SODECI’s Profit Rises 5.76% in H1 2024 Amid Inflation Pressures
TLDR
- BRVM-listed Côte d'Ivoire’s Water Distribution Company (SDCC) reports a 5.76% profit increase in H1 2024, driven by tariff adjustments and revenue growth.
- Turnover at SDCC grew by 11.43% due to increased subscriber numbers and water production volume.
- Despite facing inflationary pressures, SODECI remains optimistic for H2 2024 with a stock rise of 5.66% since January.
BRVM-listed Côte d'Ivoire’s Water Distribution Company (SDCC) reported a 5.76% increase in profit for the first half of 2024, totaling 1.78 billion FCFA, supported by a 10% tariff increase and an adjusted average selling price, which rose from 79 FCFA/kWh to 87 FCFA/kWh. Turnover grew by 11.43%, reaching 82.61 billion FCFA, driven by a 6% rise in subscriber numbers and a 9% increase in water production volume.
Despite the revenue growth, inflationary pressures impacted SODECI’s costs and profit margins. The company reported a financial deficit of -325 million FCFA, down 251.87% from the previous year. However, its operating result saw a modest improvement of 1.71%, totaling 3.50 billion FCFA.
Looking ahead, SODECI remains optimistic for H2 2024, aiming to sustain growth despite economic challenges. Since January, SODECI’s stock has risen 5.66%, reaching 5,040 FCFA on November 5, with a top dividend rating that may attract continued investor interest.
You can follow Daba’s reporting on Africa on WhatsApp. Sign up here
Key Takeaways
SODECI’s solid revenue growth underscores its resilience amid rising costs, supported by tariff adjustments and increased water sales. The company’s 6/6 dividend rating and 5.66% YTD share price gain reflect shareholder confidence, though financial pressures remain. With initiatives in place to manage inflation’s impact, SODECI is well-positioned to pursue its growth goals for 2024 despite a challenging economic environment.
Think someone else should see this?
To invest in this opportunity and other opportunities across Africa
Download the daba finance app on your mobile through
Take action.
Download app
Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.
Partner with us
Unlock exciting business opportunities and growth potential.
Join Daba
Become a part of our vibrant community and enjoy exclusive benefits.
Contact us
Reach out to us for inquiries, support, or collaboration.