Yaoundé - 21 June 2021 -
Public management

Cameroon Airports Company ADC announces XAF7 bln net loss for 2020, due to Covid-19

Cameroon Airports Company ADC announces XAF7 bln net loss for 2020, due to Covid-19
  • Comments   -   Thursday, 10 June 2021 14:10

(Business in Cameroon) - Cameroon Airports Company (ADC) recorded a XAF7 billion loss in 2020 because of the coronavirus pandemic that greatly affected air transport during the period. This was revealed during a management board meeting held in Yaoundé on June 8, 2021.

ADC explains that according to its chief financial officer, ADC SA was resilient during the period, showing a 49% loss. The company adds that it intends to make up for that significant loss by initiating a large debt recovery program.

According to the report published by the technical committee for the rehabilitation of public and para-public companies, in 2019, ADC had recorded a XAF1.31 billion profit. At the end of the general meeting for the approval of the accounts of the financial year ending December 31, 2019, the company even approved the distribution of a XAF250 million dividend. By incorporating the net profit, ADC increased its equity by 38%, from XAF17.17 billion at the end of 2018 to XAF23.72 billion at the end of 2019.

It was, therefore, able to boost its assets by acquiring equipment and developing its infrastructures. Therefore, its fixed assets rose by 18%, from XAF36.27 billion in 2018 to XAF42.88 billion in 2019.

Let’s note that ADC is the public company that manages airports in Cameroon. Besides managing the airport infrastructures, it also exploits and takes the necessary steps to develop them.

Sylvain Andzongo

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