Rogers Finance & Technology
Rogers Capital has seen an increase in its share of revenue and profits driven by enhanced operational results across all sectors. The performance was particularly positive compared to the previous year, which saw increased provisions related to reorganisation within the Credit sector.
Rogers Logistics
Velogic’s activities in Mauritius have recorded a 14% increase in profitability, driven by transportation, as well as positive outcomes from sugar packing and shipping operations. Kenyan activities suffered from higher fuel prices which could not be fully passed on to customers.
Rogers Malls
Ascencia has shown promising and healthy performance indicators in its property portfolio. This includes a 3.5% increase in footfall and the maintenance of low vacancy rates, leading to a rise of 7.7% in Net Operational Income.
Rogers Real Estate & Agribusiness
The Rogers Real Estate & Agribusiness segment has benefitted from the positive contributions of its associates and Agrïa. The latter’s profitability this year marks a turnaround from the impact felt in the previous period due to a one-off employee retirement scheme.
Rogers Hospitality & Travel
This upturn in the results of Rogers Hospitality and our investment in NMH is primarily linked to the tourism and travel industries’ recovery. This is reflected by the marked rise in passenger arrivals. Veranda Grand Baie, post its July 2023 renovations, capitalised on the peak season. Furthermore, Rogers Aviation’s expansion in South Africa and the new representation of Vistara have been beneficial to this segment's outcomes.
Group Key Figures
Damien Mamet, Chief Financial Executive, Rogers Group:
The group’s debt has decreased by 11%, a change partly due to reclassifying Rogers Capital Finance Ltd as an associate in line with Rogers Capital’s reorganisation strategy. Additionally, there has been an uplift in our Net Asset Value Per Share (NAVPS) following a rise in our profitability and a revaluation surplus of our land and buildings. This positive outcome aligns well with the Group's three-year plan initiated in July 2023, indicating that we are keeping pace with our long-term objectives and that our investment strategy is yielding positive results.
- Revenue: Rs 6,630m (S1-23: Rs 5,979m). The Group revenue for the six months ended 31 December 2023 increased by 11%.
- Profit After Tax: Rs 1,301m (S1-23: Rs 835m). Profit After Tax (PAT) for the semester improved by 56%, on account of a better performance from most segments with a noticeable boost in Rogers Hospitality & Travel, and associates.
- EBITDA: Rs 2,249m (S1-23: Rs 1,700m).
- Debt/equity: 0.56 (S1-23: 0.75). This reduction in debt is primarily due to the classification of Rogers Capital Finance Ltd as associate post restructuring of businesses in 2023.
- Earnings per Share (EPS), excluding other gains and losses and from continuing operations: Rs 3.66 (S1-23: Rs 2.32).
- Net Asset Value Per Share (NAVPS): Rs 54.82 (S1-23: Rs 44.06). The steady performance of the NAVPS underscores the value and assets of the Group in the market, reflecting a positive market perception and asset appreciation.
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