Download the Full Pdf Version of our 2009 Annual Report

The Chairman's introduction to the 2009 Annual Report of Activities

Dear Shareholder,

I am pleased to present the Annual Report of the Harel Mallac Group for the year ended 2009. The year has been characterised by fundamental changes in the world economy due to the global crisis. We have thus tried to protect the various pillars of our business to meet any threat that could result from these changes.

The Harel Mallac Group has managed to stay on track with rising turnover and profits. This, we believe, is the result of tailored measures to face the deteriorating macroeconomic conditions. The Macro-Environment Our economy in Mauritius has been somewhat resilient to the global recession and we have been able to maintain a real GDP growth, standing at 2.9%. Our Government, private institutions and the business community have taken the necessary measures to protect the local business world from the full impact of the recession in spite of rising unemployment rates coupled with the slow pace of worldwide economic recovery.

ANTOINE L. HAREL - Chairman