Mauritian Businessman Arnaud Mayer's Evaco Group Reports 1.2 Million Loss In H1 2024

Evaco Group, the investment holding company led by Mauritian businessman Arnaud Mayer, slipped into a loss in the first half of its 2024 fiscal year, as sales dropped due to administrative delays, rising operating costs, and broader economic uncertainty.

According to its unaudited results for the six months ended Dec. 31, 2024 , Evaco posted a loss of MUR54.59 million 1.2 million, a sharp contrast to the MUR11.34 million 244,200 profit recorded in the same period the previous year. Revenue dropped from MUR347.94 million 7.5 million to MUR232.4 million 5 million, while finance costs surged to MUR63.1 million 1.36 million.

The company attributed the revenue dip to delays in administrative approvals, which slowed the signing of title deeds and prevented it from recognizing expected earnings. The full amount of turnover hasn't been recognized during this period due to persistent administrative delays. The authorities have been slower than expected in processing the required approvals for signing the title deeds. Consequently, we have been unable to finalize the planned deeds within the anticipated timeframe, the group said.

To address the issue, Evaco is working closely with the authorities to speed up approvals. We are collaborating closely with the relevant authorities to accelerate the process. This will allow us to recognize the pending revenue, improving our financial performance in the upcoming quarters. The delays have also affected revenue from ongoing projects, but we expect these earnings to be reflected in the final quarter as measures to fast-track approvals take effect, the company added.

Founded by Mayer in 2001 as a real estate development firm, Evaco has become a key player in Mauritius high-end property sector. Through subsidiaries such as Evaco Creations, Evaco Property, Evaco Escapes, and Evaco Solutions, the group has expanded its footprint while maintaining a strong presence in the local market.