SIC closed the year 2013 with a loss of 3 billion CFA francs

In a statement addressing a general meeting of shareholders of the Cameroon Lands Company (SIC), held August 14 in Yaounde, the public company and secular arm of the state in the promotion of social housing, finished 2013 with a net loss of 3.1 billion CFA francs.

The reasons for this negative result, however, have not been explained.

Established in 1952 to promote social housing in the country, the SIC could barely construct only 11,000 housing (the housing deficit in Cameroon is estimated at about 1.3 million homes), including only half remaining in its housing stock, while the other half was sold to individuals, according to the leasing criteria.

Moreover, now pursuing profitable goals, which remain the only means of survival of the company after the reduction of subsidies and a contract performance signed with the state which owns 95% stake in the company, SIC has in recent years turned away from social housing to the high standing housing.