Uniwax Côte d'Ivoire (BRVM: UNXC) ended 2025 with a net loss of 624 million CFA francs, even after reporting quarterly profits that pointed to a rebound during the year.
The BRVM-listed wax print maker had reported net income of 8.2 billion CFA francs in the first quarter, helped by the sale of industrial land in Yopougon. Profit before tax later stood near 9.06 billion CFA francs for the year, while revenue reached 7.84 billion CFA francs. The share price rose from about 410 CFA francs to 420 CFA francs at the start of the year to more than 1,800 CFA francs.
The reversal came from the treatment of the capital gain from the land sale. After an agreement signed on Feb. 3, 2026, with COIC, Uniwax placed the gain under Article 28 of Côte d'Ivoire's tax code, which allows tax relief on fixed-asset gains if the money is reinvested within 3 years.
That meant the gain was moved out of distributable profit and recorded as a regulated provision for future investment. Once the adjustment was made, the pre-tax result became a loss of 589 million CFA francs. Corporate tax raised the final loss to 624 million CFA francs. The accounts were audited by FIDA Expert and KPMG.
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The change comes as COIC takes control of Uniwax from Vlisco-linked shareholders. The transfer covers 15 million shares, equal to 72.3% of capital and voting rights. The next test is whether the new owners can turn the 9 billion CFA francs provision into factory upgrades and restore earnings from the core business.
Key Takeaways
Uniwax's 2025 loss does not mean the company had no cash event. It means the gain from the land sale was removed from net income and set aside for reinvestment. For shareholders, that distinction matters. The sale created resources, but the company's ordinary business was still under pressure, with operating results negative during the year. The loss will be allocated to retained earnings, whose debit balance now stands at 6.17 billion CFA francs, while legal reserves remain at 830 million CFA francs and free reserves at 5.33 billion CFA francs. The main issue is governance and execution under COIC. If the new owners use the provision to modernize production, clear supplier debts and improve working capital, Uniwax could rebuild its operating base. If not, the 2025 rebound shown in quarterly statements may remain a one-off effect from an asset sale. For BRVM investors, the case shows why headline profit can be misleading when it is driven by non-operating gains. The focus now shifts to audited statements, cash use, factory investment and the new board's plan for sales, costs and margins.
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