Mauritian tycoon Arnaud Lagesse’s IBL Group reports lower profit despite higher revenue

IBL Group, the Mauritian conglomerate led by businessman Arnaud Lagesse, posted a drop in annual profit as higher expenses and rising tax obligations weighed on results, even as revenue climbed on the back of international expansion and recent acquisitions.

Profit drops on higher taxes, losses

The group reported net profit of MUR4.98 billion ($109.1 million), down 11 percent from MUR5.59 billion ($122.4 million) a year earlier. The decline was attributed to higher tax obligations, a lower contribution from associates and joint ventures, and the absence of a non-recurring gain of MUR1.6 billion ($35 million) booked in the previous year.

IBL’s full-year revenue, however, climbed 19 percent to MUR120.8 billion ($2.65 billion) from MUR101.6 billion ($2.22 billion) in 2024. The increase was driven by both organic expansion and recent acquisitions. Operating profit rose 36 percent to MUR7.4 billion ($162.1 million), reflecting efficiency gains and stronger international performance.

The company’s overseas footprint continues to play a bigger role in its results. International operations generated 72 percent of overall revenue growth, and now account for more than half of the group’s total sales. “Our businesses outside Mauritius have become a crucial driver of performance,” the group said in its financial statement.

IBL Group expands, assets reach $3.12 billion

Founded more than a century ago, IBL Group has grown under Arnaud Lagesse’s leadership into Mauritius’s largest diversified group, with over 300 brands spanning 22 countries. It is listed on the Stock Exchange of Mauritius and operates across four key industries, including retail, financial services, logistics and engineering.

Despite the weaker profit, the group’s balance sheet strengthened. Total assets rose from MUR127.6 billion ($2.8 billion) to MUR142.8 billion ($3.12 billion), while equity climbed from MUR40.2 billion ($880.6 million) to MUR44.2 billion ($968.2 million).

Looking ahead, IBL said it will focus on consolidating leadership positions in its key markets and boosting efficiency. The group plans to invest selectively in digital tools and other strategic initiatives, while international operations are expected to remain the main engine of growth as rising costs at home continue to pressure margins.