Alteo Limited, a Mauritius-based group with interests in agro-business, energy, and property, reported nine-month revenue above $70 million and total assets exceeding $500 million for the period ended Mar. 31, 2026. Its profit, however, declined as gains in agriculture and real estate were offset by weaker energy revenue and lower margins, resulting in a decline in earnings.

Revenue rises; EBITDA declines on costs

Revenue rose to MUR3.35 billion ($71 million) from MUR3.25 billion ($68.6 million) a year earlier, supported mainly by stronger contributions from agro-business and property. However, the improvement at the top line did not fully carry through to earnings. EBITDA declined to MUR968.51 million ($20.45 million) from MUR1.05 billion ($22.2 million), reflecting cost pressures and softer returns in property activities compared with the previous period.

Profit for the period dropped to MUR598.74 million ($12.6 million) from MUR719.75 million ($15.2 million), while profit attributable to owners fell to MUR516.71 million ($10.9 million) from MUR651.98 million ($13 million). The decline points to uneven performance across segments, even as overall activity levels remained broadly stable.

Agribusiness revenue drives group growth

Agribusiness continued to provide the largest share of revenue, increasing to MUR2.28 billion ($48.15 million) from MUR2.2 billion ($46.5 million). The improvement was driven by better cane yields and higher special sugar sales, which helped cushion softer results elsewhere in the group. The energy division recorded lower revenue of MUR694.03 million ($14.7 million), down from MUR771.63 million ($16.3 million), although the business saw some support from a more favorable generation mix and reduced input costs.

Property operations delivered higher revenue of MUR445.35 million ($9.4 million), compared with MUR382.27 million ($8.07 million) a year earlier, supported by ongoing VEFA developments. This was partially offset by the absence of one-off land sale gains recorded in the prior year, which weighed on overall segment performance.

Total comprehensive income attributable to owners fell to MUR523.42 million ($11.05 million) from MUR665.59 million ($14.05 million), reflecting the combined impact of softer operating results and lower contributions from joint ventures. Despite this, cash generation improved, with net operating inflows rising to MUR834.64 million ($17.62 million) from MUR520.23 million ($11 million), providing support for liquidity and ongoing investment needs.

Alteo’s total assets rise to $503.7 million, surpassing the $500 million mark

Alteo, listed on the Stock Exchange of Mauritius since 2012, continues to operate across its three main divisions, with its business model anchored in agriculture-linked production, energy generation, and property development. Under chief executive officer (CEO) Fabien de Marassé Enouf, the group has maintained a focus on balancing its portfolio across these segments while managing cyclical shifts in commodity and property-related income.

On the balance sheet, total assets rose to MUR23.85 billion ($503.7 million) from MUR23.04 billion ($486.6 million). Shareholders’ equity increased to MUR19.54 billion ($412.7 million) from MUR19.1 billion ($403.4 million), supported by retained earnings and period profits, partially offset by dividend payments. The latest figures point to a business holding steady overall, with stronger agricultural performance and property activity helping offset softer results in energy and margin pressure across the group’s operations.