Financial performance

The Rogers Group is launching its new strategic plan on solid foundations

12 Oct 2023

Project overview: 

The new strategic plan of Rogers, launched last July, will support the growth of the group's activities, both locally and internationally, with over a hundred projects to be implemented by 2026. This strategic plan is based on Rogers' excellent performance with over 40 strategic projects completed across the five segments of the group in the past three years, despite a difficult global context. During the last financial year ending on June 30, 2023, the Group recorded a 24% increase in revenue and a 43% increase in profits, from continuing activities and excluding other gains and losses. This growth, primarily driven by the better performance of most of our segments, contributed to the return of the Group to the Top-10 of the Mauritius Stock Exchange.

The new corporate structure and brand image of Rogers, the acquisition of Rongaï in Kenya by Velogic, the acceleration of Rogers Hospitality's Now For Tomorrow program, the launch of Rogers Capital Compliance, the partnership between Rogers Aviation and Vistara, and the integration of the metro at Phoenix Mall by Ascencia are some of the flagship projects that contributed to Rogers' exceptional performance for the last financial year ended on June 30, 2023. This performance demonstrates the strength and maturity of Rogers' five segments.

For the second consecutive year, the group has achieved its highest-ever performance, thanks to improved results across most of its segments. This has led to a remarkable 43% increase in profitability, with 7% of this growth attributed to its international operations.

Philippe Espitalier-Noël, CEO of the Rogers Group: 
 

The strong maturity level, reached by our segments, enables them to foresee the future with confidence and significant potential. This is driven by our shared commitment to act as a vehicle for positive change by creating meaningful value for the sustainable growth of our businesses and communities.

Group performance as at 30 June 2023

  • Revenue*:  Rs 11,909m against Rs 9,596m in FY22 (+24%)
  • PAT**: Rs 2,498m against Rs 1,749m FY22 (+43%)
  • An improved cash position, reaching Rs 2,721m compared to Rs 2,516m
  • PAT from our international Operations: + 7%
  • EBITDA**: Rs 4,313m against Rs 3,076m+40%
  • Dividend per share: Rs 1.24 (FY22: Rs 0.91)
  • Share price: Rs 29.70 (FY22: Rs 28.40)
  • Dividend yield: 4.2% (FY22: 3.2%)
  • Earnings per share (EPS)**: Rs 6.20 (FY22: Rs 3.74)
  • Market capitalisation: Rs 7.5 bn against Rs 7.1 bn in FY22 

*From continuing operations
**From continuing operations and excluding other gains and losses

 

Segments’ performance as at 30 June 2023

Rogers Finance & Technology
Over the past year, Rogers Capital has strengthened its presence in Africa with the establishment of a representative office for its Fiduciary branch in South Africa and the inauguration of the first Rogers Capital - Technology office in Kigali, Rwanda. In terms of the 'Rogers Finance & Technology' segment, profits amounted to Rs 209m compared to Rs 323m in the previous fiscal year; additional provisions in the Credit sector and rising interest rates have impacted the overall performance of this segment. Swan's results are similar to those of the fiscal year 2022. 

Rogers Logistics
Rogers Logistics recorded profits of Rs 222m compared to Rs 191m in 2022. The performance of Velogic's "Cross-Border" sector in Madagascar and Kenya, the resumption of warehousing activities, and the acquisition of Rongaï Workshop & Transport Limited in Kenya contributed to this positive performance. Velogic also achieved a significant milestone in its regional expansion. In addition to acquiring Rongai in Kenya, the logistics expert opened a new office in India, in Gandhidham, Gujarat, expanding its global network to 42 offices, including 13 in India. Furthermore, GCS Velogic entered into a strategic partnership with Mitsui O.S.K Lines, Ltd. and MOL Logistics Co., Ltd., combining their local expertise in Kenya with the global reach of the MOL group, thereby strengthening their strategic position in this market.  

Rogers Malls
One of Ascencia's standout achievements was the inauguration of the Phoenix Mall metro station in November 2022, in collaboration with Metro Express Limited. This initiative not only supports local entrepreneurs but also offers an environmentally-friendly mode of transportation. Additionally, Ascencia achieved improved profitability in the "Rogers Malls" segment, with Rs 1,059m compared to Rs 963m in the previous fiscal year (including a "Fair Value Gain" of Rs 495 million compared to Rs 386 million for the 2022 financial year). Ascencia's performance was primarily driven by increased foot traffic, trading density (overall tenant sales performance), and the rent-to-turnover ratio. However, the growth in after-tax profits (PAT) was somewhat constrained by higher financial costs due to the ongoing rise in interest rates.

Rogers Real Estate & Agribusiness
Profits for Rogers Real Estate & Agribusiness amounted to Rs 333m (compared to Rs 100m in FY22). This increase can be attributed to the positive contribution from Case Noyale Ltd and an upward revaluation of land. However, the implementation of a one-time employee retirement plan in the agro-industry sector did impact the results. Associated companies within the segment also made a positive contribution to its performance.

Rogers Hospitality & Travel 
Rogers Hospitality & Travel segment recorded a significant increase in its Profit After Tax (PAT), totaling just over Rs 1.077bn, compared to Rs 406m in 2022. This remarkable growth can be attributed to improved hotel occupancy rates at Heritage Resorts and Veranda Resorts, the resurgence of the tourism sector, new opportunities in African and Indian markets through strategic partnerships forged by Rogers Aviation with airlines, as well as enhanced results from NMH, all contributing positively to the outstanding performance of this segment.

Find out more about the results here.

 

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