IBL Group announced a 24% growth in attributable profits for FY 2000 compared to the previous year. Attributable profits stood at Rs 250.1 million as opposed to Rs 201.7 million in 1999. Dividends per share grew by as much as 83% to Rs 1.65 (Re 0.90 in 1999).

The Group achieved operational profits of Rs 282.3 million, which are 28.3% higher over the previous year’s Rs 219.9 million. Turnover grew by only 6% from Rs 4.49 billion in 1999 billion to Rs 4.75 billion in 2000, which means profit margins improved. Pre-tax profits reached Rs 310.7 million (+25.3%) compared to last year’s Rs 247.9 million. Total assets crossed the Rs 5 billion mark. The Group also announced that a new Winner’s supermarket will start operations before the end of 2001 and that the development of additional units will be accelerated. IBL has entered into a strategic agreement with Shoprite Checkers Ltd of South Africa with the latter owning a 49% shareholding in the company owning the Winner’s banner. IBL said it will withdraw from the joint venture with Harel Mallac & Co. Ltd in the information technology field in two year’s time. However, IBL is to remain in the computer business after that period.

Mauritian Eagle: 22% premium growth

IBL’s insurance subsidiary Mauritian Eagle Insurance also posted a good performance in 2000 both in terms of premium growth and profitability. Premium income increased by 22% to reach Rs 236 million while pre-tax profits stood at Rs 30 million. Attributable profits, however, dropped from Rs 26 million in 1999 to Rs 24.4 million last year, due to the release of tax overprovisions in 1999. Net worth per share grew to Rs 50.19. Gross premiums of the company’s life business rose by 11.3% to Rs 27.9 million.

Mauritian Eagle Insurance has registered an upward trend of business since the beginning of year 2001, which the directors consider as a positive sign for the current year’s operations. The company expects to maintain a reasonable growth.

Source: Business Magazine, 4th April 2001