The Group’s profitability from continuing operations soared by 33% for the 9-month period.
Group revenue from continuing operations for the nine months to March 2024, has demonstrated robust growth, surging by 9% to Rs 9.7bn (Rs 8.9bn in March 2023). Profit After Tax (PAT) for the nine months to March 2024 has shown remarkable improvement, soaring by 33% to Rs 1.9bn (Rs 1.4bn in March 2023) on account of an enhanced performance across most segments. Our financial position has been strengthened with a decrease in total debt by 9%.
Commenting on the results, Damien Mamet, Chief Finance Executive of the Rogers Group shared:
The Group’s results for the first nine months affirm our steadfast commitment to excellence and the strength of our operations. With ongoing efforts across all segments, we look forward to amplifying this performance as we approach year-end.
Segments key highlights
Rogers Finance & Technology
PAT*: Rs 270m (2023: Rs 143m)
The positive trend in this segment’s performance is mainly attributed to the Technology and Credit sectors. The Technology sector has recorded significant improvement in profitability, primarily driven by the Cloud & Data Centre and Managed Connectivity service lines. Additionally, the successful turnaround of the Digital Factory and Cyber Security Advisory businesses has further contributed to this performance. The Credit sector has also been profitable, as opposed to the losses recorded last year due to one-off reorganisation costs.
Rogers Logistics
PAT*: Rs 164m (2023: Rs 184m)
The cross-border logistics sector has experienced a downturn in performance, largely influenced by a reduction in freight rates and lower export volumes in key markets, coupled with a decline in e-commerce activities.
Operations in Kenya have been adversely affected by the depreciation of the Kenyan Shillings and the escalation in fuel costs, exacerbated by the inability to pass increased costs to clients. Sugar packing operations performed better, taking advantage of favourable currency exchange rates, and a more remunerative product mix.
Rogers Malls
PAT*: Rs 508m (2023: Rs 466m)
Rogers Malls achieved much better results despite higher finance costs. This improvement is mainly attributed to annual lease increases, new revenue streams from the Phoenix Mall metro station, and the new hardware shop at Bagatelle Mall, along with a lower vacancy rate.
Rogers Real Estate & Agribusiness
PAT*: Rs 194m (2023: Loss of Rs 61m)
This segment has observed enhanced performance and improved net results from its associates. Agrïa’s profitability marks a turnaround from the impact felt in the previous period due to a one-off employee retirement scheme.
Rogers Hospitality & Travel
PAT*: Rs 1.1bn (2023: Rs 909m)
This segment has demonstrated a strong performance, driven by the increase in tourists’ arrival and higher occupancy rates of Heritage Resorts and Veranda Resorts and improved operational results from its associate company, New Mauritius Hotel. The Travel sector has shown notable improvement attributable to the contributions from the new airline representation, Vistara, and activities from SAA cargo operations. The ground handling activity has also performed well with marked increases in tonnage handled by PATS.
*Excluding other gains and losses from continuing operations.
Find out more details in the abridged here.
