Medine Ltd’s HY2024 Interim Report: Increased sugar prices offset a 17% drop in sugar tonnage to 16,031T.

Published On: February 15, 2024Company: Medine Ltd (
What contributed to the growth of Medine Ltd's revenue in the half-year ending 31 December 2023?
Several factors contributed to the revenue growth of Medine Ltd, including the rise in sugar prices that boosted the revenues from agricultural operations, the realization of Serenis and City Garden Oceanside residential projects in the property operations, and increases in revenues from food crop production, deer farming, and leisure services. The company also successfully raised Rs 1.4bn in a bond issue, which also contributed to its financial progress.

Summary of Medine Ltd HY2024 Interim Report

  • The half-yearly financial report of Medine Ltd for the period ending 31 December 2023 follows the same accounting practices adopted in the group’s financial statements for the year that ended 30 June 2023.
  • The group’s income rose by 73% to Rs 2.02bn and EBITDA has increased by 93% to Rs 496m, reflecting positive operational and financial progress.
  • Profit After Tax was Rs 282m, slightly lower than the previous year due to the timing of land sale recognition.
  • Agriculture operations generated revenues of Rs 722m and EBITDA of Rs 230m, with cane operations seeing lower yields but being buffered by better sugar prices.
  • Revenues grew for food production and deer farming activities due to increased efficiency and new initiatives.
  • Revenue and EBITDA for Property operations rose significantly due to the completion of the Serenis and City Garden Oceanside residential projects and maintaining a robust occupancy rate in the build-and-lease portfolio.
  • Leisure operations showed steady growth, with substantial increases in the revenue of both Casela and Sports & Hospitality sections.
  • The group successfully lowered net debt to Rs 4.4bn aligning with a commitment to debt reduction and raised Rs 1.4bn in a bond issue in December 2023.
  • The future outlook looks positive with more residential projects scheduled for completion and the extension of Cascavelle Shopping Mall.
  • The results need to be analyzed considering the seasonal nature of some operations, especially the timing of real estate sales and revenue-expense mismatch in Agriculture.
  • The Group has ceased operations related to the mill and former travel business.
  • An interim dividend of Rs 1.35 per ordinary share has been declared, which will be paid around 01 April 2024.
  • The statement of direct and indirect interests of officers of the company is accessible to the public at the request, as per Securities rules.

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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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