(Business in Cameroon) - South African group Tiger Brands recently published its financial statements for the 12 months ending September 30, 2021. According to the document, Chococam, the Cameroonian subsidiary set a record by crossing the symbolic ZAR1 billion (XAF36.9 billion) turnover mark during the period. The performance is up by XAF2.2 billion compared to the XAF34.7 billion (ZAR942.3 million) turnover recorded as of the end of September 2020.
For Tiger Brands, through innovation, optimal pricing, and improved distribution in neighbouring countries, every segment of Chococam’s activities contributed to the overall performance. The report adds that during the period under review, Chococam’s operating profit peaked at ZAR172 million (XAF6.3 billion), representing a 16% increase year-on-year (the year-on-year rise in operating profit in 10% when calculated in XAF).
Chococam is recovering from the ravages of the coronavirus pandemic in 2020. This upturn was particularly supported by strong demand for chocolate (the company produces the Mambo brand) and similar products.
According to a note on the Cameroonian cocoa sector published by Fitch Solutions, a branch of US rating agency Fitch Group, on March 18, 2019, this demand will rise continually until 2023. For Fitch Solutions, the demand will rise from 53,000 tons in 2019 to 63,000 in 2023.
The Tiger Brands’ operating report also announces a rise in demand for confectionery products and numerous products produced by Chococam. It is worth mentioning that on November 10, 2014, Chococam published a legal announcement expanding its corporate purposes to the manufacture, importation, exportation, and commercialization of body care and household care products and by-products.
By expanding its corporate purposes, Chococam was thus lining up with Tiger Brands’ African expansion plan in the aftermath of the partnership agreement the parent company signed with Kenya-based manufacturing company Haco Industries. Thanks to that partnership, Chococam distribute the "Miadi" cosmetics products. It can also distribute the “Tastic” branded rice, reinforcing its image as the most performing subsidiary in Tiger Brands’ Central African cluster.
Brice R. Mbodiam