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IBL Group : Second semester financial results

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IBL Group : Second semester financial results

Solid results for the second semester

The IBL Group achieved remarkable financial results for the last six months, ending on December 31, 2023. Sales surged to MUR 52 billion, equivalent to 1.14 billion USD, marking an impressive 92% increase compared to the corresponding period in 2022.

This surge in sales can be attributed to robust performances across various business sectors and the international expansion endeavors of Beyond Borders. Excluding new acquisitions, the Group’s existing businesses witnessed a commendable 14 % rise in sales. Operating profits soared by 43 % to 61 million USD, while profits from associated companies surged by 50 %, excluding Naivas.

The specific sectors under IBL Ltd reported robust outcomes as well. The Agriculture and Energy division experienced notable growth, primarily driven by Alteo’s sugar cluster, buoyed by increased production and favorable prices. Meanwhile, IBL Energy achieved its strategic objectives in Mauritius and East Africa. Chantier Naval de l’océan Indien (CNOI) bolstered its profitability by expanding its service offerings in line with its strategic plan. Mergers and acquisitions bolstered the Commercial and Distribution subsidiary, reinforcing IBL’s regional presence.

The Beyond Borders strategy materialized with an 11 % uptick in the Group’s stake in Naivas in Kenya, coupled with portfolio expansions in La Réunion and East Africa. A noteworthy reduction in the claims ratio at Eagle Insurance, along with sustained growth at AfrAsia, enhanced the financial division’s subsidiaries. Hospitality and Services witnessed steady growth, propelled by a solid performance from The Lux Collective. Additionally, the real estate sector flourished, with BlueLife doubling its sales.

In essence, the IBL Group’s exceptional performance underscores its strategic acumen and operational excellence across diverse sectors, positioning it as a leading force in the regional and international market landscape.

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