(Business in Cameroon) - The port of Douala ended FY2022 with a net profit of CFA16 billion, the Port Authority revealed. Total assets and liabilities reached CFA410 billion, with a turnover of CFA131 billion, we learned.

In its press release issued this week, PAD also reported it has paid over CFA11 billion in taxes over the period, with a pre-tax profit of CFA27 billion. Comforted by these positive results, the public company announced plans to establish a Real Estate Management Agency (RPI) to ensure the "profitable and efficient management of the significant real estate portfolio.”

"This new unit will be responsible for managing the company's real estate assets, which have grown steadily over the years, notably with the effective transfer of the residual assets of the former ONPC (Office National des ports du Cameroun, ed) to the PAD, and which today comprise 23 registered properties, 22 of which are built in Douala and one unbuilt in Yaoundé. The total surface area of these properties is 20 ha 77 a 39ca", explains PAD on its Facebook page.

According to the company, "The creation of this new entity aims to achieve optimal management of PAD's assets, ensuring full visibility and controlled profitability. The ultimate goal is to secure, develop, modernize, improve, and maintain both built and undeveloped properties."

In FY2021, the Port Authority of Douala reported a net profit increase of CFA6 billion, with a turnover of CFA65 billion and total assets and liabilities of CFA305 billion.