Sugar Investment Trust - the record profits

11 years, 6 months ago - March 12, 2011
For the fiscal year ending June 30, 2010, the group achieved record profits of Rs 309 million

The Sugar Investment Trust (SIT) is getting better and better. For the fiscal year ending June 30, 2010, the group achieved record profits of Rs 309 million against Rs 244 million in 2009. These profits would have been more substantial.  For this reason, land sales declined by Rs 704 million in 2009 to Rs 615 million in 2010.

The direction of the SIT does not sell the land just to inflate revenues and profits.  They want to retain as much land for use in the future to create more wealth as now SIT has only 3,000 acres of land.

A portion of these lands will be divided to generate profits. A major project is being launched in Côte d'Or. The land will be divided into three zones: residential, commercial and industrial.

Another part of the land intends for launching real estate projects. for example, the SIT will launch its "Business & Knowledge Centre in Ebony. Already, the University of Mauritius (UoM) has booked an entire block to certain courses. This 12-storey building will also house other training institutions."It's a way to help in promoting education while ensuring monthly income through rents," points out Bholah Ravine, Chief Executive Officer (CEO) of the SIT.

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