(Business in Cameroon) - Société camerounaise de palmeraies Socapalm, Cameroonian arm of Luxembourg Socfin, posted a net result of €17.370 million (XAF11.3 billion) in 2018, against €15.707 million in 2017 (XAF10.2 billion). This reflects an increase by about XAF1.1 billion over the one year period.
Upward performance was foreseen as in the first half of 2018 the company was already expecting the sale of its entire production. Socapalm's stock of crude palm oil for sale rose from 16,481 tons as at June 30, 2017, to 30,959 tons the same period in 2018, an increase of 87.8%.
As regard turnover, Socapalm exceeded targets. Figures reached €100.450 million (XAF65.79 billion) in 2018, compared with the XAF62 billion initially planned.
In 2018, the company produced 135,642 tons of palm oil in 2018 up from the 118,840 tons in 2017, over a 29,804 ha area.