(Business in Cameroon) - Société camerounaise de palmeraies (Socapalm), Cameroonian subsidiary of Belgian Société financière des caoutchoucs (Socfin), reports that on June 30, 2019, the pre-tax earnings from its ordinary activities was XAF12.87 billion. This represents a 25.89% increase compared with the XAF10.23 billion recorded by the same period in 2018.
In addition, the company indicates, during the period under review, the net result was XAF7.9 billion, up by 20.6%, from the XAF6.6 billion of H1, 2018.
This performance, Socapalm explains, is due to good palm oil sales in H1, 2019. Indeed, at the end of H1, 2018, the company’s stock of palm oil was 30,959 tons but, at the end of H1, 2019, it was 25,839 tons, showing a 16.5% drop.
Socapalm expects the sales of all of its production before the end of this year and a yearly turnover of XAF67 billion. Moreover, the agro-industry forecasts that this year, its production would be 4% higher than in 2018. This will result in close to XAF16 billion in pre-tax earnings for the 2019 financial year.
"These results are the combination of improved agricultural and industrial techniques as well as controlled production costs," Socfin's subsidiary explains.