BVMAC : Socapalm Bags 17.4 million FCFA in a Session Transaction
According to the listing session of October 27, 2023 consulted by EcoMatin, the Cameroonian Company of Palmeraies (Socapalm) listed on the Central African stock exchange (Bvmac) has announced a transaction of 17.4 million FCFA. This comes after the announcement of its positive net result at the end of June 2023, where investors run with 348 shares exchanged at a unit price of 50,000 FCFA.
After the announcement of its profit in the first half of 2023, Socapalm makes investors run on the regional stock market. At the end of June 2023, the subsidiary of Luxembourg’s Socfin achieved a net profit of 19.5 billion FCFA, compared to 17.4 billion during the same period in 2022. This represents an increase of 11.8 % year-on-year. The net result after taxes on June 30, 2023, amounts to 13.7 billion against 11.8 billion during the same period last year, an increase of nearly 2 billion FCFA (+ 15.6 %) year-on-year.
According to this agro-industry specializing in palm oil production, this improvement is due to the increase of 7.4 billion FCFA, or 14.5 % of its turnover compared to the first half of 2022. This growth indicates the company, is « consecutive to the increase in the approved selling price of crude palm oil and a better upgrading of palm growers which have counterbalanced the decrease in crude palm oil production which has gone from 110,445 tons at the end of June 2022 to 96,918 tons at the same period in 2023, a decrease of 12.2 % ».
Apart from the Socapalm transactions, the equity compartment also registers 55 Regional securities exchanged at a unit price of 42,500 FCFA (with a stable price compared to its previous day’s closing level), for a total amount of 2.3 million FCFA. Compared to the thirty or so exchanges on the African continent, these transactions are tiny compared to the operations registered with its West African twin, The Regional Stock Exchange (Brvm).
To reverse the trend, several charm operations are organized by regulators like the Bvmac in order to boost the Central African Securities Exchange. The latest is the international Insurance symposium in Douala, organized by Cima, the stock exchange company Financia Capital and the Bridge Consulting & Partners Firm. The objective being to perfect the relations between insurers and the financial market.
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