Financial Results for the Year Ended 30 June 2025 - NMH delivers strong performance with Rs 16.9 billion turnover
New Mauritius Hotels Ltd (NMH) has released its results for the financial year ended 30 June 2025, marking another year of solid performance. Group turnover reached Rs 16.9 billion, a 10% increase from Rs 15.4 billion in 2024. EBITDA held steady at Rs 4.8 billion, while profit after tax reached Rs 2 billion compared with Rs 2.1 billion the previous year. This slight decline reflects, among others, the introduction of the Corporate Climate Responsibility Levy.
“Our four strategic pillars – People-first, Guest Experience, Operational Efficiency and Sustainability – guide everything we do. Supported by the strength of our commercial network, our ongoing digital transformation and our brand positioning, they have enabled us to deliver a robust performance in line with our objectives. These results are above all a testament to the exceptional commitment of our Artisans, to whom I extend my sincere thanks. We approach the new financial year with ambition and optimism. Key projects include the planned extension of Fairmont Royal Palm Marrakech and the proposed acquisition of a 5-star hotel in Zanzibar. These developments will be funded through partnerships and the issue of preference shares, allowing the Group to continue expanding while reducing its gearing ratio. With a united team and a clear vision, we are confident in our ability to achieve an even stronger performance in 2026 than in 2025, while remaining alert to global economic and geopolitical uncertainties,” says NMH Group’s Chief Executive Officer, Stéphane Poupinel de Valencé.
Mauritius
Hotel operations in Mauritius generated Rs 12 billion turnover, up from Rs 11.1 billion in 2024 (+8%). Growth was driven by the return to full capacity of all 5-star resorts, which lifted occupancy rates despite the temporary closure of a number of 4-star rooms during renovations at Victoria Beachcomber and Shandrani Beachcomber. A stronger distribution mix and the premium positioning of renovated rooms also supported revenue.
Operating costs rose by 16%, reflecting salary adjustments and the payment of a 14th-month bonus. EBITDA from Mauritian hotel operations stood at Rs 3.5 billion, compared with Rs 3.7 billion in 2024, also impacted by lower treasury gains.
Morocco
NMH’s operations in Morocco delivered a notable performance, confirming their recovery following partial closure after the September 2023 earthquake and initial travel uncertainty at the start of the Middle East conflict. Occupancy increased by 4%, while average room rates rose by 12%, supported by higher tourist arrivals and optimised revenue management.
Turnover in Morocco reached Rs 1.4 billion, compared with Rs 1.1 billion in 2024. EBITDA was Rs 320 million, up from Rs 231 million the previous year, including a fair value gain of Rs 94 million.
Seychelles
In the Seychelles, rental income from the Club Med property on Sainte Anne Island rose by almost 2% in line with the lease agreement. Renovation costs for staff accommodation resulted in a fair value loss of Rs 34 million. EBITDA however improved to Rs 381 million, compared with Rs 339 million in 2024.
Tour Operators
The tour operator segment continued to grow across all markets. Revenue increased by 10% to Rs 2.4 billion, up from Rs 2.2 billion in 2024, driven by strong demand. EBITDA rose 16% to Rs 526 million, compared with Rs 452 million the previous year.
Net Debt
NMH reduced net debt by Rs 1.1 billion and strengthened equity by Rs 2.7 billion, improving its gearing ratio by 7 percentage points to below 50%. Interest expenses fell by 13% to Rs 1.1 billion, compared with Rs 1.2 billion in 2024, supported by lower global interest rates and the renegotiation of credit terms following CARE Ratings’ A- rating. The net debt-to-EBITDA ratio now stands slightly above 3 times.
Dividend
For the financial year ended 30 June 2025, NMH paid an ordinary dividend of Re 0.70 per share, up 40% on 2024 (Re 0.50), representing a total payout of Rs 384 million.
Projects
The Group has completed the renovation of 254 rooms at Victoria Beachcomber, allowing full operations to resume from July 2025. At Shandrani Beachcomber, modernisation works covering all rooms and the main restaurant are progressing on schedule. The reopening expected in mid-October will enhance the hotel’s appeal and comfort.
At the same time, NMH continues to explore opportunities to expand its international footprint. Key projects include the planned extension of Fairmont Royal Palm Marrakech and the acquisition of a 5-star property in Zanzibar. Further details will be provided in due course.
Outlook
NMH enters financial year 2026 with confidence and a solid foundation. First-quarter indicators point to results ahead of those achieved in the corresponding period of 2025. In addition, forward bookings for the high season show a particularly encouraging trend.
Management therefore expects 2026 to deliver stronger full-year performance than 2025, while maintaining close attention to global macroeconomic and geopolitical uncertainties.