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Economy

Agribusiness group SAFACAM posts XAF679.5 mln net profit for 2020, down 15.6% YoY

Agribusiness group SAFACAM posts XAF679.5 mln net profit for 2020, down 15.6% YoY
  • Comments   -   Friday, 30 April 2021 12:58

(Business in Cameroon) - The African Agricultural Forestry Company of Cameroon (SAFACAM), recently posted a XAF679.54 million net profit for the 2020 financial year. Compared with the XAF806.54 million it recorded the previous year, the said performance is down by15.6% percent.

"2020 was marked by the coronavirus pandemic, which affected our rubber business. Indeed, the strong uncertainties on the evolution of global rubber demand forced us to reduce our production for six months because of the dropping selling prices we observed at the time and also in anticipation of possible sales problems," SAFACAM explains in its 2020 activity report. The local subsidiary of Luxembourg group SOCFIN adds that in 2020, its rubber production also fell by 29% year-on-year.

The company’s oil palm segment was relatively spared by the pandemic shocks, however. That year, palm oil demand was not affected by the pandemic, and with the preventive measures (mask distribution and several other measures) implemented to protect the staff, the company carried out its operations in that segment as usual.

"Our crude palm oil production rose by 7.3%, year-on-year while our palm kernel oil and cake production grew by 16% and 14% respectively," SAFACAM writes.
 
 S.A.
 

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