Mauritius conglomerate CIEL posts $856 million revenue on tourism boom

CIEL Limited, the Port Louis-based diversified conglomerate with operations spanning hospitality, healthcare, finance, and textile manufacturing, posted an eight percent increase in revenue to MUR41.2 billion ($856.1 million) for the financial year ended June 30, 2026. The growth was supported by solid operational gains across its Hotels & Resorts, Healthcare, and Finance divisions, which more than countered softer regional textile performance. The board declared an increased dividend, backed by record free cash flow generation.

Earnings and cash flow expand; dividend raised to MUR 0.35

The group, headquartered in Ebène, Mauritius, and operating across East Africa and South Asia, reported a 13 percent rise in group profit after tax to MUR4.3 billion ($89.3 million) for the year ended June 30, 2026, compared with MUR3.8 billion ($80 million) in FY25. Profit before tax rose to MUR5.52 billion ($115 million) from MUR4.8 billion ($99.7 million), while profit attributable to owners of the parent climbed four percent to MUR2.25 billion ($46.7 million), translating into diluted earnings per share of MUR1.33 ($0.02) from MUR1.28.

The group’s board declared a final dividend of MUR0.35 ($0.01) per share, representing an increase from the MUR0.32 per share distributed in the prior fiscal year. Stronger cash conversion lifted free cash flow to MUR4.87 billion ($101.2 million), more than doubling the MUR2.24 billion ($46.5 million) generated in FY25. Group EBITDA expanded 18 percent to MUR8.51 billion ($176.8 million) from MUR 7.21 billion, widening the group EBITDA margin to 20.6 percent from 19.0 percent amid sustained cost containment and improved asset yields.

Hospitality, healthcare, and banking offset regional textile headwinds

Revenue in the Hotels & Resorts cluster jumped 17 percent to MUR10.5 billion ($218.2 million) from MUR8.9 billion ($185 million), driven by a 9.5 percent rise in revenue per available room (RevPAR) across Sunlife resorts, real estate proceeds of MUR1.1 billion ($22.9 million) from La Pirogue Residences, and normalizing operations at Four Seasons Resort Mauritius at Anahita.

The Healthcare cluster generated a 21 percent rise in revenue to MUR7.0 billion ($145 million) from MUR5.8 billion ($120.5 million), fueled by expanded clinic networks and higher patient volumes in Mauritius and Uganda. Revenue from the Finance cluster rose 12 percent to MUR 6.9 billion on higher banking gross operating income led by BNI Madagascar, while Property revenue climbed 138 percent to MUR 800 million after delivering residential plots at Ferney.

Textiles remained the group’s largest top-line generator despite revenue slipping four percent to MUR16.1 billion ($334.5 million) from MUR16.7 billion ($347 million), weighed down by AGOA policy uncertainties that temporarily affected factory orders in Mauritius and Madagascar. That contraction was partially offset by strong woven garment sales in India, which continues to anchor the cluster’s Asian expansion.

Total assets swell past $2.6 billion

CIEL Limited, the Mauritius-headquartered investment conglomerate operating across East Africa and South Asia, traces its origins to 1912 as an agricultural enterprise. Today, the Port Louis-based group operates in 11 countries, employing more than 38,000 people across six core clusters: Hotels & Resorts, Textile, Financial Services, Healthcare, Property, and Agriculture. The company is listed on the Stock Exchange of Mauritius, where its market capitalization stood at MUR13.6 billion ($282.6 million) as of June 30, 2026. 

Reflecting strategic investments—including lifting its holding in C-Care International Limited to 74.97 percent—total assets expanded to MUR126.08 billion ($2.61 billion) as of June 30, 2026, up from MUR113.78 billion ($2.36 billion) a year earlier. Total equity rose to MUR38.9 billion ($808.3 million) from MUR35.44 billion ($736.4 million), while net interest-bearing debt closed at MUR16.38 billion ($340.4 million). The group preserved a robust balance sheet, posting a gearing ratio of 29.6 percent and a net debt-to-EBITDA multiple of 1.9 times.