GROUP CONSOLIDATED

REVENUE

MUR 3,000M 2%

MUR 2,952M - 30 SEPTEMBER 22

PROFIT BEFORE

FINANCE COST

MUR 73M +55%

MUR 47M - 30 SEPTEMBER 22

GROUP PROFIT

AFTER TAX

UNAUDITED CONDENSED FINANCIAL STATEMENTS FOR THE NINE MONTHS AND QUARTER ENDED 30 SEPTEMBER 2023

Harel Mallac Group has achieved a Profit After Tax of MUR 42 million for the nine months ended 30 September 2023

OVERALL PERFORMANCE

Consolidated revenue from continuing operations increased by 2% to MUR 3,000 million for the nine months ended 30 September 2023, compared to MUR 2,952 million in the same period last year (Q3 2022).

Profit before Finance Costs reached MUR 73 million, showing an improvement from MUR 47 million in Q3 2022, attributed to an enhanced gross profit margin.

The Group's share of results of associates and joint ventures rose to MUR 53 million (Q3 2022: MUR 43 million).

Finance costs increased to MUR 82 million, up from MUR 50 million in Q3 2022, due to higher interest rates.

Profit After Tax for the nine months was MUR 42 million, a decrease from MUR 76 million in Q3 2022.

Post Tax Profit from Discontinued Operations was MUR 18 million (Q3 2022: MUR 67 million), associated with the Group's share of profit from associates spun-off as part of a dividend in specie approved by shareholders on 25 April 2023. The dividend in specie is subject to regulatory approval and compliance with relevant legislation.

Positive cash flow of MUR 103 million was generated from operating activities, a significant improvement from the MUR 107 million cash outflow in the corresponding semester of 2022.

MUR 42M -45%

MUR 76M - 30 SEPTEMBER 22

COMPANY NET ASSET

VALUE PER SHARE

MUR 145M +24%

MUR 117 - 30 SEPTEMBER 22

KEY HIGHLIGHTS

Chemicals reported reduced revenue of MUR 1,399 million (Q3 2022: MUR 1,441 million) driven by lower sales volume and selling price in agro and industrial chemicals segments. This was mitigated by the good performance of its aqua segment, whose revenue has more than doubled from last year's period. The Loss After Tax remained unchanged at MUR 1 million, the same as in Q3 2022.

Equipment & Systems experienced an increase in revenue by 14% to MUR 1,139 million (Q3 2022: MUR 997 million) and a Profit After Tax of MUR 26 million (Q3 2022: Profit After Tax of MUR 8 million). The Segment has delivered key projects with a sustained pipeline of new revenues during the nine months.

Technology posted a decrease of 12% in its revenue to MUR 478 million (Q3: MUR 532 million), caused by the rescheduling of some projects; this trend is expected to reverse in the medium term. Loss After Tax MUR 39 million was recorded for the period (Q3 2022: Loss After Tax of MUR 22 million).

Investments & Corporate showed an improved revenue of MUR 125 million (Q3 2022: MUR 114 million) and a Profit After Tax of MUR 35 million (Q3 2022: Profit After Tax of MUR 26 million).

OUTLOOK

The Group will continue to focus on strengthening its operations and preparing for the fourth quarter of 2023.

CONDENSED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

CONDENSED STATEMENTS OF FINANCIAL POSITION

THE GROUP

THE GROUP

Three

Three

Nine

Nine

30

31

30

months to 30

months to 30

months to 30

months to 30

September

December

September

September

September

September

September

2023

2022

2022

2023

2022

2023

2022

MUR' 000

MUR' 000

MUR' 000

MUR' 000

MUR' 000

MUR' 000

MUR' 000

ASSETS

2,320,814

2,369,359

Revenue

1,049,013

1,041,953

3,000,312

2,952,385

Non-current assets

2,768,783

Profit before finance costs

28,241

39,852

73.009

46,761

Current assets

1,859,966

2,235,596

2,130,391

Assets classifiied as held for distribution

447,800

-

-

Finance costs

(22,925)

(18,096)

(81,712)

(49,501)

Total assets

4,628,580

5,004,379

4,499,750

Share of results of associates & joint ventures

15,162

20,084

52,872

42,508

EQUITY AND LIABILITIES

Impairment of receivables

593

2,319

(2,478)

(9,910)

Capital and reserves

Profit before tax

21,071

44,159

41,691

29,858

1,630,333

1,317,454

Owners' interest

1,703,602

Income tax

(10,035)

(7,875)

(18,400)

(21,650)

Non controlling interests

180,075

201,378

168,728

Post tax profit from discontinued operations

-

36,234

18,251

67,454

Total equity

1,810,408

1,904,980

1,486,182

Profit for the period

11,036

72,518

41,542

75,662

Attributable to:

Non-current liabilities

1,000,028

1,000,686

1,009,580

15,666

40,842

Current liabilities

1,818,144

2,098,713

2,003,988

Owners of the parent

66,778

67,035

Total equity and liabilities

4,628,580

5,004,379

4,499,750

Non controlling interests

(4,630)

5,740

700

8,627

Profit for the period

11,036

72,518

41,542

75,662

Net assets value per share (Rs)

144.80

151.31

117.01

Other comprehensive income/(loss) for the period net of tax

7,430

(4,528)

