Socapalm turnover down by 18% in first half of 2014

Socapalm has been listed as bad debt on the Stock Exchange securities in Douala (DSX) who recorded a decrease in turnover of 5.1 billion Cfa francs in the first half of 2014, 18% over the same period last year.

At the same time, the financial statements at the mid-point of Socapalm, revealed the result from ordinary activities of the company plunged by 25%.

However, the net result after tax was located at 5.2 billion Cfa francs in late June 2014, or 400 million Cfa francs below the 5.6 billion Cfa francs recorded in late June 2013.

The Auditors of the company explained that, ‘The source of this presentation was because of the postponement of the sale of palm oil in the second half of 2014. While at the same time we are witnessing a slight increase of production of crude Palm oil (+ 1.4%) and kernels (+ 4.7%)”.

Also, the agro-industrial company is optimistic for the end of 2014 fiscal year which is, “The plans made by Socapalm concerning the sale of the totality of the production. It should increase by 11% over last year, for a final turnover which should be around 46 billion Cfa francs, against projections of 41 billion Cfa francs in the same period last year".