Cote d'Ivoire: Côte d'Ivoire's CIEC Sees 11 Percent Profit Rise Amid Domestic Demand Growth

4 November 2024
Daba Finance (Abidjan)

TLDR

  • Ivorian Electricity Company (CIEC) reports a 10.74% increase in net profit for H1 2024, reaching 4.50 billion FCFA, driven by temporary tax savings.
  • CIE achieved an 11.71% increase in domestic sales, adding 420,400 new subscribers, totaling 4.2 million customers in line with the Electricity for All Plan (PEPT).
  • Total sales volume rose by 7% to 6,224 GWh, with a slight decline in revenue to 113.52 billion FCFA, mainly due to reduced activity in some services.

The Ivorian Electricity Company (CIEC) reported a 10.74% increase in net profit for the first half of 2024, reaching 4.50 billion FCFA, up from 4.06 billion FCFA in the same period last year. The profit boost was largely driven by temporary tax savings. Revenue slightly declined by 1% to 113.52 billion FCFA, mainly due to reduced activity in engineering and other ancillary services.

Domestically, CIE achieved an 11.71% increase in sales, totaling 5,876 GWh, while international sales dropped by 37%. Overall, total sales volume rose 7% to 6,224 GWh. However, operating income dropped 8.52% to 7.24 billion FCFA due to higher work charges, and pre-tax income fell by 7.26%.

CIE added 420,400 new subscribers, bringing its customer base to 4.2 million, an 11% increase, in line with its Electricity for All Plan (PEPT) to expand access to electricity.

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Key Takeaways

CIE's financial performance reflects rising domestic demand for electricity amid a strategy to expand access through the PEPT initiative. While domestic sales surged, international sales dropped significantly, highlighting a focus on the local market. Despite increased net profit from tax savings, revenue was impacted by lower ancillary service income and higher operational expenses. CIE's customer growth aligns with Côte d'Ivoire's broader electrification goals, aimed at extending service access to underserved communities. The PEPT plan supports national energy access targets, facilitating customer expansion by subsidizing connection costs.

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