The IBL Group Ltd. has reported its results on Thursday, February 14 at Caudan.

The group’s turnover grew by 4% compared to the same period last year, i.e. MUR 20.1 billion against MUR 19.3 billion.

Operating profit decreased by MUR 92 million and financial expenses increased by MUR 138 million, mainly due to the consolidation and financing of new investments and a number of strategic initiatives that will bear fruit in the near future.

The hotel sector posts a good growth of around 55% in operating profits. All hotels operated during the period concerned. The LUX * Group changed its organizational structure at the end of 2018 and launched its new SALT brand with a hotel in Palmar, Mauritius. The head office of The Lux Collective has moved to Singapore to implement its international growth plan.

The “Building and Engineering” sector recorded a drop in sales: Manser Saxon Contracting benefited from two major projects over the past year and started smaller projects over the period with a significant impact on its business operating margin. UBP is showing an increase in turnover thanks to its involvement in public and private infrastructure projects.

The Logistics sector posted a 16% growth in turnover. The outlook for this sector is encouraging given the projects launched.

The “Manufacturing and Processing” sector saw growth of 9% in sales and 10% in operating profits. These results are attributable on the one hand by the revival of activity in the Seafood and by a rise in profits at PhoenixBev, and this, despite a negative impact on our operations in Reunion Island with the “Yellow Vests» movement.

The Commercial sector recorded a significant growth of around 6% of its turnover, this increase being largely attributable to Winner’s which, over the period, acquired new supermarkets (Shoprite of Trianon and Port-Louis) and opened his first Winner’s Hyper at Trianon.

The Real Estate sector records the first consolidation of BlueLife in the results of IBL Ltd.

The “Life” segment shows convincing results due in large part to CIDP’s contribution. The development strategy of this sector unlocks interesting opportunities for the future.

In the Financial Services cluster, all operations saw revenue growth. But operating profits are impacted by the results of MEI (Mauritian Eagle Insurance) which records a significant number of claims on the real estate and automotive sector. AfrAsia Bank posted a good performance in the first half of the 2018/19 financial year.

Due to the fall in the price of sugar and the limited support measures of the authorities to small planters (less than 60 tons) mainly, Alteo has mixed results on Mauritius. African operations, on the other hand, are doing well.