We have extracted the financial summary from the half year report of ENL Land Limited listed on the Stock Exchange of Mauritius under the share code SAVA.mu. ENL is a company engaging in hospitality, agro-industry, logistics, financial services, aviation, real estate and technology

The following is an excerpt from the HY2019 Interim Report:

The amalgamation of La Sablonniere Limited, ENL Limited, ENL Land Ltd, ENL Commercial Limited and ENL Finance Limited is effective since 1 January 2019 and La Sabloniere Limited, the surviving entity, has been renamed ENL Limited. The ordinary A shares of ENL Limited have been listed on the Official Market of the Stock Exchange of Mauritius on 23 January 2019.

These pro-forma accounts, which cover the six months period to 31 December 2018, have been prepared on the assumption that the amalgamation was effective on 1 July 2018 to provide shareholders with relevant financial information about the amalgamated entity.

The Group posted a good set of results for the period under review, despite the difficulties of the sugar sector, with turnover from continuing activities increasing by 5.6%. Operating profits grew by 41% to reach Rs 776m and profit after tax from continuing operations amounted to Rs 424m compared with Rs 192m last year. This improved performance was mainly driven by the real estate, hospitality and commerce & industry segments.

Following the amalgamation, the minority interests in the amalgamated companies are now included in equity holders’ interests which increased from Rs 6.3bn to Rs 25.3bn.

OUTLOOK
The Group is expected to continue performing well for the second semester notwithstanding the difficulties faced by the sugar sector. Full year results should improve on last year’s.