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AfricaMoney | August 23, 2017

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CIEL Limited sees profits up 75% for the first-half

CIEL Limited sees profits up 75% for the first-half

Formed of the amalgamation of CIEL Investments Ltd (CIL) into Deep River Investment Limited (DRI), the company witnessed a 75.4% rise in profits to Rs 377.7 million for the half year ended December 31 against Rs. 215.3 million a year ago. (Image: Company)

CIEL Limited, formed of the amalgamation of CIEL Investments Ltd (CIL) into Deep River Investment Limited (DRI), witnessed a 75.4% rise in profits to Rs 377.7 million for the half year ended December 31 against Rs. 215.3 million a year ago.

However, the last quarter from October to December saw the group incur losses of Rs 15.3 million against a profit of Rs 124.89 million in the corresponding period of 2012.

On the revenue front, group turnover for the half year ended December 31, 2013 saw a stellar rise to Rs 5.02 billion compared to the corresponding half year of 2012 where the group achieved Rs 100,000 in revenues.

Further, for the quarter ended December 31, 2013, CIL generated revenues of Rs 2.24 billion against Rs 50,000 for the corresponding period of 2012.

It may be noted that the profit or loss statement for both the group and company reflect the financial results of DRI prior to amalgamation.

Further, subsequent to the acquisition by the company of an additional stake of 16% through an outright purchase and a takeover scheme in CIEL Textile Limited (CTL) the latter is now consolidated as a subsidiary. In 2012, it was an associate undertaking, with a limited share of CTL’s profits reflecting in the profits of CIL. This reclassification has led to a re-measurement gain of Rs 158 million at group level.

For the first six months of the financial year, the income of the company consisted of dividend from its subsidiary and associates operating in the textile, agro industry & property and in the hotels, financial and healthcare sectors through CIL.

The company received Rs. 53.3 million (Rs. 39.9 million in 2012) of dividend income for the period ended December 31, 2013 while it received Rs 39.9 million and declared Rs. 30.7 million in dividends in 2012.

The share of associates for the 6 months period under review includes the 20.96% share of profit of Alteo Limited at Rs. 75.8 million together with a 38.21% share of loss of CIL of Rs. 93.8 million, mainly due to exceptional charges prior to amalgamation.

The net assets value per share stood at Rs. 8.57 for the group and at Rs 6.46 for the company, as at December 31, 2013.

CIEL Limited has been transferred to the official market of the Stock Exchange of Mauritius with a share capital of up to 1,231,348,180 ordinary shares since February 3, 2014.

Company Profile

CIEL group

CIEL Group is a leading industrial and investment group of 22,000 employees, based in Mauritius since 1912. The conglomerate has operations in the Indian Ocean, Sub- Saharan African and Asian regions and is structured around two clusters, CIEL Textile and CIEL Investment.

A world-class clothing retailer with renowned brands such as Harris Wilson, Blu River and Floreal Boutique under its belt, CIEL Textiles has subsidiaries in Madagascar, India, and Bangladesh. Its export destinations are spread across the globe, covering Europe (60% of export production), India and South Africa (25%), and USA (15%). Benetton, Marks and Spencer, Zara, Hugo Boss and Esprit are just some of the customers that CIEL Textiles boasts of, supported by high production levels reaching 30 million garments per year.

With a portfolio of investments amounting to around Euro 126 million, CIEL Investment has focused interests in important sectors of the Mauritian economy such as tourism, leisure, financial services, investment, property, healthcare and life sciences. Managed as a long-term investment fund, it has achieved a rapid growth through primarily Mauritius equity and equity-related investments, and reached an IRR over 40% in dollar terms over the past twenty years.

CIEL Investments Ltd (CIL) has been amalgamated into Deep River Investment Limited (DRI) to form CIEL Limited since January 24, 2014.

Source: Company Website

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