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COBAC hails Douala Port Performance

With a capital of 30,576 billion CFA francs, this port company 100% owned by the State of Cameroon was classified as a high-class company of national importance on December 19, 2023 by the Central African Banking Commission (COBAC) on December 19, 2023. during an ordinary session in Douala.

High standing company of national importance or whose weight in the economy is particularly high for the 2024 financial year, this is how the Central African Banking Commission classified the Autonomous Port of Douala during a session on December 19, 2023 in Douala. This company masterfully managed by Cyrus Ngo’o is grouped among the six Cameroonian companies as indicated by Cobac.

“Considering that the Autonomous Port of Douala (PAD) is a public limited company with a share capital of 30,576 million FCFA, owned entirely by the State of Cameroon. This company provides nearly 90% of national traffic. As of December 31, 2021, the PAD employs 1,346 people; That the financial analysis of the company is based on the reports of the auditors as of December 31 for the financial years 2020, 2021 and 2022; That as of December 31, 2022, the PAD records positive turnover, added value and net income. Working capital and net cash also remain positive and recorded a strong increase; That taking into account the performances achieved by the PAD and its importance in the economy of Cameroon, it is appropriate to include this company on the list of companies of high standing and of national importance or whose weight in the economy is particularly high, for the 2024 financial year”, we can read in the Cobac decision signed by Abbas Mahamat Tolli.

With these exceptional class performances, it is important to note that the Autonomous Port of Douala is not in its first ranking for its good prowess because in a report Technical Commission for the Rehabilitation of Public and Parapublic Sector Enterprises (CTR) ranked the PAD among the high-performance Cameroonian companies in 2022. To have achieved in figures, it is more than 410.996 billion FCFA, as a total balance sheet, a turnover of around 131.526 billion FCFA and a rotating net result around 16.059 billion FCFA. The income tax stood at just over 11.138 billion FCFA in 2022 (according to the 112th session of the Board of Directors), Cyrus Ngo’o then indicated that this was the result of the establishment of a vast process of standardization and infrastructure development. In addition to these measures, the renovation and modernization of the port facilities to make its port efficient, attractive and competitive as well as certain improvements which have led to the alignment with foreign trade standards.

Bloomfield Investment, a financial rating agency for a validity period of October 2023 to September 2024, has also rated the credit PAD “A”. The rating is based on: growth in international trade despite a crisis context; an improvement in the governance framework; a reduction in the level of debt; an improvement in net cash flow reflecting a good financial balance; the continuation of the data reliability and accounts clearance plan and the obtaining of the treasury privilege accentuating the recovery capacity of the PAD in 2023, we can read in the document.

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