Palm Cote d'Ivoire Full-Year Revenue, Net Income Dip
TLDR
- Palm closed 2024 with revenue of 172.18 billion CFA francs ($299.1 million), down from 206.24 billion CFA francs ($358.3 million) in 2023
- Net profit decreased to 15.86 billion CFA francs ($27.6 million) from 19.35 billion CFA francs ($33.6 million) the previous year
- Palm's board has proposed a gross dividend of 513 CFA francs ($0.89) per share for shareholder approval at the upcoming general meeting
Palm Cote d'Ivoire (BRVM: PALC) closed 2024 with revenue of 172.18 billion CFA francs ($299.1 million), down from 206.24 billion CFA francs ($358.3 million) in 2023. Net profit decreased to 15.86 billion CFA francs ($27.6 million) from 19.35 billion CFA francs ($33.6 million) the previous year.
Operating income fell to 21.92 billion CFA francs ($38.1 million) from 28.88 billion CFA francs ($50.2 million). Cash flow from operations improved significantly to 28.46 billion CFA francs ($49.4 million), compared to 3.01 billion CFA francs ($5.2 million) in 2023. Capital expenditures included 20.00 billion CFA francs ($34.7 million) for tangible assets and 56.64 million CFA francs ($98,400) for financial investments.
The company paid dividends of 9.68 billion CFA francs ($16.8 million), less than the 20.85 billion CFA francs ($36.2 million) distributed in 2023. PALMCI's board has proposed a gross dividend of 513 CFA francs ($0.89) per share for shareholder approval at the upcoming general meeting.
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Key Takeaways
Headquartered in Abidjan, Palm operates as a leading palm oil producer in West Africa. The company's 2024 performance shows resilience despite challenging market conditions. The improved cash flow from operations signals strengthened operational efficiency, even as revenue declined. This positions the company well for its strong Q1 2025 growth, as reported in the earlier quarterly results. The proposed dividend reflects Palm's commitment to shareholder returns while maintaining financial stability for future investments in palm oil processing capacity. The company's strategic importance in Ivory Coast's agricultural sector continues as the country works to increase value-added processing in its economy.
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