Medine Ltd Reports 60% Increase in Q1 2024 Income, with EBITDA Rising by 53%

Published On: November 14, 2023Company: Medine Ltd (
What is the insight about the Group's overall performance during this fiscal period?
The Group's overall performance was mostly positive, with significant growth in income, EBITDA, and in certain sectors like Property and Leisure. However, the net profit for the period was lower primarily due to the timing of a land sale from the previous year. Agriculture operations experienced a slower start due to delayed harvests and the company maintained its net debt at a stable level despite the rising interest rates.

Summary for Medine Ltd Q12024 Interim Report

  • The financial statements for the quarter ending 30 September 2023 were prepared according to the same accounting policies set out in the Group’s statutory financial statements for the year ended 30 June 2023.
  • The Group’s income for the quarter increased by around 60% to reach Rs 985m, a notable increase from Rs 620m in the previous fiscal year. Consequently, EBITDA also rose by 53% to Rs 224m.
  • The Group’s net profit of Rs 158m was lower than the previous year’s Rs 266m due to the timing of a gain on the sale of land.
  • The Agriculture operations commenced the year slower primarily because of delayed harvests. This is reflected in the revenues and EBITDA, as well as a lower cane harvest.
  • The Property operations, however, experienced a significant revenue and EBITDA increase, showing a continuation in the momentum of residential project sales and strong occupancy rates in the Build and Lease portfolio.
  • In the Leisure sector, revenue from Casela Park rose by 28% due to an increase in tourists.
  • The Education sector launched a new partnership with an established British online learning platform, FutureLearn, contributing to revenue growth.
  • The Group was able to maintain net debt at Rs 4.9bn. An increase in finance costs, due to rising interest rates, also occurred despite the lower debt levels compared to the last year.
  • The Group warned about seasonal factors and their impact on the realisation of real estate sales and the mismatch between revenue and expenses in Agriculture.

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About Medine Ltd (

Medine Limited is involved in the agriculture, education, property, as well as leisure and hospitality activities. Through these segments, the company plants and mills sugar cane for the production of sugar and sugarcane by-products, generates and sells electricity through bagasse, offers provision landscaping and nursery services, produces vegetables and fruits, operates poultry farming, provides nursery, pre-primary, primary school, secondary school, higher education, and executive training services. Medine Limited also deals in property development activities, rental of office and commercial buildings, and other related land transactions. In addition, the company operates Casela World of Adventures park, Tamarina golf and spa boutique hotel, sports aquatics and recreation centre, a full-fledged sports, health, and leisure complex, Yemen lodge, Yemen Pavilion, as well as offers deer ranching and hunting services. Medine Limited is listed on the Stock Exchange of Mauritius.

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