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CIEL Group : First Semester 2023 Overview

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CIEL Group : First Semester 2023 Overview

Solid growth in first six months ended December 31

In the first semester ending December 31, 2023, the CIEL Group demonstrated resilience, achieving a turnover of 17.8 billion MUR, equivalent to 390 million USD.

While the Group’s turnover experienced a marginal decrease of 2 % compared to the same period in 2022, primarily attributable to the Textile sector’s slowdown, the earnings before interest, taxes, depreciation, and amortization (EBITDA) exhibited a notable surge of 27 %, reaching 90 million USD, with a commendable profit margin of 22.9 %. This growth trajectory was propelled by the robust performance of the Hospitality and Finance sectors, complemented by a significant profit of 7.9 million USD from real estate divestments. The profit after taxes soared by 37 %, reaching 59 million USD, with an available cash flow of 39 million USD. However, the Group’s net interest-bearing debt amounted to 262 million USD.

CIEL Hotels & Resorts witnessed a commendable 10 % increase in turnover, attributed to a substantial enhancement in the average daily rate. The post-tax profit surged by 37 %, while EBITDA stood at 32 million USD. Conversely, the Textile segment experienced a 15 % decline in turnover, albeit recording a post-tax profit of 72,000 USD. Notwithstanding, Ciel Finance Limited showcased robust growth, boasting a net profit after tax of 172,000 USD, a 12 % surge in turnover, and an impressive 59% increase in EBITDA.

Despite CIEL Healthcare Limited grappling with high operating costs, resulting in a 10 % dip in net profit after tax, its turnover exhibited a commendable 20 % increase, with EBITDA reaching 93,000 USD. Ciel Immobilier demonstrated steady growth, with an EBITDA of 405 million MUR (89,000 USD) and a 6 % turnover increase. Finally, in the Agro sector, profits from Alteo and MIWA reached 308 million MUR, approximately 68,000 USD.

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