IBL Group revenue hits $1.5 billion as regional diversification drives growth

IBL Group, Mauritius’ largest diversified conglomerate, reported first-half earnings that topped expectations as revenue climbed to MUR68.4 billion ($1.5 billion), underscoring the growing contribution from its regional operations and recent acquisitions.

Revenue up 13%, profit doubles

In its abridged unaudited financial statements for the half year ended Dec. 31, 2025, the group said revenue rose 13 percent from MUR60.8 billion ($1.32 billion) in the first half of its 2025 fiscal year. The increase reflects stronger integration of newly acquired businesses and steady performance across its overseas subsidiaries, a key pillar of its “Beyond Borders” strategy.

Higher sales, combined with tighter cost control, lifted profitability sharply. Finance costs fell from MUR2.04 billion ($44.4 million) to MUR1.69 billion ($36.8 million), helped in part by lower debt levels. Profit after tax more than doubled, rising 116 percent from MUR1.22 billion ($26.6 million) to MUR2.64 billion ($57.5 million). The figures point to a period in which operating gains translated more directly to the bottom line.

Broad-based growth cuts net debt

Every business cluster posted growth in turnover and operating profit. Profit from associates increased from MUR234 million ($5.1 million) to MUR433 million ($9.43 million), adding to overall earnings. Net debt declined following the partial disposal of AfrAsia, easing pressure on the balance sheet. With stronger EBITDA and operating cash flow, the net debt-to-EBITDA ratio improved from 3.8 times in June 2025 to 3.0 times in December 2025.

Retail remained the group’s largest contributor. Revenue in the segment reached MUR35.94 billion ($783 million), supported by Naivas, the Kenyan retailer in which the group holds a majority stake. Consumer brands and distribution generated MUR15.77 billion ($343.6 million). Industrials brought in MUR9.97 billion ($217.2 million), services contributed MUR9.78 billion ($213.1 million), and corporate services added MUR285.7 million ($6.22 million).

IBL Group grows assets, guards margins

Founded more than a century ago, IBL Group operates more than 300 brands across 22 countries and employs over 40,000 people. The group has interests spanning retail, financial services, logistics and engineering. Total assets rose from MUR142.8 billion ($3.11 billion) as of June 30, 2025, to MUR146.4 billion ($3.18 billion) at the end of December. Total equity increased from MUR44.3 billion ($965.2 million) to MUR47.5 billion ($1.03 billion).

In a statement accompanying the results, the group said second-quarter trading benefited from seasonal factors that may not carry into the second half. Even so, management said it remains focused on improving operations and protecting margins amid a volatile global economy. With operations spread across markets and sectors, the company said it believes its diversified base provides stability as it navigates shifting economic conditions while pursuing measured growth.