Ivorian Oil Producer PalmCI Reports 32% Revenue Growth in Q1 2025
TLDR
- PalmCI (BRVM: PALC), an Ivory Coast-based palm oil producer, posted revenue of 67.52 billion CFA francs ($117.3 million) for the first quarter of 2025
- Net profit rose 65% to 11.56 billion CFA francs ($20.1 million), compared to 6.99 billion CFA francs ($12.1 million) in Q1 2024
- The strong performance stems from higher crude palm oil prices, which increased 20%, and sales volumes, which grew 7%
PalmCI (BRVM: PALC), an Ivory Coast-based palm oil producer, posted revenue of 67.52 billion CFA francs ($117.3 million) for the first quarter of 2025, a 32% increase from 51 billion CFA francs ($88.6 million) in the same period last year.
Net profit rose 65% to 11.56 billion CFA francs ($20.1 million), compared to 6.99 billion CFA francs ($12.1 million) in Q1 2024. The strong performance stems from higher crude palm oil prices, which increased 20%, and sales volumes, which grew 7%. For palm kernel oil, sales volumes decreased 9% due to high inventories at the end of 2023, but prices surged 92%.
Operating income reached 15.42 billion CFA francs ($26.8 million), up 66% from 9.28 billion CFA francs ($16.1 million) in the previous year. The company, which has capital of 20.4 billion CFA francs ($35.4 million) and is headquartered in Abidjan, forecasts that 2025 net profit will exceed 2024 results if current sales prices hold steady.
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Key Takeaways
PALMCI operates as one of West Africa's leading palm oil producers, with plantations across Ivory Coast. The company's performance reflects broader trends in global vegetable oil markets, which have experienced significant price volatility in recent years. Palm oil remains a crucial commodity for food production, cosmetics, and biofuels. Increased demand from these sectors has supported higher prices despite sustainability concerns about palm oil production. The company's improved profitability comes as Ivory Coast works to strengthen its agricultural processing sector to capture more value locally. The country's political stability has also created a favorable environment for agribusiness operations compared to some neighboring nations.
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