Finance

Madagascar: Finance and textile sector boosted Mauritius-based CIEL Group's performances in H2, 2018

Friday, 22 February 2019 15:03
Madagascar: Finance and textile sector boosted Mauritius-based CIEL Group's performances in H2, 2018

(Ecofin Agency) - Mauritius group CIEL’s consolidated revenues was MUR12.7 billion ($371.297 million) in the second half of 2018 ending on December 31, 2018. This represents a 10% year-on-year rise compared to the MUR11.5 billion ($336.214 million) realized in H2, 2017, the group revealed in a report published on February 18, 2019.

During the period under review, the group’s net earnings rose by 34% (YoY) to reach MUR905 million (about $265 million). According to CIEL, this is mainly due to the good performances of its textile and finance clusters. In the textile sector, CIEL’s EBITDA margin went up one percentage point thanks to its operations in Madagascar and in India. The woven fabrics segment was the main contributor while knitwear segment is gaining momentum in Madagascar.

On the finance segment, CIEL’s EBITDA margin rose by 4 percentage points thanks namely to BNI Madagascar. The group informs that its overall good performances have been slowed down by “difficult trading environments” in the Maldives, Uganda, Nigeria and Mauritius. 

CIEL group is an SEM-listed investment group operating in five business clusters in Africa and India. 

Mouka Mezonlin



 
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