(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.