(Business in Cameroon) - The Cemac stock exchange (Bvmac) reported that it had achieved a negative result of CFA237 million last year. However, compared to 2020 when the market posted a negative result of CFA787 million, the deficit narrowed by CFA550 million (70%).

Indeed, the 2021 result would have been even better if personnel costs had not increased during the period. Bvmac said it spent CFA637 million in personnel expenses in 2021, against CFA497 million in 2020, up nearly 22%. The reason for this increase, the company explained, is the transfer in 2019 of the staff and equipment from Libreville, Gabon, to Douala, Cameroon, as part of the merger of the two former exchanges.

Social and fiscal debts amounted to CFA201.2 million as of December 31, 2021, compared to CFA77.8 million in 2020. They include debts to social organizations (CNPS, CNSS, FNE, etc.) deducted from staff salaries for CFA73.73 million, which are currently being settled with the social organizations. Measures are also being deployed to reconcile the accounts, as well as the balance of all accounts relating to the departure of the former MD for CFA93.6 million and a provision for staff leave of CFA25.1 million.

In this situation, says Bvmac, the loss of CFA237 million in 2021 and the deficit carried forward deteriorate the company's equity situation, which fell by more than 5% to CFA4.2 billion against CFA4.4 billion a year earlier. The ratio of equity-to-share capital was thus 61.4% at the end of 2021, compared with 64.9% at the end of 2020.

S.A.