ENL focuses on innovation and sustainability: From tea cultivation to smart cities

Driven by a 24% increase in revenue and profits over the first six months of the financial year, ENL reaffirms its ability to generate long-term value through rigorous management and strategic investments. Spanning from agriculture to integrated urban developments, the group continues on a growth trajectory fuelled by innovation and resilience.

ENL is accelerating its expansion with strategic investments in agriculture and real estate. In line with its diversification strategy, value creation approach, and commitment to national agricultural security, the group is currently deploying an ambitious tea cultivation project covering over 400 arpents in Valetta. At the same time, Moka continues to strengthen its position as the island’s most advanced Smart City, where modern infrastructure and green spaces are harmoniously integrated to shape vibrant, forward-thinking communities.

The group is seeing promising growth, with its results for the first half of the financial year ending June 30, 2025, showing an increase in revenue to Rs 14.8 billion, compared to Rs 11.9 billion for the same period last year. Profits have also recorded a significant increase, rising from Rs 1.4 billion in S1 2024 to Rs 1.7 billion in S1 2025.

Gilbert Espitalier-Noël, CEO of ENL Group, stated:

The tea cultivation project marks a new milestone in our agricultural diversification strategy and in the valorisation of our land dedicated to agricultural activities. At the same time, our real estate investments reflect our vision of sustainable and harmonious development, where urbanisation coexists intelligently with nature.

Tea cultivation: Strengthening agricultural diversification

To meet local market demands, ENL Agri has launched an ambitious tea cultivation project that will expand to over 400 arpents in Valetta within five years. The first phase involved importing 600,000 cuttings from Kenya, with a portion currently housed in greenhouses before being transplanted across 62 arpents by March 2025. Additional imports will further bolster this initiative.

Tea cultivation is the latest addition to ENL’s already diverse agricultural portfolio, which includes sugarcane cultivation, hydroponic vegetable production, the nursery cultivation of exotic, endemic, and fruit trees, as well as cattle farming.

Real Estate: Accelerated growth momentum

With 9% of its land dedicated to real estate development over the next 15 years, ENL continues its strategy of optimizing land value through integrated and harmonious development projects. This is reflected in Moka, Bel Ombre, and Savannah, where innovation and sustainability remain at the heart of real estate development, benefiting both communities and the regions in which they are located.

As a result, the real estate sector has demonstrated significant growth, driven by two key strategic pillars:

• Property development, which aims to create modern and inclusive spaces, as seen with Smart Cities and Heritage Villas Valriche, fostering an ecosystem that enhances quality of life.
• Yielding assets such as Workshop17, Oficea, and Ascencia, which continue to expand through lease optimisation and strategic investment management.

This momentum is further reinforced by the future development of shopping malls in the East, demonstrating the group’s commitment to driving regional growth.

Sector performance overview

Agribusiness

The segment reported a profit after tax of Rs 195 million (S1 2023: Rs 361 million), impacted by declining sugar prices and unfavourable weather conditions. However, the poultry division performed well, with a production of 1,500 tonnes over the semester.

Commerce & manufacturing

With a profit after tax of Rs 296 million (S1 2024: Rs 251 million), driven by positive contributions across all its operations. Axess remains a key driver, while Plastinax, which has been steadily improving since the last financial year, is benefiting from increased orders and a favourable product mix.

Real estate

The Real estate sector has seen remarkable growth, with profit after tax increasing fourfold, reaching Rs 202 million compared to Rs 52 million last year. This strong performance is driven by several key factors:

• Ascencia maintained its positive momentum through annual lease escalations, contract renewals and lower finance costs.
• Oficea has doubled its portfolio size to 50,000m², with ongoing developments, including a 10,000m² building at Vivéa and another 10,000m² office development at Telfair.

Land & investment

Through lower overheads and finance costs, this segment recorded a profit after tax of Rs 15 million, a major turnaround from the Rs 88 million loss last year.

Hospitality

The segment reported a profit after tax of Rs 917 million (S1 2024: Rs 819 million), driven by improved operational performance across Rogers Hospitality’s hotels and leisure activities. Meanwhile, the share of results of associate New Mauritius Hotels was in line with last year.

Logistics

The segment maintained its performance compared to the same period last year with a profit after tax of Rs 149 million (S1 24: Rs 153 million). The growth of the business was mainly driven by cross-border logistics. Velogic, key contributor to the group’s segment, is maintaining its growth trajectory, supported by an increase in both local and international shipment volumes.

Finance & technology

While Rogers Capital recorded revenue growth, profit after tax declined to Rs 42 million (S1 2024: Rs 60 million), impacted by rising employee costs.

Outlook

ENL expects to post results at least at par with last year, driven by the satisfactory operational performance across all segments. However, the Board remains cautious about the challenges posed by rising operational costs which are undermining the Group’s overall competitiveness.

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