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Agribusiness

Cameroon: Socapalm reports a CFA6.6bn net profit, down 25.8%, in H1 2018

Cameroon: Socapalm reports a CFA6.6bn net profit, down 25.8%, in H1 2018
  • Comments   -   Monday, 22 October 2018 17:32

(Business in Cameroon) - Société Camerounaise de Palmeraies (Socapalm), local subsidiary of Luxemburg Société financière des caoutchoucs (Socfin), reports that over the first six months this year, its pre-tax result of ordinary activities was CFA10.2 billion, compared to CFA13.7 billion in H1 2017.

Post-tax net income amounted to CFA6.6 billion, down 25.8% from the CFA8.9 billion in H1 2017. “The decline in result is mainly due to the delay in crude palm oil sales by processors,”  says Socapalm adding that “as a result, the stock of crude palm oil rose from 16,481 tons as at 30 June 2017 to 30,959 tons at 30 June 2018 (+87.8%)”.

Estimates from Socfin's subsidiary showed that, over the period reviewed, crude palm oil production grew by 6.9% from 82,095 tons to 87,764 tons. Palm kernel production also improved from 16,797 tons at the end of June 2017 to 17,738 tons at the end of June 2018.

Socapalm expects total production will be sold before the current financial year ends, and production level will be 6% higher than in 2017.

“For now, we estimate that the result of ordinary activities before taxes for the 2018 financial year will be around CFA15 billion,”  the company said.

Sylvain Andzongo

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