Alteo Limited’s Energy Cluster Revenues Decline Due to Lower Coal Prices, while Agro-business Cluster Benefits from High Sugar Prices

Published On: February 16, 2024Company: Alteo Limited (
What do the financial results of Alteo Limited suggest about its overall business performance?
The financial results of Alteo Limited indicate a solid performance despite some challenges. While the Property and Energy clusters experienced revenue reduction, the Agro-business cluster helped maintain the Group's overall revenue at Rs 2.8bn. Moreover, a significant jump in EBITDA and PAT suggest the company's controlled costs and successful performance in the sugar cluster.

Summary of Key Insights

  • The Alteo’s Group revenue remained static at Rs 2.8bn for the half year that ended 31 December 2023.
  • The Agro-business cluster had better performance due to the increased price of sugar and higher production.
  • The Property cluster had a decline because there were no residential project sales.
  • The lower production and price of coal negatively affected the revenue from the Energy cluster.
  • EBITDA rose by 70% to Rs 1.2bn due to the strong performance of the sugar cluster and controlled costs in other clusters.
  • Profit After Tax (PAT) was 107% higher than the previous year, reaching Rs 985m.
  • The discontinued operations from the prior year resulted in a profit of Rs 545m, which relates to Groupe Alteo’s African operations that have now been restructured into a separate entity.
  • The Property cluster experienced reduced revenue due to fewer sales at Anahita Estates Limited and cyclical residential projects.
  • The Agro-business cluster benefitted from high sugar prices and production, which increased revenue by 41%.
  • The future outlook for the Group’s properties remains robust and the Agro-business is expected to benefit from positive 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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