Local labor shortage in the industry
During its general meeting, end of April, the Association of Mauritian Manufacturers pointed out the shortage of local labor which pushes production companies to recruit foreign workers. This trend is considered dangerous by Mauritian industrial companies, who want to promote professions in the sector. The feminization of employment is considered one of the solutions to achieve this. However, the image of industry and factory work suffers from a poor rating among Mauritian women., who rarely apply for job offers.
Ascencia shopping centers in great shape
The Ascensia group, which owns seven shopping centers in Mauritius, recorded an increase of 4,4% of the latter’s attendance during the first nine months of the 2023-2024 financial year. Their net operating income increased by 9% over the period and the Ascensia group recorded a profit of 507 million rupees (around 10 million euros), up 9% compared to the previous year. A recent survey also showed that Bagatelle Mall, flagship of the group, was ranked at the top of the favorite shopping centers of Mauritians.
Large groups on the rise
The large groups listed on the Mauritius Stock Exchange are doing rather well, at the end of the first nine months of the 2023-2024 financial year (31 mars). Mauritius Commercial Bank increases its profits by 14,2 %, at 12,4 billion rupees (mid-May, one euro was equivalent to 49 rupees). Its market capitalization now exceeds 100 billion rupees : it is the first company on the market to cross this threshold. The Sky group (textile, health, agri-food) achieved a turnover of 26 billion rupees over the same period. It decreases slightly compared to 2023, due to the decline in activity in the textile division. Despite everything, Ciel records a 33% increase in profits, at 3,7 billion rupees. Chez New Mauritius Hotels, the numbers are good. As of March 31, the hotel group’s turnover was up 14%, at 4,4 billion, and its after-tax result of 19% (837 millions). Leader in the logistics sector, also present in India, in Madagascar, in Reunion and Kenya, Velogic, on the other hand, sees its turnover decline (2,4 billion against 2,5 last year), just like its after-tax profits. However, the group is counting on the Kenyan economic recovery to reverse the trend by the end of June.
