logoBC
Yaoundé - 08 December 2022 -
Economy

Cameroon: SIC’s result up 35.7% YoY in 2021

Cameroon: SIC’s result up 35.7% YoY in 2021
  • Comments   -   Thursday, 24 November 2022 13:57

(Business in Cameroon) - State-owned Société immobilière du Cameroun (SIC) posted a positive result of CFA199.07 million as of December 31, 2021. Compared to the CFA127.9 million generated the previous year, this makes an increase of 35.7%.

SIC does not explain the forces behind this good performance, however, it benefited from CFA3.08 billion in operating subsidies in 2021; up CFA375 million compared to CFA2.7 billion in 2020. Moreover, the company’s write-backs of depreciation and provisions were up by 28%, or CFA2.05 billion.

For three successive years (2019, 2020, and 2021), SIC's results have been positive. In its 2020 report, the Technical Commission for the Rehabilitation of Public Enterprises indicated: The inclusion in the financial statements of the shortfall owed by the State, in respect of the homologation and subsidization of rental prices materialized in Amendment No. 6 to the agreement on the compensation of receivables between the State and SIC of September 12, 1994, supported the company’s positive results over the three years.

In 2018, SIC posted a negative result of -CFA4.05 billion. The company was in financial difficulties and its fixed assets, for example, had decreased by -3.48% due to the decline in land value.

S.A.

bdeac-issued-3rd-consecutive-bond-on-bvmac-seeking-cfa78-billion
The Development Bank of Central African States (BDEAC) announced the launch of its third consecutive bond issue on the Douala-based Central African Stock...
cameroon-seeks-cfa4-4bln-from-unicredit-bank-austria-for-solar-project
Cameroon wants to borrow CFA 4.46 billion from Unicredit Bank Austria. According to official information, the money will be used to carry out a public...
fitch-maintains-b-rating-for-cameroon-despite-security-and-governance-challenges
The U.S. agency Fitch Ratings issued a report on December 2 maintaining Cameroon's rating at B with a stable outlook on all long-term foreign currency...
62-of-cameroonian-exports-in-2021-went-to-five-countries-ins
Cameroonian exporters shipped goods to 128 countries overall last year, according to a report recently published by the national institute of statistics....

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »