(Business in Cameroon) – Cameroon’s palm oil corporation, Socapalm, distributed CFA1.8 billion in dividends to shareholders on the regional stock market (BVMAC) earlier this month for FY2023. Each shareholder received CFA2,314 per share, according to a note signed by Louis Banga Ntolo, the general director of the regional stock exchange.
This dividend payout marks a 20% increase from the previous year when the company distributed CFA1.5 billion, equivalent to CFA2,002.50 per share. Details about dividends for non-listed shareholders were not provided. However, a few months earlier, Socapalm had announced it would distribute its entire annual profit of CFA11.89 billion, up 12% from the previous year. Shareholders were set to receive CFA2,600 per share. Non-listed shareholders based in Cameroon and abroad (including France) were to get CFA2,171 per share.
The actual dividend distribution for FY2023 reflects Socapalm’s performance over the year. In addition to the increase in net profit, the company saw a rise in revenue, driven by higher approved selling prices for crude palm oil and improved valuation of palm kernels, which offset a drop in production.
