10 May 2024, Bagatelle | The shopping malls of Ascencia have recorded a 9% growth in net operating income over the past nine months. This increase was driven by strong performance from the tenants and a 4.4% increase in footfall, according to Ascencia's unaudited results until March 31, 2024. Meanwhile, Bagatelle Mall was ranked at the top of shopping malls in a recent and independent study. Bagatelle Mall welcomed 15 new retailers, including Boss, Conforama, and Promod, as well as the first stores of Avril Cosmétiques Bio and Eden Park on the island. Moreover, thirty stores will be renovated within the mall by 2025. In the rest of the portfolio, Les Allées recently welcomed Carrefour City, thus expanding Ascencia's offerings. Moreover, the renovation of Riche Terre Mall and the forthcoming arrival of Carrefour at both Phoenix Mall and Riche Terre Mall will also contribute to diversifying the choices of our visitors.

The shopping malls of Ascencia remain as popular as ever among Mauritians. This is evidenced by an independent study revealing that 59% of the population prefers Bagatelle Mall. This ranking is consistent with the performance indicators of Bagatelle Mall as well as the rest of the portfolio.

The malls thus recorded a 9% increase in their net operating income over the past nine months, rising from Rs 889 million to Rs 969 million. Despite high financial charges, profits for this period amount to Rs 508 million, up by 9.1% compared to 2023. With a strong base and results, along with new offerings in the portfolio, Ascencia's management is confident in its ability to achieve its objectives for the 2024 financial year. This allows Ascencia to declare a final dividend of Rs 0.61 per share, resulting in a total distribution for the year of Rs 502 million. This represents total dividend of MUR 1.03 per share, a dividend yield of 5.9% based on the closing share price of Rs 17.55 as at 08 May 2024.

This confidence is shared by Simon Harel, the new CEO of Ascencia: “The past nine months of our financial year reinforce our actions to solidify the attractiveness of our malls. Indeed, the latter have welcomed new brands such as Mobrico, Avril Cosmétiques Bio, Eden Park, and NenBan at Bagatelle Mall, as well as Carrefour City and Bento Sushis at Les Allées. This diversification of our offerings strengthens the attractiveness of our destinations and underlines our continued commitment to innovation. With a 4.4% increase in footfall and a vacancy rate of 2.6%, we are demonstrating our ability to meet the changing needs of our customers and tenants while driving the growth of our business”.

Furthermore, the Jumbo brand will be gradually replaced by Carrefour at Phoenix Mall and Riche Terre Mall. Both hypermarkets will undergo phased renovations. Visitors will also have the opportunity soon to discover the renovation of Riche Terre Mall, which underscores Ascencia's customer promise, Shaping Singular Places.