Mauritius-based conglomerate GML achieved a 27% rise in net profits at Rs 1.05 billion for the year, compared to Rs 824.9 million in 2012.
Meanwhile, group turnover grew to Rs 29.0 billion in 2013, against Rs 27.1 billion a year ago, representing an increase of 7.1%.
The company’s affiliate, renowned hospitality chain LUX*, and its subsidiary, fisheries major IBL, were responsible for the outstanding results as their profits were boosted by 232 per cent and 30 per cent respectively. Moreover, the company’s associates also contributed to the profits to the tune of Rs 494 million.
However, the group’s banking arm AfrAsia contributed less because of past exceptional natural reserves in its income statement, which adversely impacted the profit of GML.
In the annual report, GML President Jan Boullé wrote that the group has preserved its fundamentals together with its subsidiaries and associates, which showed high commercial flexibility in a challenging economic environment.
“The financial year, ending June 30, 2013, was good for our group, with, for example, excellent performance by Alteo Limited, a victorious year for IBL and encouraging results for LUX* Resorts,” said the president of GML.
Besides, the quest for a better balance between debts and profitability of the company continues with 12 per cent of its own capital and a very good performance on the profit front, he noted.
GML group’s CEO, Arnaud Lagesse, stated that the stockholders’ equity of the group, at Rs 11.4 billion, improved slightly with regard to 2012, while debt increased by Rs 500 million to cross the bar of Rs 14 billion, of which 50 per cent is attributable to IBL.
Meanwhile, Boullé also commented on the world economy which had a huge impact on the tourism sector in Mauritius, which showed a growth of only 2.5 per cent.
However, even as the world economy is facing difficulties, the conditions of financial markets continue to improve according to the last World Economic Outlook report of the International Monetary Fund (IMF), he noted.
Born in 1939 as a sugar company in the north eastern part of Mauritius, GML started diversifying its activities in the 1960s and is now a major conglomerate, heading the list of the Top 100 Mauritian companies and the third largest in the Southwest Indian Ocean region.
The group operates through two holding companies: GML Ineo Ltée and GML Investissement Ltée and is active in many of the key sectors in the Mauritian economy, with a portfolio of some 300 subsidiaries and associated companies.
GML has interests in some of the country’s flagship companies including IBL, Phoenix Beverages, The United Basalt Products, Mauritius Stationery Manufacturers, LUX* Resorts, AfrAsia Bank, Alteo, the United Investments Group, Freight and Transport Company and Alentaris.
With a turnover of Rs 29.2 billion as at June 30, 2013, the group employs 13,000 employees and has more than 22,000 shareholders.
Source: Company Website
Caption: Meanwhile, group turnover grew to Rs 29.0 billion in 2013, against Rs 27.1 billion a year ago, representing an increase of 7.1%. (Image: VK Design)