Medine Group, a diverse Mauritian conglomerate led by the Doger de Speville family, reported strong financial performance in the fiscal year ended June 30, 2024.
The company made a profit of MUR1.19 billion ($26 million), up 0.97 percent from the previous year’s MUR1.19 billion ($25.6 million).
This small rise occurred despite a significant increase in income, which increased by 66.7 percent to MUR5.45 billion ($118.5 million) from MUR3.23 billion ($71.1 million) in 2023.
The impressive revenue rise was driven by broad-based growth across Medine’s extensive portfolio, with the real estate segment serving as the group’s primary engine of performance. Medine’s real estate segment achieved MUR3.8 billion ($81.9 million) in income, a huge increase from MUR1.7 billion ($36.62 million) the year before.
This segment alone accounted for 69.1 percent of the group’s total income, aided by the completion of numerous iconic residential ventures, including Magenta Parkside, Oceanside, and the final phase of the Serenis project.
Its “Build and Lease” portfolio also grew, with the Cascavelle shopping mall at full capacity and office demand pushing occupancy to 83 percent. Medine’s agricultural, leisure, and education units maintained stability, with agriculture revenue increasing 6.62 percent to MUR918 million ($19.78 million), boosted by greater vegetable production and sugar prices.
Medine Group engages in five different industries: real estate, retail, education, hotel, and agricultural. Its agro-allied industry includes sugar, molasses, bagasse, fruit, vegetables, and poultry, demonstrating its extensive presence in Mauritius.
The Doger de Speville family, led by Pierre Doger de Speville and Marie Therese and Thomas Doger de Speville, owns 14.41% of the company and has been instrumental in its expansion. Their aggregate shares amount to 13,519,442.
Medine’s balance sheet also performed well during the period. The group’s assets increased 6.2 percent to MUR32.72 billion ($704.85 million) during the quarter, up from MUR30.82 billion ($663.88 million) the previous year. Total equity rose 6.5% to MUR23.34 billion ($502.86 million).
Medine’s success demonstrates its capacity to navigate economic headwinds, with real estate driving growth during the period in question. The board declared a final dividend of MUR1.4 ($0.03) per share, totaling MUR147 million ($3.17 million), payable by October 31, 2024.