Mauritius Top 100 Companies: GML Group Ranks First on Turnover; ENL Ltd on Profits

Mauritius top 100 companies logged in consolidated profit before tax of Rs 27.4 billion last year against Rs 21.03 billion in 2012, representing a 30% growth, according to a ranking recently released by Mauritius-based financial publication Business Magazine.

The 2014 edition provides an overview of the status report of the hundred companies that dominated the economic scene of Mauritius in 2013, showing that these corporations realized a total turnover of Rs 366 billion in 2013, up 6% over Rs 345 billion in 2012.

According to the Top 100 companies of Mauritius listing, excluding banks, it is the major conglomerate groups of the island, GML and ENL Ltd, which have been classified first in terms of turnover and profits respectively.

The 2014 edition announced that there were ten companies, among which three banks are present, which generated income in excess of Rs 1 billion.

Excluding banks, ENL Ltd bagged first position with a profit before tax of Rs 3.4 billion, outstripping Mauritius Telecom, Rogers, Alteo, GML, Airports of Mauritius Ltd and CIEL Ltd, which realised profit before tax of Rs 2.04 billion, Rs 1.96 billion, Rs 1.82 billion, Rs 1.8 billion, Rs 1.5 billion and Rs 1.12 billion respectively.

Coming to banks, Mauritius’ second largest lender, the State Bank of Mauritius (SBM), announced pre-tax profits of Rs 5.67 billion accounted over 18 months instead of 12, whereas the island’s largest lender, the Mauritius Commercial Bank (MCB) announced profits before tax of Rs 5.2 billion. Third up was HSBC, with profit before tax of Rs 2.1 billion.

Besides, Business Magazine reported that three other banks, which recorded profits less than Rs 1 billion – Barclays, Invested and Standard Chartered Bank – are placed after CIEL Ltd.

In the classification of the first 20 companies, the Mauritius Civil Service Mutual Aid Ltd association occupied 15th place and Mauritius textile major CMT occupied 16th place.

“From 48 in 2012, the number of companies with a profit of more than Rs 100 million climbed to 70, last year,” the report by Business Magazine highlighted.

As for the turnover of the Top 100 companies, Mauritius-based conglomerate GML is positioned first with Rs 29.2 billion worth of sales, followed by GML subsidiary Ireland Blyth Limited and national carrier Air Mauritius Limited, which notched up Rs 19.9 billion and Rs 17.9 billion respectively.

Food and Allied Group realised turnover of Rs 13.7 billion while Vivo Energy and CIEL Ltd logged in sales of Rs 13.1 billion and Rs 12.8 billion respectively.

The total of their turnovers represents 31.5% of all top 100 companies.

Also, according to Business Magazine, the ENL Ltd group presented the strongest percentage of revenue growth with a rate of 132% to Rs 9.2 billion.

After ENL comes HV Holdings Ltd with 67% growth in turnover, while Gamma Civic follows with more than 61% growth, Lottotech Ltd comes fourth with over 49% growth and Fashion Style Group rounds up the top 5 with more than 38% rise in turnover.

“The billion rupee turnover league has been strengthened with seven companies joining the list this year compared to only five companies in 2012,” the 2014 edition mentioned.

Family World Ltd, Palmar Ltée, SKC Surat, Star Knitwear, Li Wan Po co Ltée, Holcim, RT Knits Ltd and Forges Tardieu Limited count among companies which reached or exceeded for the first time the turnover threshold of Rs 1 billion.

Besides, the combined assets of commercial banks increased by 6.4% in 2013 to the tune of Rs 1.02 billion. The total profit before tax of the banking sector was of the order of Rs 17.1 billion, against Rs 13.8 billion in 2012.