3,116

1,578

Number of ordinary shares

11,259,388

11,259,388

11,259,388

Total comprehensive income for the period

18,466

67,990

44,658

77,240

Other comprehensive income /(loss) attributable to:

5,391

2,431

NINE MONTHS (Q3) ENDED 30 SEPTEMBER SEGMENTAL INFORMATION (MUR' M)

Owners of the parent

(4,414)

3,682

INVESTMENTS

NON-

Non controlling interests

2,039

(114)

685

(2,104)

7,430

(4,528)

3,116

1,578

EQUIPMENT

AND

RECURRING

CONSOLIDATION

CHEMICALS

AND SYSTEMS

TECHNOLOGY

CORPORATE

ITEMS

ADJUSTMENTS

TOTAL

Earnings/(loss) per share from continuing operations (Rs/cents)

1.39

2.71

2.01

(0.04)

REVENUE

2023

1,399

1,139

478

125

-

(139)

3,000

2022

1,441

997

532

114

-

(132)

2,952

Earnings per share from discontinued operations (Rs/cents)

-

3.22

1.62

5.99

PROFIT/

2023

(1)

26

(39)

36

18

2

42

(LOSS)

2022

(1)

8

(22)

26

67

(2)

76

STATEMENTS OF CHANGES IN EQUITY

AFTERTAX

THE GROUP

THREE MONTHS QUARTER ENDED 30 SEPTEMBER SEGMENTAL INFORMATION (MUR' M)

Owners of

Non-

Total

EQUIPMENT

INVESTMENTS

NON-

CONSOLIDATION

controlling

CHEMICALS

TECHNOLOGY

AND

RECURRING

TOTAL

the Parent

interests

Equity

AND SYSTEMS

CORPORATE

ITEMS

ADJUSTMENTS

MUR' 000

MUR' 000

MUR' 000

REVENUE

2023

440

399

204

39

-

(31)

1,049

Balance at 1 January 2023

1,703,602

201,378

1,904,980

PROFIT/

2022

543

317

180

35

-

(33)

1,042

Profit for the period

40,842

700

41,542

2023

(14)

24

(11)

7

0

5

11

Acquisition of additional interests in subsidiary

693

(22,688)

(21,995)

(LOSS)

2022

11

10

(4)

21

36

(1)

73

AFTERTAX

Other movements

(117,235)

-

(117,235)

Other comprehensive income

2,431

685

3,116

REVENUE (MUR' M)

Balance as at 30 September 2023

1,630,333

180,075

1,810,408

Balance at 1 January 2022

1,246,736

182,015

1,428,751

Sep-23

QUARTER 1 | 887

QUARTER 2 | 1,064

QUARTER 3 | 1,049

Total: 3,000

Profit for the period

67,035

8,627

75,662

Acquisition of additional interests in subsidiary

-

(19,810)

(19,810)

Other comprehensive income/(loss)

3,683

(2,104)

1,579

Sep-22

QUARTER 1 | 893

QUARTER 2 | 1,017

QUARTER 3 | 1,042

Total: 2,952

Balance at 30 September 2022

1,317,454

168,728

1,486,182

STATEMENTS OF CASH FLOWS

0

500

1000

1500

2000

2500

3000

September 2022

September 2023

THE GROUP

Nine

Nine

months to 30

months to 30

September

September

2023

2022

MUR' 000

MUR' 000

Operating activities

103,131

Net cash generated from/(absorbed in) operating activities from continuing operations

(106,747)

Investing activities

(99,173)

Net cash absorbed in investing activities

(45,962)

Financing activities

(117,332)

Net cash (absorbed in)/generated from financing activities

98,834

Decrease

(113,374)

(53,875)

Movement in cash and cash equivalents

6,970

At 1 January

28,604

Net decrease in cash and cash equivalents

(113,374)

(53,875)

Effect of foreign exchange difference

541

(5,022)

At 30 September

(105,863)

(30,293)

6 MONTHS SEGMENTAL RESULTS (MUR' M)

Equipment &

Investments

Group

Systems

& Corporate

including

consolidation

adjustments

67

76

26

24

38

42

18

8

(1)

(1)

(22)

(39)

Chemicals

Technology

Non-recurring

September 2022

September 2023

These quarterly condensed unaudited financial statements have been prepared using the same accounting policies as for the statutory audited financial statements for the year ended 31 December 2022, except for the adoption of published Standards that are now effective. This interim financial statements have been prepared in accordance with IAS 34 "Interim financial Reporting."

The statement of direct and indirect interests of officers of the Company required under the rule 8(2)m of the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available upon request from the Company Secretary, HM Secretaries Ltd, 18 Edith Cavell street, Port Louis.

Copies of the abridged unaudited financial statements are available free of charge upon request at the Company's registered office, 18 Edith Cavell street, Port Louis.

This report is issued pursuant to Listing Rule 12.20. The Board of Directors of Harel Mallac & Co. Ltd accepts full responsibility for the accuracy of the information contained therein.

By order of the Board

HM Secretaries Ltd

Company Secretary

W: https://harelmallac.com | E: investorsrelation@harelmallac.com | f Harel Mallac Group inHarel Mallac Group

13 November 2023

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Harel Mallac & Co. Ltd. published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 08:01:01 UTC.