more than 200 brands spread over 19 countries.
For the past 190 years, it has evolved by anticipating market trends, investing intelligently and surrounding itself with the best personnel, all while being led by the Lagesse family, which owns a considerable part of the company.
Arnaud Lagesse, Benoit Lagesse, Hugues Lagesse, Jean-Pierre Lagesse, Thierry Lagesse and Stephane Lagesse are all directors at IBL.
In addition to serving as directors, they are the company’s single greatest significant shareholder. They have a 16.8-percent joint ownership holding in the group, which equates to 114,369,469 issued ordinary shares.
Their combined holding in IBL is worth MUR6 billion ($139 million) at the current share price of MUR53 ($1.22) per share.
While providing an outlook for the current period and beyond, the management stated that the gradual relaxation of travel restrictions in Mauritius and feeder markets, combined with high vaccination levels, will enable the tourism industry to gradually recover and its hospitality and services operations to grow.
In addition, the management noted that IBL will continue to actively explore strategic investment opportunities to extend its footprint in growing industries and geographies to increase value for shareholders.
