Promotion and Development Ltd Reports MRs212.0m Profit Attributable to Shareholders, Driven by Dividend Income and Lower Operational Costs

Published On: September 29, 2023Company: Promotion and Development Ltd (PAD.mu)
What main factors contributed to the increase in the company's adjusted underlying profit?
The increase in the company's adjusted underlying profit was mainly due to the dividend income from Medine and lower operational costs, as well as a significant contribution from associates.

Summary

  • The company reported positive results this year, with profit attributable to shareholders amounting to MRs212.0m compared to last year’s MRs75.4m.
  • The group-level profit was MRs653.5m, a slight rise from 2022’s MRs620.7m.
  • There was an increase in the company’s adjusted underlying profit from MRs26.6m to MRs206.0m, in part due to dividend income and lower operational costs.
  • The reported group-level results were influenced by higher contributions from associates and a decrease in fair value gains on property revaluation.
  • Underlying group profit before results of associates increased to MRs64.9m from MRs17.3m year-over-year.
  • Caudan Development Limited, a subsidiary, exhibited better underlying performance in the year under review.
  • Associates’ contributions to performance also improved, driven by successful operating results from Medine Limited and predicted future growth.
  • The group remains positive about future prospects and is committed to enhancing operational efficiencies to provide more value to shareholders in the medium to long term.
  • An interim dividend of MRe1.00 per share was declared and paid during 2023, along with a final dividend of MRs3.50 per share, bringing the total yearly dividend per share to MRs4.50, compared to MRs5.00 in 2022.

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About Promotion and Development Ltd (PAD.mu)

Promotion and Development Limited is a company based in Mauritius which deals in the shares investment, property development, and supply and provision of services associated with such activities in Mauritius. The company has property, shares, and security segments that it operates through. Promotion and Development Limited also rents properties and provides security and property protection services, as well as sells equipment. Promotion and Development Limited is listed on the Stock Exchange of Mauritius.

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