CIE Proposes Gross Dividend of 234 FCFA Per Share for FY2025

AFRICAN STOCKS AND FINANCEMay 22, 2026 at 2:32 PM UTC

TLDR

Compagnie Ivoirienne d’Électricité reports strong financial performance in 2025 with revenue up by 14.8% to CFA302.3 billion.
Customer base of CIE grows to 5.28 million subscribers, an increase of almost 694,000 customers compared to the previous year.
CIE proposes a gross dividend of CFA234 per share, reflecting a total payout of CFA13.1 billion and a 6.22% yield at a share price of CFA3,760.

Compagnie Ivoirienne d’Électricité reported higher revenue and profit for 2025, helped by rising electricity demand in Côte d’Ivoire and growth in its customer base.

The BRVM-listed power distributor posted revenue of CFA302.3 billion, up 14.8% from CFA263.3 billion in 2024. Sales of works and services rose 12.7% to CFA261.9 billion, while ancillary products increased 31.2% to CFA40.4 billion.

CIE’s customer base rose to 5.28 million subscribers from 4.59 million a year earlier, adding almost 694,000 customers. Gross operating profit, or EBITDA, rose 23.2% to CFA37.2 billion, while operating income increased 34.9% to CFA22.4 billion, helped by provision reversals.

Net income reached CFA13.1 billion, up 30% from CFA10.1 billion in 2024, despite a CFA3.2 billion financial loss linked to debt costs. The company also invested CFA39.6 billion during the year, mainly to develop and modernize the electricity grid.

CIE proposed a gross dividend of CFA234 per share, equal to a total payout of CFA13.1 billion and a yield of 6.22% at a share price of CFA3,760. The stock has gained 78.62% over the past year and trades at its highest level of 2025, though its RSI of 73.47 suggests the shares may be overbought in the short term.

Key Takeaways

CIE’s results show the strength of a utility business tied to rising electricity access and demand. Revenue growth, customer additions and higher EBITDA point to a company benefiting from Côte d’Ivoire’s power consumption and grid expansion. The proposed dividend is also important because it represents a full payout of net income, reinforcing the stock’s appeal for income investors. But the investment story is not risk-free. CIE continues to spend on grid modernization, and debt costs still weighed on earnings. The stock’s strong 1-year gain also means valuation and technical indicators need attention. A P/E ratio of 16.04 is below the sector average of 18.73, suggesting the shares are not expensive on earnings. But its price-to-book ratio of 5.86 is above the sector average of 5.46, showing investors already pay a premium for the company’s asset base. For BRVM investors, CIE remains a dividend and growth story, but after a sharp rally, future gains may depend on continued earnings growth, electricity demand and the company’s ability to manage debt and capital spending.

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