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Yaoundé - 28 May 2022 -
Economy

Socapalm’s profit grew 16%YoY to CFA13.7bln in 2021

Socapalm’s profit grew 16%YoY to CFA13.7bln in 2021
  • Comments   -   Friday, 29 April 2022 13:00

(Business in Cameroon) - Société Camerounaise des palmeraies (Socapalm), the local branch of Luxembourg's Socfin, announced an after-tax profit of CFA13.7 billion in 2021, up 16% compared to CFA11.5 billion a year before.

Over the first six months of 2021, the BVMAC-listed company already posted a net profit of CFA12.6 billion. In H1 2020, this indicator was CFA9.008 billion. “This sharp improvement of the profit is the combined result of the control of production costs, improved agricultural and industrial techniques, and favorable weather,” Socapalm said.

The company spent less on staff expenses (CFA9.03 billion) over the period under review than in 2020 (CFA9.11 billion). In addition, liabilities fell from CFA16.3 billion in 2020 to CFA15.2 billion in 2021, a decrease of about CFA1 billion. Let’s recall that this good performance was made in a period still marked by the Covid-19 pandemic. However, demand for palm oil remained steady over the period, according to sector players.

Officially, Cameroon has an annual structural deficit of 130,000 tons of palm oil. Because of this deficit, the entire production of Socapalm, the market leader, is generally consumed by local households and refiners. The latter are often obliged to resort to imports to cover their needs in crude palm oil.

Sylvain Andzongo

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