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Fifteen firms capture 40% of Cameroon’s market revenue in 2022

Fifteen firms capture 40% of Cameroon’s market revenue in 2022
  • Comments   -   Monday, 11 March 2024 18:59

(Business in Cameroon) - In 2022, fifteen companies in Cameroon accounted for 39.5% of the total revenue in the productive sector, amounting to 5,098.1 billion CFA francs. The "2022 Economic and Financial Survey of Companies" published by the National Institute of Statistics (INS) on March 4, 2024, reveals that these top 15 companies have seen their influence increase by 12.2%. While most of these leading firms are subsidiaries of foreign multinationals, six are primarily or entirely owned by Cameroonian capital.

At the forefront of the local companies is the National Refining Company (Sonara), Cameroon's sole oil refinery, which ranks fourth. Sonara attained this position after the government granted it a contract to import 80% of Cameroon's petroleum products, following a catastrophic fire in May 2019 that nearly destroyed its production infrastructure. The second local company on the list is the oil firm Trading and Exploitation (Tradex), a subsidiary of the National Hydrocarbons Corporation (SNH), ranking seventh and noted for its competitiveness against foreign entities in distributing petroleum products across the nation.

Leading the private Cameroonian enterprises, ranked tenth overall and third among domestic companies, is Congelés du Cameroun (Congelcam), entirely owned by billionaire Sylvestre Ngouchingué and commanding 80% of the national fish market. As a result, Sonara and Tradex are the only national capital companies to make it into the top 10.

Dominance of French Multinational Companies

The 11th, 13th, and 14th positions are also held by companies controlled by predominantly local capital. First is the Cotton Development Corporation (Sodecoton), ranking fourth among Cameroonian entities in this list. This mixed-economy company, with the state holding 59% of the capital and the French company Geocoton (allegedly on the way out, according to recent rumors) 30%, supports over 200,000 cotton producers in the country's three northern regions. It is worth noting that this agro-industrial giant bounced back in 2017, following the implementation of an ambitious recovery plan after three extremely challenging years, marked by cumulative losses of over CFA30 billion, according to official data.

Securing the 13th spot for revenue success in 2022, Afriland First Bank emerges as the fifth Cameroonian company on the list, demonstrating a significant presence in the local banking scene. Completing the Cameroonian representation among the leading revenue contributors in 2022 is Camtel, the incumbent telecom provider.

The Top 15

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The number one in this hit parade is Société Générale Cameroun (SGC), a subsidiary of the French banking group of the same name. Three other subsidiaries of French multinationals are in the top 5: the oil companies Perenco Cameroun (2nd) and Total Cameroun (3rd), followed by Boissons du Cameroun (5th), a subsidiary of the Castel group, which controls the brewery market in the country. The mobile telephone operator Orange Cameroun, a subsidiary of the French telecom group Orange, ranks eighth, one step ahead of MTN, its South African competitor and the leader of the mobile market in Cameroon. In 12th position is Perenco Rio Del Rey, another subsidiary of the French company Perenco, while the company Olam Cam closes the top 15. This subsidiary of the Singaporean Olam operates in the importation of cereals such as rice, which, along with frozen fish and wheat, are among the most imported foodstuffs in Cameroon.

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