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AfricaMoney | June 28, 2017

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Mauritius Top 100: GML ranks first on turnover; MCB on profits

Mauritius Top 100: GML ranks first on turnover; MCB on profits

According to Business Magazine’s listing of Mauritius’ Top 100 companies, excluding banks, it is the major conglomerate groups of the island, GML and IBL Ltd, which have won first and second place respectively in terms of turnover, while banking majors MCB and SBM led on profit parameters.(Imgae:Benjamin von Tilly Kistner/Flickr)

Mauritius’ top 100 companies logged in a consolidated turnover of Rs 364.9 billion against Rs 350.2 billion in 2014, representing a 4.2% growth, according to a ranking recently released by Mauritius-based financial publication, Business Magazine.

The 2015 edition provides an overview of the status report of the hundred companies that dominated the economic scene in Mauritius over 2014. It may be noted that these corporations realized a total profit before tax of Rs 39.8 billion in 2014, down 5.2% over 2013.

According to the listing of the Top 100 companies in Mauritius, it is the major conglomerate groups of the island, GML and IBL Ltd, which have been classified first and second respectively in terms of turnover. And, in terms of profit before tax, it was banking majors MCB and SBM that led on profitability grounds.

The 2015 edition announced that there are four companies in 2014 that derived turnover levels of more than Rs 15 billion, where GML secured the first place in the classification with Rs 31.6 billion, followed by IBL with Rs 19.7 billion, and finally, Air Mauritius with Rs 19 billion. The fourth place was bagged by the SKY group with Rs 15 billion, which climbed up by two places. The Food and Allied Ltd (FAIL) group with a turnover of Rs 13.6 billion, which came fourth in the 2014 edition, is now classified fifth.

Business Magazine Ltd also revealed that approximately 80% of companies listed in the 2015 rankings announced a turnover in excess of Rs 1 billion.

As for profits before tax, it can be noticed that in this years’ rankings, 12 companies registered sales levels higher than Rs 1 billion, against 10 last year.

The MCB Group leads the pack with Rs 5.4 billion in profit before tax (PBT), surpassing banking group SBM Holdings Ltd, with Rs 3.8 billion in PBT.

The third place is occupied by GML with Rs 2.9 billion, which outperformed HSBC Holdings Ltd that recorded Rs 1.9 billion while Mauritius Telecom recorded Rs 1.5 billion. Next, ENL Ltd notched up profits of Rs 1.3 billion, Investec Bank (Mauritius Ltd) followed at Rs 1.2 billion, Airports of Mauritius Ltd saw Rs 1.2 billion in profits, Standard Chartered Bank (Mauritius Ltd) Rs 1.1 billion and The Mauritius Civil Service Mutual Aid Association, Rs 1.1 billion.

However, only fifty-six companies boasted profits before tax higher than Rs 100 million, as opposed to seventy a year earlier. Among them, only twenty companies had profits of more than Rs 500 million.

Ranking of companies based on turnover growth rates showed that Constance Hotels Services Ltd performed best with an increase of 37.51% in revenue to Rs 3.5 billion. Next came Sun Resorts Ltd (+ 35.6 %), followed by FM denim (+ 34.8 %), Fire Mount Textiles Ltd (+ 34.7 %) and Ajanta Pharma ( Mauritius Ltd) (+ 32.6 %).

Excluding banks, the ranking of companies based on profits as a percentage of turnover shows State Investment Corporation in first position. The parastatal posted 91% profits on turnover, a towering figure that saw it overtake two public enterprises, being The Mutual Civil Service Aid Association (40%) and the Airports of Mauritius Ltd (30%).

As for the banking sector’s performance in terms of assets, MCB Group, HSBC Holding and SBM Holding were the top 3 banks with the highest level of assets.

Finally, the highest turnover level in the insurance segment was seen in the Swan group, Mauritius Union Assurance and SICOM, in that order.

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