(Business in Cameroon) - Société africaine forestière et agricole du Cameroun -SAFACAM-, subsidiary of Luxembourg Socfin, posted a net result of €872,000 (XFA571.16 million) in 2018, against €2,807 million (XAF1.8 billion) in 2017, a drop by nearly 50%.

Such dire situation was foreseen by the company which already announced the second half (H2 2018) would be tougher than the first. “On the palm oil market [on which Safacam also operates], the decline in production at the end of the year does not allow for such sustained activity as in the first half of the year. Regarding rubber, there is still uncertainty about the evolution of international prices, which continues to decline,” Safacam announced. In other words, performance during the first half was diluted in the second half.

However, the company saw a slight increase in turnover to XAF6.6 billion in 2018, compared to XAF16.3 billion in 2017.

Sylvain Andzongo