ER Group reports pro forma annual results with rising revenues that underscore its potential

ER Group, formed from the July 2025 merger of ENL and Rogers, today publishes its pro forma financial results for the year ended 30 June 2025. Although the new entity has been legally operational since March 2025, and full operational integration only began on 1 July 2025, the Board of Directors considered it important to present pro forma consolidated results of ENL and Rogers as a single, unified group. With pro forma revenue of Rs 29.9 billion and profit after tax of Rs 3.6 billion, these results reflect the potential of the newly created group.

Results Reflect the Power of the Merger

In 2025, on a pro forma basis, ER Group would have achieved Rs 29.9 billion in revenue, up 21% compared to 2024, and Rs 4.7 billion in operating profit, up 18%. Profit after tax stood at Rs 3.6 billion. These figures demonstrate the strength of the new entity and the synergies made possible by combining the two historic groups.

Gilbert Espitalier-Noël, Group CEO of ER Group, shared:

Balanced growth across all sectors

The FY25 pro forma performance reflects contributions from all seven of the Group’s strategic segments:

• Real Estate (PAT Rs 1.5 billion): Driven by strong momentum in Moka and Bel Ombre projects, and solid performance from real estate funds Ascencia and Oficea. Ascencia stood out as a key contributor thanks to the strong performance of its retail portfolio. Moka City continued its momentum, with a record number of property deeds signed and its ongoing recognition as a “Tree City of the World.” Savannah also emerged as a high-growth zone. Oficea doubled its premium office space portfolio to 50,000 m² with a 96% occupancy rate.
   
• Hospitality & Travel (PAT Rs 1.3 billion): Supported by increased hotel revenues and strong aviation activity, despite rising cost and tax pressures. Heritage and Veranda hotels, along with Beachcomber (42% owned by the Group), reported higher revenues due to strong pricing and currency effects. La Réserve Golf Links solidified its position as the first sustainable-certified contemporary golf course in the Indian Ocean.
   
• Agribusiness (PAT Rs 353 million): Results were impacted by drought and falling sugar prices but bolstered by diversification, including the launch of a new tea business. Investment in Eclosia also contributed positively.
   
• Logistics (PAT Rs 255 million): Velogic and Rennel strengthened their positions with solid performances both in Mauritius and abroad, especially in Kenya and Madagascar.
   
• Finance (PAT Rs 325 million): Rogers Capital benefited from growth in leasing and the success of its mobile app Noula, while Swan continued to deliver strong results.
   
• Commerce & Manufacturing (PAT Rs 593 million): Axess saw strong auto demand ahead of new tax changes, maintaining its leadership with over 30% market share in new vehicles. Decathlon continued to grow significantly. The building materials cluster – including JMD, Grewals, and Nabridas – also delivered solid results, with net profit rising to Rs 62 million from Rs 40 million last year.
   
• Technology & Energy (PAT Rs 95 million): Several solar projects were completed via EnVolt and Ecoasis, while demand for software and cybersecurity solutions grew regionally.

Sustainability at the core of strategy

FY25 also saw significant progress in ER Group’s climate and inclusion roadmap. With over 8,400 kWp of installed solar capacity and 14% of electricity consumption fed back into the national grid, the Group is actively contributing to energy transition. Over 40,000 trees were planted and 42% of produced waste was diverted from landfills.

On the social front, Rs 21 million was invested in community programmes benefiting over 14,000 people. 

Gilbert Espitalier-Noël shared:
 

Long-term growth and regional ambitions

ER Group is also committed to accelerating its regional expansion in the coming years, creating new growth opportunities and establishing a long-term presence in neighbouring markets.

With a strong financial foundation, the Group will initiate bi-annual dividend payments starting in December 2025, underscoring management’s confidence in its growth path and sustainable model.

As the CAP26 strategy continues following these promising results, ER Group is already developing its next strategic roadmap to guide its ten-year plan – integrating financial, operational, and sustainability goals for responsible and inclusive long-term growth.

Learn more with the unaudited financial statements.