Safacam gets new Managing Director

Eric de Foresta will replace Yannick Vernet as Managing Director of the Société Africaine Forestière et Agricole du Cameroun (Safacam – African Logging and Agricultural Company of Cameroon), an agro-industrial company listed on the Douala Stock Exchange (DSX), the Cameroonian stock market.

This is what revealed a draft resolution which will be submitted for the approval of the shareholders during the Mixed General Meeting of this company announced for 23 June 2016; resolution which suggests to the Safacam shareholders to approve the contract of the new MD.

The shareholders are also invited to give the green light to the proposal of distributing a global dividend of FCFA 1.4 billion (at the rate of FCFA 1,164 per share) out of the net profit of FCFA 1.8 billion recorded in 2015.

According to the financial records of Safacam, despite a sluggish market situation for rubber prices, which decreased by 13% in 2015 compared to 2014, this company managed to stabilise its net result, in part due to the relative improvement noted in the palm oil sector.

Indeed, in addition to a production which increased by 311 tons, moving from 13,828 tons in 2014 to 14,139 tons last year, Safacam’s palm oil was sold at FCFA 478.1 per kg in 2015, against FCFA 445 a year before, an increase of FCFA 33.