PALMCI, the Abidjan-based palm oil producer listed on the BRVM, grew revenue by nearly 15% in fiscal 2025 to XOF 197.6bn ($347.1M), driven by stronger sales of manufactured products and accessory income. But higher costs ate into the bottom line, and net profit slipped to XOF 15.5bn ($27.2M) from XOF 15.9bn ($27.8M) a year earlier.

Raw material purchases were the main drag, rising more than 50% year-on-year and compressing value added and operating margins across the board. Personnel costs also climbed. The result was an operating profit that fell roughly 6% despite the top-line growth.

On the cash side, the picture was brighter. Operating cash flow jumped over a third, helped by a release of working capital as inventories and receivables unwound. Net treasury improved sharply, ending the year in a far less negative position than in 2024.

The board proposed a gross dividend of XOF 502 per share, a small reduction from the prior year. These accounts remain provisional pending shareholder approval at the Annual General Meeting.

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Key Takeaways

PALMCI is the largest palm oil producer in Côte d'Ivoire and a subsidiary of the SIFCA Group, operating tens of thousands of hectares of industrial plantations and working with a network of outgrower farmers. The company dominates the WAEMU regional market and contributes meaningfully to national GDP. The cost squeeze it faced in 2025 reflects a broader sector trend: global crude palm oil prices climbed sharply through 2024 and into 2025, lifting revenues but also inflating the price of fresh fruit bunches and third-party inputs. Côte d'Ivoire's domestic price controls on refined palm oil limit the company's ability to pass those costs on to consumers, a structural constraint that makes margin management particularly difficult in high-price commodity cycles.