(Business in Cameroon) – Cameroon’s public real estate company, Société Immobilière du Cameroun (SIC), reported a drop in financial performance for 2023. During the general assembly on October 30, SIC revealed that its revenue dipped to just over CFA3.2 billion, down from CFA3.3 billion in 2022—a decrease of over CFA125 million. This decline follows a downward trend from previous years, with revenues at CFA4 billion in 2021 and CFA4.4 billion in 2020.
SIC’s profit also saw a slight drop, decreasing by 5.76% from CFA226 million in 2022 to CFA213 million in 2023. The company plans to distribute 90% of these profits, totaling CFA192 million, to its shareholders. The remaining CFA21 million will be allocated to its legal reserve.
SIC currently holds land assets valued at CFA32.4 billion. Of this, CFA22.1 billion is owned by the state, while CFA10.8 billion lacks proper land documentation. Célestine Ketcha Courtès, Cameroon’s Minister of Housing and Urban Development, who chaired the assembly, directed SIC’s management to map out these assets accurately and speed up the process of securing land titles.
Looking ahead, the assembly called for a “SIC 2025 Plan” to boost social housing projects, supported by CFA18 billion in funding. This amount will be drawn from the CFA20 billion recently paid by the government to partially clear its debt to SIC, with the funds set to undergo an audit.
