(Business in Cameroon) - During the first half this year, Société camerounaise de palmeraies (Socapalm), local branch of Luxemburg Société financière des caoutchoucs (Socfin), experienced a decline by CFA3.8 billion (-11.45%) in turnover compared to H1 2017. This was revealed by the auditors’ report.

The situation, the company explained, is the result of the increasing oil import in the country, raising the company’s crude palm oil stock. “Crude palm oil stock rose from 16,481 tons as at 30 June 2017 to 30,959 tons on 30 June 2018, an increase by 87.8%,” Socapalm said.

Nevertheless, the company remains optimistic about the future. “We believe all of our production will be sold before the current year ends, and our annual turnover should be around CFA62 billion,” it said.

Let’s note that the agribusiness expects the result of its pre-tax activity for the 2018 financial year to be about CFA15 billion.

S.A.