Ascencia Limited Reports 3.5% Increase in Average Footfalls Despite Growing Competition

Published On: February 15, 2024Company: Ascencia Limited (
What are the key drivers behind Ascencia Limited's growth?
The growth Ascencia Limited gained over the period examined was driven primarily by contractual increases, successful lease renewals, and lower EPRA vacancy. Additionally, consumer footfall in Ascencia's malls indicate that the company remains a popular choice among shoppers.

Performance Review Summary

  • Revenue for Ascencia Limited ( increased by 11% in the six-month period ending 31 December 2023.
  • The company also reported a 7.7% growth in Net Operational Income.
  • Profit After Tax (PAT) increased by 4.7% to MUR 330M, despite a rise in finance costs.
  • The company attributes the growth to contractual increases, lease renewals, and a lower EPRA vacancy for the period. However, trading densities were lower by 1.6%.
  • Average footfalls improved by 3.5%, continuing to show the popularity of Ascencia’s malls among consumers despite increasing competition.
  • Notably, successful lease renewals were achieved. A total of 7,961m2 was renewed with an average rent reversion of 6.1%, promising positive rental growth in future periods.

Development Review Summary

  • Mobrico, a new hardware shop, was opened at Bagatelle Mall in December 2023, refining the tenant mix.
  • The refurbishment of Riche Terre Mall is advancing well and is anticipated to positively impact overall business performance.
  • A commitment to sustainable operations was noted, including continued energy production via solar farms and the initiation of panel installations at Riche Terre Mall, Bo’Valon Mall and the Home and Leisure node at Bagatelle Mall.
  • The company has also implemented solid waste recycling, aiming for a 50% Sorting at Source target across the portfolio for FY24.


  • Despite the continuing volatility in the global economic environment, Ascencia’s results showed positive trends.
  • The Company’s board remains confident that Ascencia will achieve its targets for the remaining financial year, given its strong fundamentals.

Useful links

About Ascencia Limited (

Ascencia Limited is a commercial property fund with an investment portfolio comprising quality income earning properties located in Mauritius. The company specialises in retail properties where the company engages in the acquisition, investment and investment holding of real estate properties on the Mauritian island. Ascencia Limited (Class A shares) operates shopping malls locally and regionally. Ascencia Limited is listed on the Stock Exchange of Mauritius.

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