Mauritian group Alteo sees 2026 profit surge 28% to $19.1 million on real estate

Alteo Limited, the Mauritius-based conglomerate with interests in agriculture, energy, and real estate, reported a 28 percent jump in profit for the financial year ended June 30, 2026, driven by residential deliveries at its Anahita Beau Champ Smart City and wider margins in its energy segment. The earnings expansion prompted the company to raise its full-year dividend payout.

Dividend rises following double-digit profit growth

The diversified group, headquartered at Vivéa Business Park in Saint Pierre, posted a profit after tax of MUR910 million ($19.1 million) for the year ended June 30, 2026, up from MUR713 million ($15 million)  recorded in the previous financial year, according to its audited condensed financial statements. Profit before tax rose 26 percent to MUR920.47 million ($19.4 million), compared with MUR730.3 million ($15.4 million) in 2025.

The improved performance enabled the board of directors to declare a final dividend of MUR0.5 ($0.01) per share, taking the total dividend for the year to MUR0.75 ($0.015) per share, up 14 percent from the MUR0.66 ($0.13) paid in 2024–2025. Group revenue rose 11 percent to MUR4.25 billion ($89.4 million) from MUR3.82 billion, supported by serviced plot handovers and construction milestones. Earnings before interest, taxation, depreciation, and amortization climbed 19 percent to MUR1.4 billion ($29.5 million) from MUR1.17 billion ($24.6 million).

Property sales surge; energy margins expand

The Property cluster served as Alteo’s primary earnings engine during the year, with segment revenue surging 103 percent to MUR950 million ($19.98 million) from MUR467 million ($9.82 million) a year earlier. The performance was driven by Anahita Beau Champ Ltd, which contributed MUR648 million ($13.6 million), reflecting the delivery of 31 serviced plots at Echo des Champs and ongoing off-plan villa and apartment construction. Cluster EBITDA climbed 34 percent to MUR764 million, while profit after tax jumped 35 percent to MUR700 million.

Agro-business revenue slipped 3 percent to MUR2.43 billion ($51.1 million) from MUR2.51 billion ($52.8 million), hit by softer raw sugar prices, which fell to MUR26,378 per tonne from MUR29,416. Operating efficiencies cushioned the blow, as cane harvested rose 8 percent to 551,631 tonnes and special sugar sales expanded 41 percent. In the Energy division, revenue remained steady at MUR959 million ($20.2 million), but segment EBITDA rose 20 percent to MUR104 million ($2.2 million) and profit after tax surged 64 percent to MUR74 million , lifted by an improved generation mix with biomass grid exports rising 13 percent to 51.4 GWh.

Alteo’s balance sheet strengthens, assets top $508.5 million

Alteo Limited remains one of the Indian Ocean nation’s foremost economic operators, managing extensive sugar cane cultivation, green energy power plants, and premier residential and golf estate developments. The group maintained a prudent leverage profile, closing the year with net debt of MUR81 million ($1.7 million) and a gearing ratio of 0.4 percent, with free cash flow generation reaching MUR534 million ($11.2 million).

The strong operational momentum further solidified the group’s financial base. Total assets expanded to MUR24.16 billion ($508.5 million) as of June 30, 2026, compared with MUR23.04 billion ($484.9 million) in 2025, driven by upward land revaluations and property investments. Total equity increased to MUR20.67 billion ($435 million) from MUR19.39 billion ($408.1 million), while net asset value per share climbed to MUR63.89 from MUR59.96, highlighting the group’s sustained balance sheet strength and expanding asset backing.