SAFACAM announces 14% sales drop in mid 2014

According to financial statements for the first half of 2014 just released by the forestry and agricultural African Society of Cameroon (SAFACAM), listed on the Douala Stock Exchange (DSX), revenues at June 30, 2014 fell by 14% from 7.8 billion CFA francs to 6.7 billion CFA francs.

The reason for this decline in turnover is the decline in rubber prices.

The company informs us that in the first half of 2014 a kilogram of rubber was sold at an average price of 1.012 CFA francs, against 1369 CFA francs at the end of June 2013, down more than 350 CFA francs.

This decline in rubber prices, despite "the continuation in operation of the plantation expansion" has plunged the result from ordinary activities of SAFACAM of 34%, from 3.8 billion CFA francs to 30 June 2013, to 2.5 billion CFA francs in the first half of 2014.

Regarding the second half of 2014, SAFACAM announces a "more difficult time than the first."

This, because of "the usual decline in production of palm oil by year end," and "uncertainty around international rubber prices, which continued a downward trend."