ENL Limited’s Profits Soar by 85% in FY23 with Hospitality Segment Leading the Way

Published On: October 16, 2023Company: ENL Limited (ENL.mu)
Question: What segment-driven factor mainly contributed to the increased profits of ENL Limited?
Answer: The main factor contributing to the increased the profits of ENL Limited was the strong performance of all operational segments, with a considerable boost in revenues from the Hospitality segment due to the recovery in tourist arrivals and increased guest spending.

Executive Summary:

  • ENL Limited saw an increase in the revenue by 18% and a growth in the profit after tax by 85% ending in June 2023, with total profits reaching Rs 3bn.
  • The positive results were achieved despite an increase in finance costs due to a 225 basis point rise in the key rate since 30 June 2022.
  • All operational segments performed well and meaningfully contributed to the overall improved performance.

Segment Reviews:

Land & Investment:

  • The Group’s land assets and investment portfolios make up the Land & Investment segment.
  • The segment posted a loss largely due to costs associated with Group management, asset maintenance, and finance costs.
  • The business recently launched a renewable energy subdivision with the goal to grow this into a separate operational segment.


  • The Agribusiness segment saw an increase in profits despite a decrease in the quantity of sugar produced compared to 2022.
  • This was due to higher sugar prices and increased profitability from the poultry contract growing activities.

Commerce & Manufacturing:

  • This segment saw an improvement with revenue and profit increasing by 32% and 80% respectively.
  • Particularly, Axess and Ensport (that operates the Decathlon franchise) drove this performance.

Real Estate:

  • The Real Estate segment continued to perform well, posting a profit after tax of Rs 1bn despite permit delays affecting land sale finalization.
  • Officea’s office spaces are nearly completely occupied, which bodes well for the soon-to-open office buildings in Telfair, spanning 20,000m2.


  • Revenues in the Hospitality segment increased by 73%, largely due to rising tourist arrivals and higher guest spending.
  • Associated company, New Mauritius Hotels, also recorded significant profits from its local and overseas operations.


  • Despite a decrease in revenue due to lower freight rates, the segment saw a 32% increase in its profit after tax.
  • About 50% of Velogic’s activities are now made up of foreign operations, reducing the dependence on the local market.

Finance & Technology:

  • Rogers Capital saw a decline in its profit after tax from Rs 260m to Rs 108m due to an increase in provisions related to consumer credit business.
  • Associated company, Swan General, met expectations and contributed significantly to profits.


  • The results for the first quarter of FY24 are aligned with targets and forecasts for the rest of the year are promising.

Useful links

About ENL Limited (ENL.mu)

ENL Limited is a diversified conglomerate engaged in sustainable value creation in the following sectors: real estate, hospitality, agro-industry, commerce, logistics and fintech. Operations are driven by its main subsidiaries, namely, Rogers, ENL Property and ENL Agri. The Company also holds sizeable stakes in Eclosia and New Mauritius Hotels ENL Limited is listed on the Stock Exchange of Mauritius.

Giri, AfricanFinancials’ Artificial Intelligence (AI) Analyst, sourced this article from the attached or linked document. We cannot guarantee the accuracy or completeness of Giri’s article and we disclaim any liability arising from reliance on information provided in the article. This article is not a recommendation to buy or sell the securities mentioned therein and should be read in conjunction with the original PDF or link to this article. Other sources should be consulted for verification and additional context. Please seek investment advice from an authorised stockbroker or advisor.


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