The Group’s profitability has nearly doubled, to reach Rs 1, 387m for the 9-month period.
The Rogers Group’s financial performance has continued to improve for the nine months to March 2023, reflecting the effective execution of our 3-year strategic plan ending in June 2023.
For the nine months ending March 31, 2023, the Rogers Group has recorded a growth of 31% in its revenue, totaling Rs 9,045m compared to Rs 6,886m for the same period the previous year. The Profit After Tax (PAT) has almost doubled to reach Rs 1,387m (compared to Rs 718m in the equivalent period in 2022), driven by the strong performance of the 'Rogers Hospitality & Travel' segment.
According to Damien Mamet, Chief Finance Executive of Rogers (CFE), these results affirm the group's strategy of optimising, maintaining, and then relaunching its operations under its three-year strategic plan ending in June 2023, which coincided with the pandemic period and subsequent economic recovery:
“The 4,700 team members across the five segments of Rogers have demonstrated agility, commitment, and creativity since the start of this fiscal year, to adapt our operations to the economic recovery amidst a particularly volatile global context. The group's results for the first nine months confirm the right direction and solidity of our operations. The work undertaken and the efforts made across our segments should further enhance this performance in the coming months.”
Segments’ highlights over the past nine months include:
Rogers Finance & Technology
Revenue of Rs 1,030m (2022: Rs 873m) and PAT of Rs 153m (2022: Rs 217m).
The three sectors of Rogers Capital (Credit, Fiduciary & Technology) posted positive results for the third quarter of the fiscal year, along with improved performance from its associate, Swan. A performance, however, impacted over the nine months by the exceptional provisions in the 'Credit' sector during the second quarter.
Rogers Logistics
Revenue of Rs 2,651m (2022: Rs 2,644m) and PAT of Rs 184m (2022: Rs 172m).
Velogic experienced a decrease in exports and import courier activity in Mauritius. Reduced freight rates impacted profitability in India in the third quarter and, consequently, the segment's turnover. However, synergies from the Kenyan acquisition in the second quarter and better results in warehousing, road transport, and import freight operations offset these challenges.
Rogers Malls
Revenue of Rs 1,278m (2022: Rs 1,143m) and PAT of Rs 466m (2022: Rs 425m).
The shops, present within the malls of Ascencia, have recorded an average increase of 19% in trading densities compared to the previous period due to the rise in footfall of 11% over the past months. Indeed, record visits have been registered at Bagatelle Mall, Phoenix Mall, and Bo’Valon in December 2022. Successful completion of the Phoenix Mall Station and the Bagatelle extension further contributed to this performance.
Rogers Real Estate & Agribusiness
Revenue of Rs 555m (2022: Rs 349m) and a loss of Rs 61m (2022: PAT of Rs 5m).
The positive results driven by Case Noyale and the contributions from associates were significantly impacted by the exceptional payment of an 'Employee Retirement Scheme' in the second quarter and the poor performance of the real estate sector and other Agrïa activities in the last quarter.
Rogers Hospitality and Travel
Revenue of Rs 3,642m (2022: Rs1,957m) and PAT of Rs 909m (2022: Rs 66m).
The higher occupancy rates of Heritage and Veranda Resorts since the start of the current fiscal year, the boost in the travel sector, and the improved results of NMH have contributed positively to the excellent performance of this Segment.
Sustainability initiatives
Moreover, in line with its brand promise of 'Meaningful Change,' the group has made progress on its sustainability initiatives. Rogers Hospitality has implemented most of the commitments carried by the "Now for Tomorrow" program. Velogic and Ascencia are adding more renewable energy capacity to their operations to reduce their carbon emissions. Finally, Agrïa is making progress on an agroecological garden project aimed at developing regenerative agriculture in Bel Ombre.
Click here to view the full abridged non-audited financial statements for the quarter ended 31 March 2023.
