(Business in Cameroon) – Cameroon Telecommunications (Camtel), the country’s main telecom operator, has announced that it has doubled its revenue from 2018 to 2023. This information comes from the company’s weekly magazine published on October 26. According to Camtel, its revenue increased from CFA108 billion in 2018 to CFA207 billion in 2023.
To highlight its “excellent financial health,” Camtel also reported a significant rise in its capital, which is now at CFA117 billion, according to Francis Ottou, Technical Advisor No. 1. Just two years ago, the company’s capital stood at CFA67 billion.
Camtel credits its financial success to several factors that led to a profit of CFA11 billion in 2023, with CFA4 billion going to the national treasury. “The CFA11 billion profit was made possible by three factors. First, the success of the accordion operation allowed us to adjust the company’s capital and manage the liabilities that had long burdened Camtel’s accounting,” explained Francis Ottou.
In 2022, the Technical Commission for the Rehabilitation of Public and Parastatal Enterprises estimated Camtel’s debt at CFA648 billion. “The increase in capital to CFA117 billion helped address the accounting debts the company had been carrying for many years,” added the Technical Advisor.
Camtel was established in 1998, taking over from the now-defunct Intelcam. The company, wholly owned by the state, has an exclusive concession for fiber optic services. Camtel has been led by Judith Yah Sunday since 2018.
