Alteo Limited’s Q1 2024 Interim Report Shows EBITDA Increased by 34%

Published On: November 29, 2023Company: Alteo Limited (
What is the key takeaway from Alteo Ltd's Q1 2024 interim report and outlook for the future?
Despite a 21% decrease in group revenue, Alteo Ltd achieved an increased EBITDA by 34% and a 50% higher profit compared to the corresponding period in the previous year. The outlook for the company remains strong, particularly in the property sector and due to favourable sugar prices even though profits were also hit by problems in the energy sector related to reduced availability of bagasse for energy production.


  • Alteo Ltd’s Q1 2024 interim report reflects a 21% decrease in group revenue, reaching Rs 1.3bn, primarily due to no residential project sales and issues in agri-business and energy sectors.
  • The EBITDA increased by 34% to Rs 751m, mainly due to a positive movement in the fair value of biological assets.
  • Profit amounted to Rs 645m, 50% higher than the corresponding period in the previous year.
  • Profits from discontinued operations in the previous year, amounting to Rs 545m, relate to the group’s African operations which have been restructured.
  • The property sector saw a drop in revenue due to cyclical nature of the delivery of residential projects and fewer sales.
  • Agro-business revenue remained stable at Rs 1.1bn. Higher sugar prices offset the delayed start to the harvest. Profitability reached Rs 627m, up from Rs 309m last year, partly due to a positive Rs 216m change in the fair value of biological assets.
  • The energy sector experienced reduced bagasse availability for energy production, necessitating a switch to less efficient coal, impacting revenue and EBITDA.
  • The outlook remains positive with strong demand for property offerings and positive impact expected from favourable sugar prices.

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About Alteo Limited (

Alteo Limited is a holding company, which deals in cane farming, sugar milling, sugar refining, energy production, real estate and hospitality in Mauritius and regionally. The company was established in September 2017 and is headquartered in San Pierre, Mauritius. Alteo Limited is listed on the Stock Exchange of Mauritius.

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