New Mauritius Hotels Limited Sees 6% Turnover Growth in H1 FY2024, Projects Over Rs 4bn EBITDA for Full Year

Published On: February 20, 2024Company: New Mauritius Hotels Limited (NMHL.mu)
What are the main reasons for NMHL's robust financial performance in H1, FY2024?
The main reasons for NMHL's robust financial performance in H1, FY2024 are the increase in turnover despite limited room inventory, better performance of the operations in Mauritius, and the significant contribution of the tour operating and destination management activities. However, the performance was partially offset by the 8% drop in turnover from the operations in Morocco due to the Middle Eastern conflict.

Summary

  • New Mauritius Hotels Limited (NMHL.mu) reported a 6% year-on-year growth in turnover at Rs 7.4bn for H1, FY2024, despite 20% of room inventory being unavailable for sale in Q1.
  • Profits after taxes amounted to Rs 1.1bn and the normalised EBITDA was Rs 2.4bn, beating expectations.
  • In the second quarter, with all resorts fully operational, the group’s operations in Mauritius performed better than the previous year with an 8% increase in revenue and EBITDA, amounting to Rs 5.9bn and Rs 1.9bn respectively.
  • The Marrakech resort received an insurance compensation of Rs 175m for the damages during the September earthquake. The compensation offset the impairment losses of Rs 62m.
  • However, the resort faced challenges due to the conflict in the Middle East with an 8% drop in turnover to Rs 473m.
  • Warm reception received for the Group’s tour operating and destination management activities, bolstering profit margins.
  • The Group’s Mauritian hotels have positive forward bookings but the Middle Eastern conflict continues to affect operations in Morocco.
  • Increase in minimum wage, cost of living adjustment in Mauritius, and inflationary pressures predicted to significantly impact staff costs but the Management will remain focused on cost containment.
  • The Group is projected to achieve over Rs 4bn EBITDA for the FY ending 30 June 2024.

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About New Mauritius Hotels Limited (NMHL.mu)

New Mauritius Hotels Limited is a publicly traded company listed on the Stock Exchange of Mauritius. As a leading player in the hospitality industry, we offer investors an opportunity to invest in the growing tourism sector in Mauritius. Our diverse portfolio includes luxury resorts, budget-friendly hotels, and villas, located in prime locations throughout the island. Our commitment to excellence in service and guest experience has established a strong reputation as a reliable and reputable company. With a dedicated management team and solid financial performance, we are confident in our ability to deliver strong returns for shareholders. Invest in us and be a part of the growth story of the Mauritian hospitality industry. Furthermore, our resorts feature world-class spa facilities, swimming pools, and water sports activities, making them a perfect choice for a relaxing and rejuvenating vacation. We cater to the diverse needs of our guests by offering a range of accommodation options. In conclusion, New Mauritius Hotels Limited is a solid investment opportunity in the Mauritian hospitality industry. Our properties are located in prime locations, offer diverse accommodation options, and have a team dedicated to providing exceptional service and guest experiences. Invest in us for a chance to be a part of the growth story of the Mauritian tourism sector.

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