CIEL Limited, a Mauritanian company owned by businessman Arnaud Dalais, announced strong financial performance in the fiscal year ended June 30, 2024.
The group’s profit increased by 17% to MUR5.038 billion ($109.3 million), following an almost doubled profit from MUR2.15 billion ($46.63 million) to MUR4.3 billion ($93.26 million) in 2023.
The group’s expansion was powered by strict cost management across its business clusters, cementing its position as one of the largest and most profitable conglomerates in Mauritius.
CIEL’s revenue in 2024 remained stable at MUR35.2 billion ($763.4 million), similar to the MUR35.4 billion ($767.7 million) achieved in the previous fiscal year.
Gains in the group’s banking, hotels and resorts, and healthcare segments helped to offset challenges in the textile cluster, which was hit by a softer operating environment in the region.
The diversified group operates in ten growing and developing markets in Africa and Asia, with assets spanning five primary clusters: finance, healthcare, textiles, hotels and resorts, and property.
CIEL Chairman Arnaud Dalais, who owns 8.2 percent of the firm, or 138.69 million ordinary shares, continues to manage the company through solid financial milestones.
Under Dalais’ leadership, CIEL’s total assets increased to MUR105.85 billion ($2.3 billion), up from MUR98.06 billion ($2.12 billion) a year ago, cementing its position as one of Mauritius’ leading conglomerates.
By the end of June 2024, the group’s total equity had grown by 12 percent to MUR33.72 billion ($731.3 million), up from MUR30.05 billion ($652 million) the previous year.
As a reward to shareholders, CIEL’s board recommended a dividend of MUR0.32 ($0.00694) per share, a 14% increase over the previous year’s distribution of MUR0.28 ($0.00607).