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Yaoundé - 30 November 2021 -
Agriculture

Cameroon: Improvement in palm oil sales volume boosts Socapalm’s H1-2021 net profit by 40.5% YoY

Cameroon: Improvement in palm oil sales volume boosts Socapalm’s H1-2021 net profit by 40.5% YoY
  • Comments   -   Thursday, 28 October 2021 13:26

(Business in Cameroon) - In the first six months of 2021, all the indicators were positive for BVMAC-listed Société camerounaise des palmeraies (Socapalm), a subsidiary of the French group Socfin. Indeed, according to the activity report recently published by the company, over the said period, it recorded a XAF12.6 billion net profit, up by 40.5% compared with the XAF9.008 billion net profit it recorded over the same period in 2020.

According to Socapalm, the performance was facilitated by the good results in all the production and commercialization chains during the period under review.  

“In H1-2021, turnover rose by XAF107 billion, or 26.8% compared to H1-2020. The rise in production (+6.2%) coupled with a strong appreciation of crude palm oil prices in international markets greatly contributed to the important increase in sales volume (…) Palm kernel production also increased from 21,516 tons at the end of June 2020 to 22,575 tons at the end of June 2021," Socapalm wrote

Based on its H1-2021 performance, the company already projects about XAF18.5 billion pre-tax income for the 2021 financial year. Those prospects and results surely contributed to attracting investors to the company's share on the BVMAC. 

According to the BVMAC October 25, 2021, activity report, 2164 Socaplam shares were demanded while only 30 shares were offered. This means that the company’s investors are reluctant to cede their shares despite the strong demand caused not only by the current stability but also by prospects for a good return on that security. 

Brice R. Mbodiam

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