Steeped in a history of continuous transformation and learning, we have developed a growth mindset grounded in relentless innovation and adaptability over the years.
This ability to act with speed and agility has enabled us to create new business models, introduce new products and services and reinvent our value propositions in the face of disruption. It’s what will keep our business thriving, no matter how the future unfolds.
Dear Shareholders,
On behalf of the Board of Directors, I am pleased to present Currimjee Jeewanjee’s second Integrated Report for the financial year 2019, which provides a comprehensive overview of how our organisation creates sustainable value.
Last year, as we began our journey towards Integrated Reporting, it became clear to us that this report is not an outcome in itself; rather, it is a tool that helps us move forward in our integrated thinking process. The preparation of this report has driven greater collaboration between our stakeholders, clusters and teams, and fostered a Groupwide understanding of the links between our strategy, material issues, risks and business models. Our aim is to embed integrated thinking in our daily operations by breaking down internal silos, thus enabling a more efficient flow of information between departments and business units. (…)
BASHIRALI A. CURRIMJEE
G.O.S.K
Chairman
The TMIT cluster lies at the intersection of the latest technologies, premium entertainment and media content, and world-class connectivity and network infrastructure. Driven by innovation and customer service excellence, Emtel, MC Vision and Screenage—market leaders in telecommunications, digital pay TV and system integration respectively—draw on their core competencies to meet the evolving requirements of the individual, home and enterprise markets. Over time, the cluster’s companies have combined their complementary activities and areas of expertise to develop unique cross-industry value propositions and acquire new customer bases. Today, it is in a unique position to capture growth opportunities that emerge from its converged products, services and teams—establishing the TMIT cluster as a one-stop ICT solutions provider.
The Group’s real estate activities encompass the management and development of CJ’s portfolio of properties. These properties, owned by CJ’s various companies and situated in prime urban locations across the island, are classified as developed properties, partially developed and land assets. The Group is committed to optimising its property investment yields by focusing on creating mixed-used spaces, attracting quality tenants, providing world-class facilities management and creating lasting relationships with customers. The cluster has been a strong advocate for the preservation of the Mauritian heritage, particularly as it owns a number of historical buildings with deep cultural significance. It is therefore dedicated to developing its properties in a way that conserves their authenticity and cultural value, while integrating modern and sustainable design features to ensure their resilience well into the future.
The Group ventured into the Tourism sector in 1980, when it was appointed the official GSA for Singapore International Airlines, one of the most prestigious airlines in the world. Shortly after, it invested in Silver Wings Travels Ltd, a one-stop-shop for travel-related services. More recently, the Group broadened its portfolio with the addition of a five-star hotel, Anantara IKO Mauritius Resort, and eight luxury villas scheduled for completion in 2020. Structured under IKO (Mauritius) Resort Ltd, this investment forms part of the first phase in the Group’s ambitious integrated resort development plan, which will progressively include a mix of hotels, high-end villas, apartments and a beach club. In line with the Group’s values, the project places sustainability and wellness at the heart of its philosophy and offers guests the opportunity to enjoy an unparalleled coastal lifestyle destination.
As a family-owned business with an inherent entrepreneurial spirit, the Group naturally ventured into sales and trading back in the 1950s. Batimex Ltd, the cluster’s Commerce arm, specialises in contracting solutions and quality building materials and finishes, such as tiles, sanitary ware and wall coverings. It represents world-leading brands like Grohe, Villeroy and Boch, amongst others, and recently added to its already diverse portfolio of brands by developing its own brand, Dura, which offers locals a more accessible range of materials. Island Life Assurance Co Ltd brings over 33 years of experience in the provision of innovative products to individuals and corporates, from life insurance and secured loans, and to pension administration. The cluster continues to consolidate its business model and focus on its core capabilities to remain relevant in a competitive industry.
Energy is an important driver of growth and prosperity, providing resources that power the rest of the economy. The Group’s investment in the Energy sector dates back as far as 1986. This investment was later consolidated into Total (Mauritius) Ltd in 2004. With over 45 service stations across the island, it is one of the largest distribution networks in Mauritius and retails petroleum products (automotive fuels, biofuels, lubricants, Liquid Petroleum Gas and jet fuels, amongst others) to major sectors of the Mauritian economy such as agriculture, hospitality, textile, construction, transport and manufacturing. In addition, CJ owns 33.33% of an LPG storage, filling and distribution company established in Mayotte, now one of the dominant players in the market with a 90% market share.
The Group’s consolidated revenue improved by 3.1% year-on-year to reach Rs 5 billion, with both the TMIT and Hospitality clusters contributing to this growth. The Group’s operating profit rose by over 12% compared to last year, partly as a result of fair value gain on investment properties within the Hospitality cluster’s companies. The other companies of the Group, except for the Hotel, performed comparably well despite the headwinds that we had anticipated for some time. (...)
