(Business in Cameroon) – The Douala Port Authority (PAD), the public company managing the main port in Cameroon’s economic capital, reported a net profit of CFA14.44 billion in 2023. This marks an 11% decrease from the CFA16 billion recorded in 2022, according to a statement released after the 118th and 119th board meetings held on June 13 and 14, 2024, in Douala.
The PAD’s revenue fell by 9.9%, dropping from CFA131.5 billion in 2022 to CFA119.6 billion in 2023. However, the total balance sheet saw a 9% increase, rising from CFA410.9 billion in 2022 to CFA453.8 billion in 2023.
PAD’s top management has not explained these results. However, an internal source attributed the decline in revenue and net profit to global geopolitical tensions. The Israeli-Palestinian conflict and its impact on the Gulf of Aden have “slowed down international trade,” according to the source. The latest statistics from the United Nations Conference on Trade and Development (UNCTAD) show a global merchandise trade decline of about $2 trillion in 2023.
In 2022, net profit fell more sharply, dropping from CFA22.605 billion in 2021 to CFA16.059 billion, a 29% decrease.
