Financial performance

Q1 2023: Rogers is well on track to meet its set targets

11 Nov 2022

The group’s revenue for the first quarter ending September 30, 2022, increased by 34% to MUR 2,728m (Q1 2022: MUR 2,040m). Profit After Tax (excluding other gains and losses) also marked a significant improvement to MUR 216m (Q1 FY22: loss of MUR 251m), with the continued recovery of the Rogers Hospitality & Travel segment contributing to these results. This performance confirms that Rogers is well on track to meet its set targets.

With positive results achieved during the financial year 2022, superior to the ones recorded before the pandemic, Rogers continues to build on that progress. The group marks an improvement in its revenues amounting to MUR 2,728m (Q1 2022: MUR 2,040m) for the quarter ended 30 September 2022 while the Profit After Tax (PAT), excluding other gains and losses, has also increased reaching MUR 216m (Q1 2022: loss of MUR 251m) on account of the continuous recovery of the Rogers Hospitality and Travel segment.

During the past months, the group's priority was not only to recover from the crisis but also to deliver a sustainable performance. The strategy has paid off as the group has been able to strike the right balance between preserving existing value and growing its businesses.

 

 

If international uncertainties and upward pressure on costs remain a cause for concern and their potential impact on the Group’s performance is being closely monitored, the agility of Rogers has allowed it to keep track of its progress. 

A key period for Rogers

The group reassesses regularly its strategy through a 3-year plan; the current one ending on 30 june 2023. The forthcoming plan for FY26 and beyond coincides with the new repositioning of the group, launched on the 3rd November 2022. The new reporting structure has evolved from 4 Served Markets to 5 Segments comprising of the following: ‘Finance & Technology’, ‘Hospitality & Travel’, ‘Logistics’, ‘Malls’ et ‘Real Estate & Agribusiness’. 

Despite having been financially impacted, Rogers has come out of this crisis even stronger, with renewed momentum. We are now reaping the benefits of the various initiatives implemented within the group over these past two challenging years. This is how we translate meaningful changes in our daily operations. We shall pursue our efforts in creating value not only in our key activities but also in making a difference around us through our 3P strategy: Prosperity, People and Planet. The Group is therefore expected to report a better operational performance for the current financial year. With our new reporting structure, evolving from 4 Served Markets to 5 segments, Rogers is reinforcing its presence in its key activities while paving the way for new business opportunities.” shared Damien Mamet, Chief Financial Executive of Rogers group. 

 

Key segments highlights

Rogers Finance and Technology

Rogers Finance and Technology reported a PAT of Rs 28m (Q1 2022: Rs 45m). Fiduciary and Technology recorded improved results while the Group’s Credit Sector remains challenged. These results include our share of profit from Swan, which recorded a lower performance for the reporting quarter.

Rogers Hospitality and Travel 

Rogers Hospitality and Travel posted a PAT of Rs 76m (Q1 2022: loss of Rs 376m) following the upturn in tourism activities. Partial border closure and travel restrictions impacted the results in the corresponding quarter of last year. The above figures include our share of results from NMH, which recorded a much better performance for the quarter.

Rogers Logistics 

Rogers Logistics reported a PAT of Rs 63m (Q1 2022: Rs 53m). The improved results are mostly attributable to the turnaround of the local transport and warehousing activities and the better performance of cross border logistics, mainly in Madagascar and Mauritius.


Rogers Malls
Rogers Malls posted a PAT of Rs 164m (Q1 2022: Rs 119m). Ascencia reported an enhanced performance on the back of strong rental levels, improved rent to turnover ratio and trading densities.


Rogers Real Estate and Agribusiness
Rogers Real Estate and Agribusiness incurred a loss of Rs 41m (Q1 2022: loss of Rs 41m). The Yielding Properties of the Agribusiness sector benefitted from the boost of the tourism industry and posted a positive contribution compared to a loss last year. This contribution was offset by the lower performance of the Real Estate sector and of its associates.

View our latest financial statement here

View our Investors' Briefing November 2022 presentation here.

 

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Financial performance

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11 Nov 2022