Yaoundé - 09 June 2023 -

Socapalm suffers profit decline, uses reserves to pay dividends in 2022

Socapalm suffers profit decline, uses reserves to pay dividends in 2022
  • Comments   -   Wednesday, 26 April 2023 12:38

(Business in Cameroon) - The Cameroonian Palm Company (Socapalm) expects its net profit to be CFA10.6 billion in FY2022, down 22% from the 13.7 billion achieved the previous year.

The company justified this lower performance by the sharp increase in input prices coupled with unfavorable weather conditions over the period. As a result, Socapalm's crude palm oil production fell slightly from 152,323 tons in 2021 to 146,231 tons in 2022 and the operating income decreased by 11% to CFA16.1 billion, despite a reduction in personnel costs (-10% YoY). Consequently, the company’s Board has decided to add to the profit CFA652.9 million of the retained earnings from prior years (the part of a company's profits that has neither been distributed as dividends nor allocated to legal or optional reserves).

The balance of retained earnings therefore now stands at CFA1.029 billion and the volume of dividends increased to CFA11.324 billion, or CFA2,250 per share. Excluding tax on real estate capital income, the net dividend for shares listed on the BVMAC is CFA2,002.50. Unlisted shareholders domiciled in Cameroon and abroad (excluding France) will receive CFA1,878 per share against CFA1,912 for shareholders domiciled in France.

Cédrick Jiongo

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