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Harel Mallac
On this page
Company details
- Legal name
- Harel Mallac & Co. Ltd
- Listing
- No ticker printed on the Stock Exchange of Mauritius, active (observed 2026-10-08)
- Sector
- Not classified (our classification from the stated principal activity)
- Financial year ends
- 31 December
Overview
Year ended 31 December 2025 · annual report, signed / final · source
Read with these figures
- Going-concern warning. The auditor's report for the year ended 31 December 2025 states a material uncertainty about whether the company can continue as a going concern, in a separate paragraph that does not modify the opinion. The opinion is qualified on another basis (below).
- Qualified audit opinion. FY2025: Basis: investments in associates — one material associate (note 9, carried at Rs 989.1 million) was equity-accounted on unaudited financial information, and the auditor could not obtain sufficient appropriate evidence on its carrying amount or share of results (PDF p45). Details below.
Full wording and sources
Auditor's report, year to 2025-12-31: material uncertainty related to going concern (a separate paragraph that does not modify the opinion; the opinion is qualified on another basis, shown below)
Material uncertainty relating to going concern: Without qualifying our opinion, we draw attention to note 2(a) of the consolidated and separate financial statements, which describes matters relating to the Group's and the Company's ability to continue as a going concern. The Group incurred a loss of Rs 38.3million (2024 (restated): Rs 206.8 million) and the Company achieved a profit of Rs 41.4 million (2024: Rs 66.7 million) respectively, for the financial year ended 31 December 2025. As at that date, the Group's and the Company's current liabilities exceeded their current assets by Rs 214.9 million (2024 (restated): Rs 79.2 million) and Rs 98.0 million (2024: a net current asset of Rs 1.6 million) respectively. (PDF p45)
Source: Harel Mallac & Co. Ltd Annual Report 2025, p45 (dated 2026-05-27)
Auditor's report, year to 2025-12-31: qualified opinion ('except for')
The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Figures are shown as printed; those affected by the named matters may be misstated. Basis for Qualified Opinion — Investments in Associates: one material associate (note 9), carried at Rs 989.1 million in investments in associates at 31 December 2025, with a share of profit of Rs 18.9 million and a share of other comprehensive income of Rs 17.8 million, was equity-accounted on unaudited financial information because its audit was not finalised; the auditor could not obtain sufficient appropriate evidence on the carrying amount, the share of results or the share of OCI, nor determine whether adjustments were needed (PDF p45).
Source: Harel Mallac & Co. Ltd Annual Report 2025, p45 (dated 2026-05-27)
-
Revenue
MUR 3.39 billion
3,390,076 MUR thousands · p51
+0.4% vs 2024
-
Operating profit / (loss)
MUR 28.9 million
28,857 MUR thousands · p51
Moved from loss to profit (FY2024: (71,204) MUR thousands)
-
Profit / (loss) for the year
−MUR 38.3 million
(38,269) MUR thousands · p51
Change not shown.
-
Total assets
MUR 5.38 billion
5,382,016 MUR thousands · p50
+0.0% vs 2024
-
Total equity
MUR 2.19 billion
2,189,735 MUR thousands · p50
+6.2% vs 2024
-
Cash from operations
MUR 159 million
158,555 MUR thousands · p53
Change not shown.
Large amounts are rounded for reading (MUR million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Not shown: the prior-year figure is zero or negative.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in MUR thousands unless the row says otherwise; brackets are negative.
† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table
Column sources
- FY2025 — annual report, signed / final; reported for the year · source
- FY2024 — annual report, signed / final; comparative in the FY2025 filing · source
Income statement
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Revenue | 3,390,076 | 3,375,778 |
| Profit/(loss) before finance costs1 | 28,857 | (71,204) |
| Finance costs | (128,027) | (117,347) |
| Net share of results of associates and joint ventures | 102,960 | 54,151 |
| Reversal of goodwill due to disposal of subsidiary2 | (3,623) | –3 |
| Impairment of goodwill4 | –3 | (27,490) |
| Impairment of receivables5 | (37,881) | (16,799) |
| Gain on disposal of subsidiary6 | 33,157 | –3 |
| (Loss)/profit before taxation | (4,557) | (178,689) |
| Income tax expense | (21,546) | (7,593) |
| (Loss)/profit for the year from continuing operations7 | (26,103) | (186,282) |
| Loss from discontinued operations8 | (12,166) | (20,555) |
| (Loss)/profit for the year | (38,269) | (206,837) |
| Non controlling interests9 | (14,871) | (10,080) |
| Changes in fair value of equity instruments at fair value through other comprehensive income10 | (4,134) | 6,467 |
| Movement in actuarial reserve, net of deferred tax11 | 49,717 | (43,320) |
| Movement in associate reserves12 | 22,480 | 17,815 |
| Changes in fair value of land & buildings, net of deferred tax13 | 104,968 | –14 |
| Currency translation differences15 | 24,376 | 352 |
| Other comprehensive income/(loss) for the year, net of tax | 197,407 | (18,686) |
| Total comprehensive income/(loss) for the year | 159,138 | (225,523) |
- Printed “-”, read as nil: subtotal_arithmetic: is.profit_before_tax.
- Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (13)
- “Profit/(loss) before finance costs”: mapping to a shared definition is uncertain. Printed 'Profit/(loss) before finance costs' (revenue and operating items are netted in note 26).
- “Reversal of goodwill due to disposal of subsidiary” is an issuer-specific line, not mapped to a shared definition: After share of associates, before taxation.
- “Impairment of goodwill” is an issuer-specific line, not mapped to a shared definition: After share of associates, before taxation.
- “Impairment of receivables” is an issuer-specific line, not mapped to a shared definition: After share of associates, before taxation.
- “Gain on disposal of subsidiary” is an issuer-specific line, not mapped to a shared definition: After share of associates, before taxation.
- “(Loss)/profit for the year from continuing operations” is an issuer-specific line, not mapped to a shared definition: After income tax.
- “Loss from discontinued operations” is an issuer-specific line, not mapped to a shared definition: Discontinued operations, after tax.
- “Non controlling interests” is an issuer-specific line, not mapped to a shared definition: Profit attribution.
- “Changes in fair value of equity instruments at fair value through other comprehensive income” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
- “Movement in actuarial reserve, net of deferred tax” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
- “Movement in associate reserves” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
- “Changes in fair value of land & buildings, net of deferred tax” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified.
- “Currency translation differences” is an issuer-specific line, not mapped to a shared definition: OCI, may be reclassified.
Balance sheet
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Property, plant and equipment | 922,619 | 956,776 |
| Right-of-use assets | 283,684 | 310,201 |
| Investment properties | 662,006 | 498,941 |
| Intangible assets | 48,880 | 61,283 |
| Investments in associates | 1,458,144 | 1,387,571 |
| Financial assets at fair value through other comprehensive income1 | 34,072 | 38,206 |
| Financial assets at amortised cost2 | 92 | 186 |
| Investments in joint ventures3 | 2,561 | 2,549 |
| Deferred tax assets | 50,433 | 41,533 |
| Non current assets (unlabelled subtotal) | 3,462,491 | 3,297,246 |
| Inventories | 703,631 | 737,860 |
| Contract assets | –4 | 10,466 |
| Trade receivables5 | 767,177 | 857,039 |
| Financial assets at amortised cost6 | 258,375 | 276,367 |
| Current tax assets | 5,061 | 6,876 |
| Cash and cash equivalents | 142,281 | 195,438 |
| Current assets (unlabelled subtotal) | 1,876,525 | 2,084,046 |
| Assets classified as held for sale7 | 43,000 | –8 |
| TOTAL ASSETS | 5,382,016 | 5,381,292 |
| Share capital | 112,594 | 112,594 |
| Revaluation and other reserves9 | 1,473,532 | 1,350,797 |
| Fair value reserves10 | (6,709) | (2,575) |
| Actuarial reserves11 | (87,077) | (140,983) |
| Retained earnings | 553,886 | 598,540 |
| Owners' interests | 2,046,226 | 1,918,373 |
| Non controlling interests | 143,509 | 144,477 |
| Total equity | 2,189,735 | 2,062,850 |
| Borrowings | 574,206 | 605,951 |
| Deferred tax liabilities | 90,136 | 62,371 |
| Retirement benefit obligations12 | 106,819 | 176,337 |
| Lease liabilities | 286,731 | 310,548 |
| Non current liabilities (unlabelled subtotal) | 1,057,892 | 1,155,207 |
| Trade and other payables | 1,133,167 | 1,042,448 |
| Contract liabilities | 7,285 | 12,067 |
| Borrowings | 939,146 | 1,055,235 |
| Lease liabilities | 43,402 | 43,666 |
| Current tax liabilities | 11,389 | 9,819 |
| Current liabilities (unlabelled subtotal) | 2,134,389 | 2,163,235 |
| TOTAL EQUITY & LIABILITIES | 5,382,016 | 5,381,292 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.current_assets.
- Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
Notes and alternative reported figures (10)
- “Financial assets at fair value through other comprehensive income” is an issuer-specific line, not mapped to a shared definition: Non-current assets.
- “Financial assets at amortised cost” is an issuer-specific line, not mapped to a shared definition: Non-current assets.
- “Investments in joint ventures” is an issuer-specific line, not mapped to a shared definition: Non-current assets.
- “Trade receivables”: mapping to a shared definition is uncertain. Printed 'Trade receivables'; no other receivables line is printed.
- “Financial assets at amortised cost” is an issuer-specific line, not mapped to a shared definition: Current assets.
- “Assets classified as held for sale” is an issuer-specific line, not mapped to a shared definition: Printed below the current-assets subtotal.
- “Revaluation and other reserves” is an issuer-specific line, not mapped to a shared definition: Equity.
- “Fair value reserves” is an issuer-specific line, not mapped to a shared definition: Equity.
- “Actuarial reserves” is an issuer-specific line, not mapped to a shared definition: Equity.
- “Retirement benefit obligations” is an issuer-specific line, not mapped to a shared definition: Non-current liabilities.
Cash flow
| Line (as printed) | FY2025Annual reportreported for the year | FY2024Annual reportcomparative in FY2025 filing |
|---|---|---|
| Cash generated from/(absorbed in) operations | 295,350 | (9,618) |
| Interest paid1 | (113,205) | (88,818) |
| Income tax paid | (23,590) | (18,513) |
| Net cash generated from/(absorbed in) operating activities | 158,555 | (116,949) |
| Acquisition of property, plant and equipment | (95,643) | (109,617) |
| Proceeds on sale of property, plant and equipment | 3,905 | –2 |
| Net expenditure on intangible assets | (3,992) | (1,435) |
| Net expenditure on investment properties3 | –2 | (3,169) |
| Proceeds on disposal of subsidiary4 | 27,398 | –2 |
| Investment in subsidiaries5 | –2 | (7,846) |
| Financial assets at fair value through other comprehensive income6 | –2 | (4,971) |
| Interest received | 178 | –2 |
| Dividend paid7 | –2 | (5,861) |
| Dividends received8 | 54,853 | 55,677 |
| Net cash (absorbed in)/generated from investing activities | (13,301) | (77,222) |
| Proceeds from borrowings | 124,726 | 438,499 |
| Payments on borrowings | (346,518) | (224,257) |
| Principal paid on lease liabilities | (24,081) | (26,801) |
| Interest paid on lease liabilities | (25,951) | (27,154) |
| Net cash (absorbed in)/generated from financing activities | (271,824) | 160,287 |
| Net (decrease)/increase cash and cash equivalents | (126,570) | (33,884) |
| At 1 January9 | (169,675) | (136,351) |
| Effect of foreign exchange rate changes | (545) | 560 |
| At 31 December10 | (296,790) | (169,675) |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (9)
- “Interest paid”: mapping to a shared definition is uncertain. Printed 'Interest paid' in operating activities; interest on lease liabilities is printed separately in financing.
