Ivorian Rubber Maker Saph Triples Profit to $31M in 2024

TLDR
- Société Africaine de Plantations d’Hévéas (SAPH) reported a net profit of 18.8 billion CFA francs ($31 million) for 2024
- Revenue rose 17% to 279.4 billion CFA francs ($460.6 million), from 240.6 billion CFA francs ($396.6 million) the previous year
- SAPH’s stock (SPHC) rose 97.9% over the past year and is up 14.7% year-to-date
Société Africaine de Plantations d’Hévéas (SAPH) reported a net profit of 18.8 billion CFA francs ($31 million) for 2024, a 186% increase from 6.6 billion CFA francs ($10.9 million) in 2023. Revenue rose 17% to 279.4 billion CFA francs ($460.6 million), from 240.6 billion CFA francs ($396.6 million) the previous year.
Operating profit climbed to 29.5 billion CFA francs ($48.6 million), up from 7.7 billion CFA francs ($12.7 million), while EBITDA reached 40.1 billion CFA francs ($66.1 million). Cash flow from operations was 4.2 billion CFA francs ($6.9 million), and year-end cash stood at 11.6 billion CFA francs ($19.1 million).
The company (BRVM: SPHC) maintained its dividend payout, distributing 10.8 billion CFA francs ($17.8 million). SAPH’s stock rose 97.9% over the past year and is up 14.7% year-to-date. It gained 4.4% in the last week, 9.2% over the past month, and 39.7% in the last six months.
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Key Takeaways
SAPH delivered a strong performance in 2024, tripling its profit as production efficiency improved and global rubber demand stabilized. Revenue growth of 17%, combined with tighter cost control and reduced external service expenses, supported margin expansion. The 186% surge in net profit marks a major turnaround after a weak 2023. The company maintained a strong dividend payout while reducing debt and generating positive free cash flow. SAPH also saw a return to profitability in its ordinary activities, signaling stable core operations. Investor sentiment followed. The SPHC stock rose nearly 98% year-on-year, outperforming most BRVM-listed industrial stocks. Gains of 14.7% year-to-date and 39.7% over six months show continued momentum. The company’s capital base and infrastructure investments position it for long-term growth. However, performance will depend on global rubber prices, cost discipline, and regional logistics. SAPH’s 2024 results show resilience and improved investor confidence in a recovering export-oriented sector.






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