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.