Massive losses in large groups in 2020
The “Top 100 Companies 2020”, recently published by the group La Sentinelle, highlights the impact of the health crisis on large Mauritian companies. The hotel sector has particularly suffered, with an overall drop of 41% in turnover compared to 2019 and losses of 7,2 billion rupees (around 150 million euros).
The IBL group remains the country's leading private power, despite a 5% drop in turnover (approximately 767 million euros). In second position, the CIEL group recorded a greater drop (-14%) of its turnover, at 370 million euros. Next come the ENL groups (298 million euros), Eclosia (235 million euros) a Leal (233 million euros).
Without surprise, the company which recorded the strongest increase in its turnover in 2020 is a pharmaceutical company (Ajanta Pharma) and the most important benefits (195 million euros) were collected by the Mauritius Commercial Bank, first commercial bank on the sister island.
MCB makes cautious forecasts
The latest economic forecasts from the Mauritius Commercial Bank are less optimistic than those of the government. She estimates growth at 4,4% pour 2021, after the fall of 14,9% of GDP recorded last year. While official speeches continue to mention the arrival of 325,000 tourists in 2021, the MCB judges that we will be far from the mark. For the 2021-2022 fiscal year, the bank forecasts growth of 6,9% you PIB, far from optimistic estimates at +9%.
Inflation at 5,4% in October
Mauritius has been going through an inflationary period for several months. Prices increased by 6,5% in July, by 6% in August and 5,4% in October. At the end of October and over a year, inflation hits 5,8%
The price of food products, non-alcoholic drinks, ready-to-wear and shoes were noted on the rise, just like those of household equipment, health care and transportation.
Mauritius is faced with soaring freight rates and the prices of certain raw materials. According to government forecasts, the inflation curve should however reverse from the end of the year.
A hotel encourages sustainable agriculture
Le Long Beach, Sun Resorts group hotel located in Belle Mare, launched a project to promote sustainable agriculture for small farmers in the region. The latter will be supported and advised to adopt more virtuous agronomic practices., with the support of the University of Mauritius. The hotel is committed to sourcing from them as a priority and to encouraging other East Coast hotel establishments to do the same as their environmentally friendly production increases..
