BMH Ltd (Mauritius) – FY 2021 Group revenue increase to MUR 2,439 million, spurred by surge in tourist arrivals

By Published On: May 20th, 2022Categories: Corporate announcement, Earnings

Belle Mare Holding Ltd (BMHL.mu) 2021 Abridged Report

COMMENTS

1. Consolidation and Accounting Standards

The Group financial statements for the year ended 31 December 2021 have been audited by Ernst & Young.

The Group financial statements which consolidate mainly the results of its subsidiary, Constance Hotels Services Ltd (CHSL) comply with the Companies Act 2001 and have been prepared in accordance with International Financial Reporting Standards effective for the year under review.

2. General Comments

In 2021, COVID-19 pandemic continued to cause significant uncertainty and turbulence in the tourism and travel industry. Mauritius fully reopened its borders on 1st October 2021, after one and half years of closure, to fully vaccinated travellers with a negative PCR test. Seychelles achieved its herd immunity in March 2021 when it reopened its borders and launched attractive incentives worldwide as a COVID free destination. This resulted in a 59% increase in tourists arrivals compared to 2020. The Maldives, which reopened during the last quarter of 2020, saw an increase of 130% in its 2021 arrivals. Madagascar was closed for the whole year to overseas travellers.

3. Group Results

As mentioned above, Group revenue which consists mainly of revenue from CHSL’s activities, reached MUR 2,439 million from MUR 1,584 million in 2021. With increased revenue and cost containment measures undertaken during the year, EBITDA was MUR 577 million compared to MUR 210 million previous year. Finance costs were up to MUR 597 million (2020: MUR 541 million.

Both depreciation and finance cost were higher in 2021 as a result of the consolidation of both these components from foreign operations at a higher USD/MUR exchange rate and higher debt level of the Group. Share of loss from associates was MUR 42.8 million following the change in taxation rate of CHSL’s associate in the Seychelles. After booking tax credit of MUR 29.6 million, loss for the year was MUR 673 million (2020: loss MUR 1.4 billion).

Provided there is no unforeseen circumstances, 2022 is expected to show an improved Group result compared to 2021, as reported by the first quarter abridged results published separately.

BMH Ltd and its subsidiaries

By order of the Board

ECS Secretaries Ltd
Secretary
13 May 2022


BMH Ltd (BMHL.mu)

Share price: 39.00 MUR (0.00 | 0.00% – )