The Rogers Group has reported a remarkable improvement
in its financial performance for the six months ended December 2022
The revenue from continuing operations increased by 34% to Rs 5,979m compared to Rs 4,456m for the same period of the previous year. Profit After Tax (PAT), excluding other gains and losses and discontinued operations, improved by 128% to reach Rs 797m compared to Rs 349m for the 6 months ended 31 December 2021, on account of better performance of most segments with a noticeable boost in Rogers Hospitality and Travel.
SEGMENTS’ KEY HIGHLIGHTS FOR THE FIRST SIX MONTHS
Rogers Finance & Technology
The positive contributions of the Fiduciary and Technology sectors were offset by increased provisions in the Credit sector. This is in line with our turnaround strategy to improve the Group’s financial performance involving the restructuring of the Credit sector. Swan recorded a lower performance for the reporting quarter.
Rogers Hospitality & Travel
The full opening of borders across all geographies, the achievement of high occupancy rates in our Veranda and Heritage resorts and the improved results of NMH contributed positively to the performance of the segment.
The improved results are mostly attributable to the better performance of cross border logistics, mainly in Mauritius and Madagascar and the turnaround of the local transport and warehousing activities. During the semester ended 31 December 2022, Velogic successfully completed the acquisition of a leading transport company in Kenya. A gain on bargain purchase of Rs 38m has been realised on this transaction.
Ascencia reported an enhanced performance on the back of strong rental levels, improved rent-to-turnover ratio and trading densities. Successful completion of the Phoenix metro station and the Bagatelle extension further contributed to this performance.
Rogers Real Estate & Agribusiness
The implementation of a one-off employee retirement scheme at Agrïa impacted the positive results from the Real Estate sector. The associates contributed positively to the performance of the segment.
Take a look at the full abridged non-audited financial statements here.