State agribusiness group Cameroon Development Corporation recorded a XAF18.3 billion (€27.5 mln) loss during the fiscal year ending December 31, 2020. According to data from the CTR- Technical Commission for the Rehabilitation of Public and Parastatal Enterprises - published in its 2020 report on public and parapublic firms’ performance, the losses recorded by CDC in 2020 were up by 1.8% year-on-year. Indeed, in 2019, the agribusiness group recorded a XAF17.9 billion loss after XAF506.6 million profit in 2018.
The data proves that CDC’s financial situation worsened further in 2020 despite an almost two-fold increase in its turnover year-on-year. In 2019, its turnover was XAF4.3 billion (down from XAF25.9 billion in 2018) but in 2020, it rose to XAF8.5 billion because the firm resumed its banana exports (it exported 4,507 tons) in addition to its rubber (6,178 tons) and palm oil (8,486 tons) production.
[ XAF100 = €0.15 ]