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SOCAPALM records fcfa 85 million increase in 2019.
SOCAPALM records fcfa 85 million increase in 2019.
The Cameroon Palms Corporation (SOCAPALM) in a recently published annual report says it raised some FCFA 12.2 billion in 2019. Releasing the report, the corporation said the new amount represents a FCFA 85 million increase in just one year.
Details of the report indicate that the firm’s net worth passed from FCFA 13.3 million in 2018, to FCFA 12.2 in 2019.
SOCAPLAM, in the report indicates that the increase was facilitated by some rigorous measures pursued by management. It says a combination of production costs control, improved agricultural and industrial techniques, as well as favourable climatic factors”, brought about the sharp increase in net worth.
The report detailed that the company invested FCFA 660 million on farm inputs. Another FCFA 3.6 billion was pumped in to the industrial sector of the company while some FCFA 580 million was invested in the procurement of automobiles. At the beginning of the year, the Firm already predicted that its output would be positive as the market for the year’s produce was readily available. It estimated that the turnover for the 2019 fiscal was going to be FCFA 76 billion, but it ended up at FCFA 71.3 billion. The company’s production scaled up by more than the predicted four per cent. SOCAPALM runs its operations in seven sites.
The General Management in Douala, the Plantations of Mbongo, Edea and Mbambou in the Sanaga Maritime Division, Eséka Plantation in the Nyong and Kelle Division, Dibombari Plantation in the Mungo Division and Kienké Plantation in the Ocean Division. On December 31, 2018, SOCAPALM employed 2,156 salaried workers. In addition, the indirect workforce is composed of temporary staff from interim companies and staff from sub-contractors. The General Manager, Dominique Cornet, said their ambition is to optimize the available resources. He added that they are setting a new target for the firm. Some pundits have said the new management in place has contributed to the improvement in production. Dominique Cornet’s extensive experience within SOCAPLAM, combined with his international profile and perfect knowledge of the Cameroonian market,, as well as the new impetus on team building injected new dynamism in the company, analysts say.
Culled from Cameroon Insider