Gamma Civic Limited Reports Rs92M Profit After Tax for Q1 2024, Up 51% from Previous Year

Published On: August 6, 2024Company: Gamma Civic Limited (GCL.mu)
What was a significant factor contributing to profit growth for Gamma Civic Limited in the quarter ended 31 March 2024?
The significant increase in revenue from the Contracting segment and better performance in the Building Materials segment substantially contributed to the profit growth in the quarter ended March 2024. Further, the company's strategy to expand geographically, as seen by the acquisition of the cement business in Madagascar, also played a key role in this development.

Summary

  • The Group and the Company reported a profit after tax of Rs92M and Rs235M respectively for the quarter ending 31 March 2024, indicating substantial increases from the prior year.
  • Earnings per share are calculated on a total profit attributable to company owners of Rs76,085,484, with the total shares in circulation listed as 133,250,000.
  • A reduced dividend of Rs1.50 per share was declared in March 2024 compared to Rs1.75 per share in the prior year.
  • Revenue increase of Rs136M is primarily due to the Contracting segment with Building Materials segment showing the most profit improvement.
  • The group formed a joint venture in February 2024 to acquire a cement business in Madagascar, aligning with their strategy of geographical expansion and cement industry strengthening.
  • Building Materials segment switched from operating loss to profit due to a significant unrealised profit from forward purchase of foreign currency.
  • Despite an 82% rise of revenue in the Contracting segment, bad weather conditions negatively impacted profitability with lost working days.
  • Lottery segment observed a slump in revenue and profitability due to lower aggregate jackpots and weather conditions.
  • The Property segment, with full rental income from one property, reported an operating profit of Rs6M for this quarter.
  • Associates and Joint Ventures reported mixed results: some reported losses, others presented improved outcomes compared to the prior year.
  • The interim report complies with IAS 34 and the financial statements remain unaudited. It adheres to the same accounting standards and policies as the final audited financial statements of the previous year.

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About Gamma Civic Limited (GCL.mu)

Gamma-Civic Limited is a Mauritian company that provides services in construction, building materials, civil engineering contracting, equipment hiring, hospitality, lottery, corporate secretarial services, energy, trading activities, plant, and property investments. The segments that the company operates through are building materials, contracting, investments, lottery, corporate services, and others. Gamma-Civic Limited is listed on the Stock Exchange of Mauritius

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