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Yaoundé - 27 January 2023 -
Agriculture

Safacam’s net result was up 74% YoY in H1 2022

Safacam’s net result was up 74% YoY in H1 2022
  • Comments   -   Tuesday, 25 October 2022 13:07

(Business in Cameroon) - Over the first six months of 2022, the African Agricultural Forestry Company of Cameroon (Safacam) achieved a net result of CFA4.7 billion. Compared to the same period the previous year, this makes an increase of 74%.

In its H1 performance report, the local subsidiary of Luxembourg-based Socfin attributes this improvement to “the sharp increase in the price of palm kernel oil in a global context marked by the Russian-Ukrainian war”. This means that the inflation that came with the war between Russia and Ukraine has boosted Safacam's business and net income. But also, a review of the company’s net result and turnover showed both indicators did not increase in the same proportion. The turnover went from CFA11.6 billion at the end of June 2021 to CFA14.6 billion at the end of June 2022, up only 25.8%, meaning the company also had to reduce its operating expenses.

Although the first half of the year was quite good, Safacam's outlook for the second half is pessimistic. “The second half of 2022 will be less favorable than the first. The usual drop in production in the palm oil market at the end of the year means that activity cannot be as sustained as in the first half. As for rubber, there is still uncertainty about the evolution of global prices, which remain volatile," the company said.

S.A.

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