- “Net expenditure on investment properties” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Proceeds on disposal of subsidiary” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Investment in subsidiaries” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Financial assets at fair value through other comprehensive income” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “Dividend paid” is an issuer-specific line, not mapped to a shared definition: Printed within investing activities (2024 only).
- “Dividends received” is an issuer-specific line, not mapped to a shared definition: Investing activities.
- “At 1 January”: mapping to a shared definition is uncertain. Cash and cash equivalents net of bank overdrafts (note 33(b)).
- “At 31 December”: mapping to a shared definition is uncertain. Cash and cash equivalents net of bank overdrafts (note 33(b)).
Segments
Segment data not yet collected for this company in the pilot.
Dividends
Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.
No dividend statement or amount collected.
Sources
Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.
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Harel Mallac & Co. Ltd Annual Report 2025
Year ended 31 December 2025 · Annual report · signed / final
Audit: Nexia Baker & Arenson, qualified opinion · signed · includes a material-uncertainty paragraph
Auditor's sign-off: Govinden Monien FCCA, Licensed by FRC, for Nexia Baker & Arenson
Final status: Independent auditor's report (QUALIFIED opinion, PDF p45) signed 'Nexia Baker & Arenson' in script with the handwritten signature of Govinden Monien FCCA, Licensed by FRC, dated 27 May 2026 (PDF p49, page image). The statements of financial position state 'These financial statements have been approved for issue by the Board of Directors on 27 May 2026' with handwritten signatures of Antoine L. Harel (Chairman) and Charles Harel (Chief Executive Officer) (PDF p50, page image).
- Document date
- 27 May 2026
- Auditor's report
- 27 May 2026
- Board approval
- 27 May 2026
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2025, FY2024
- Basis
- consolidated statements · MUR thousands (printed “Rs'000”)
- Basis for Qualified Opinion — Investments in Associates: one material associate (note 9), carried at Rs 989.1 million in investments in associates at 31 December 2025, with a share of profit of Rs 18.9 million and a share of other comprehensive income of Rs 17.8 million, was equity-accounted on unaudited financial information because its audit was not finalised; the auditor could not obtain sufficient appropriate evidence on the carrying amount, the share of results or the share of OCI, nor determine whether adjustments were needed (PDF p45).
- Basis: investments in associates — one material associate (note 9, carried at Rs 989.1 million) was equity-accounted on unaudited financial information, and the auditor could not obtain sufficient appropriate evidence on its carrying amount or share of results (PDF p45).
- The statement of profit or loss prints revenue (3,390,076) then 'Profit/(loss) before finance costs' (note 26) with no cost lines; unlabelled subtotals follow finance costs ((99,170)), share of associates (3,790) and the impairment/disposal block ((8,347)); these are not transcribed and the lines are placed directly within loss before taxation. EPS is printed in rupees ('Rs/cents'): total (2.08) (2024: (17.48)); no diluted figure. 'Dividend paid' (2024: (5,861)) is printed within investing activities.
- The Group 2024 columns are headed 'Restated' (pp50, 51, 53). Note 40 'Effect of prior year adjustments' (PDF p108-p109): restatements in the 2024 audited statements of associates Maritim (Mauritius) Limited, Touristic United Enterprise Ltd and Novengi Ltd (fair value adjustment to freehold land and buildings and related items), and a write-off of contract assets no longer recoverable. The Company columns are not restated.
- Cash and cash equivalents in the cash flow statement are net of bank overdrafts: closing (296,790) against 142,281 cash and cash equivalents in the statement of financial position (note 33(b)).
Technical details
- File
- 112 pages, with a text layer
- SHA-256
cf06ae1515fbdd5240dc428ea224e2abe842ad0b655d9a386f5ca5cbf9c9b2b6- Entity as printed
- Harel Mallac & Co. Ltd ('the Company') and its subsidiaries ('the Group') (PDF p45, p53)
- Issuer copy
- retrieved 2026-10-08T19:12:33Z
Data notes
No figure-level notes beyond those in the tables.
Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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