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Yaoundé - 14 July 2020 -
Finance

Socapalm posts net profit of XAF12.24 bln for FY2019

Socapalm posts net profit of XAF12.24 bln for FY2019
  • Comments   -   Wednesday, 29 April 2020 13:42

(Business in Cameroon) - Société camerounaise de palmeraies (Socapalm), a subsidiary of the Luxembourg company Socfin, reports that it made a net profit of XAF12.24 billion in the 2019 financial year. This is up by about XAF85 million compared with the company’s XAF11.39 billion net profit in the 2018 financial year.  

According to Socapalm, this increase is due to "the combination of production costs control, improved agricultural and industrial techniques, as well as favourable climatic factors." In detail, the Company reports agricultural investments of XAF660 million, industrial investments of  XAF3.76 billion, and XAF580 million for rolling stock. Under the "other investments" category, the company posts XAF1.64 billion.

Since H1-2019, Socapalm had announced that its performance counting for that year would be good since it would sell all of its production before the end of the said financial year. It even estimated XAF67 billion turnover but gained XAF71.3 billion.

It also predicted that its production would be 4% up compared with the 2018 financial year. This should lead to a pre-tax result of about XAF16 billion however, the current pre-tax result is even XAF18.5 billion.

Sylvain Andzongo

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