Annual Report

2024

Annual Report

2024

Chairman's
Letter

SUN delivered an outstanding year, achieving our best performance to date ... and reported a profit after tax of
Rs 2.0 bn.

Jean-Pierre DALAIS

This year has been transformative, particularly in how we serve our guests. Through our ‘Come Alive’ collection of experiences, the Sunlife brand has continued to evolve, creating moments that inspire, energise and connect with our guests. Our employees, as ambassadors of our brand, have been instrumental in bringing this vision to life. At SUN, we believe that our success is built on the foundation of a strong and motivated team, guided by purpose. This year, we continued to invest in our Employee Value Proposition, ensuring an environment where trust, collaboration and personal growth thrive. Our teams across all levels have worked together with dedication and a shared sense of purpose, embodying the spirit of teamwork and excellence that defines our culture.

One of the most significant decisions we made this year was to split Sun Limited into two distinct listed entities. On 24 June 2024, we announced that owner-managed resorts would now operate under the Sunlife brand, while Riveo will hold the asset managed branded luxury resorts, including the Shangri-La Le Touessrok, Four Seasons Resort Mauritius at Anahita and Ile aux Cerfs. Shares of Riveo will be distributed through a special dividend, with plans to list the company on 25 October 2024. This strategic move enables each business to focus on its unique business model and strengths, creating greater value for both entities.

CEO’S
INTERVIEW

Our commitment to innovation, operational excellence, and employee engagement has driven success across our portfolio.

Francois EYNAUD​

CFO's
Report

Tommy WONG

The financial year has been eventful with the proposed corporate restructuring that was approved by shareholders on 19 August 2024 and the scheme sanctioned by the court on 13 September 2024 resulting in two distinct listed companies on the official list of the Stock Exchange of Mauritius, namely Sun Limited (“SUN”) and Riveo Limited (“Riveo”). Riveo will hold investment in Anahita Hotel Limited (Four Seasons Resort Mauritius at Anahita), SRL Touessrok Hotel Ltd (Shangri-La Le Touessrok, Mauritius) and Loisirs des Iles Ltée (Ile aux Cerfs).

For the purpose of the statutory financial statements, Riveo has been disclosed as discontinued operations.

Financial Review

Highlights

Continuing Operations

GROUP REVENUE

Rs 5,414m

 vs FY23

Rs 568m

up

EBITDA

Rs 1,811m

 vs FY23

Rs 278m

up

PROFIT AFTER TAX​

Rs 1,675m

vs FY23

Rs 641m

up

OCCUPANCY

79.4%

vs FY23

0.3%

up

ADR

Rs 10,929

vs FY23

17.9%

up

REVPAR

Rs 8,677

vs FY23

18.3%

up

DISCONTINUED Operations

GROUP REVENUE

Rs 3,447m

vs FY23

Rs 28m

up

EBITDA

Rs 801m

vs FY23

Rs 113m

down

PROFIT AFTER TAX​

Rs 357m

vs FY23

Rs 128m

down

OCCUPANCY

54.3%

vs FY23

7.8%

down

ADR

Rs 33,887

vs FY23

9.7%

up

REVPAR

Rs 18,107

vs FY23

1.7%

up
©2024 Sun Limited. All rights reserved.
©2023 Sun Limited. All rights reserved. Designed & developed by Beyond Communications.

Annual Report 2024

Leading with kindness and purpose

Sustainability rooted in kindness

Embracing kindness for growth

Upholding kindness at the core of our values

Integrity strengthened by Kindness

Kindness at the heart of our performance