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Cameroon’s Palm Oil Industry Expects Boom in Sales Despite Crisis

Oil Extraction Factory

The Société Camerounaise des palmeraies (Socapalm), highlights that it expects to increase its profit by 9.5% at the end of the 2022 fiscal year.

This result, ups 26% year-on-year, is the result of the strong increase in the price of palm oil in a complicated international context with the Russian-Ukrainian war. It must be said that the current situation, marked by the Russian-Ukrainian war, has been favourable to the commercial activities of the Société africaine forestière et agricole du Cameroun (Safacam). At the end of the first half of 2022, it recorded a turnover of 14.6 billion. In the same period last year, its turnover was around 11.6 billion, an increase of 26% between the two periods.

The company cites in particular unfavourable climatic conditions and the significant drop in its purchases of palm nuts in the face of competition from the informal sector, which offers a better price since it can market its palm oil at almost twice the approved price of Socapalm, which has remained unchanged since 2008.

Published on 03.01.2023

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