ENL posts dividend growth and increased earnings for the quarter ended 30 September 2024

With a strong Q1 25 performance and rising dividends, ENL continues to make solid progress on its CAP26 strategy. As the group addresses cost pressures, ENL anticipates its performance for the ongoing financial year will at least match that of the previous year. Notably, this quarter also marked the re-entry of ENL stock into the SEM-10 index.

Interim Dividend Declaration

On November 14, 2024, ENL declared an interim dividend of Rs 0.61 per share for the year ending 30 June 2025, representing a 10% increase from last year’s. A trend that mirrors that of 2024, reaffirming ENL’s commitment to rewarding its shareholders, while continuing to invest in future growth.

Financial performance

For the quarter ended 30 September 2024, ENL recorded a 23% increase in revenue, totalling Rs 6.7 billion (Q1 24: Rs 5.4 billion), while operating profit increased to Rs 793 million, (Q1 24: Rs 652 million). Profit after tax also grew significantly to Rs 489 million up from Rs 195 million in Q1 24, reflecting good operational performance across most segments and significant contributions from associated companies.

Ascencia continued to post a healthy operational performance, driven by rental increases and high occupancy levels. Permits now in hand for property development in the Moka region enabled increased revenue recognition. Rogers Hospitality, along with associate New Mauritius Hotels, benefited from higher tourist arrivals and greater air seat capacity from key markets. Velogic, a subsidiary of Rogers, strengthened its local presence by acquiring Mc Easy Freight.

The Commerce & manufacturing segment saw positive contributions across all operations, including Axess and Building Materials. ENL Agri’s performance benefited from higher cane tonnage, although this was partially offset by lower sugar prices, while Agrïa’s agricultural activities showed improved operational performance. The Technology arm of Rogers Capital expanded its reach through a larger footprint and key license renewals, though the Credit sector experienced reduced demand.

Overall, supported by the encouraging operational performance of each segment, ENL expects its results for the ongoing financial year to be at least in line with last year. However, the Group is concerned by the present context of rising costs, which is undermining its overall competitiveness.

For a more in-depth analysis, please refer to our Abridged Statements