Sucrivoire Nine-Month Revenue Jumps 11% to $94.8M

BREAKING NEWSDecember 21, 2024 at 11:15 PM UTC

TLDR

Sucrivoire, a leading sugar producer in Côte d’Ivoire listed on the BRVM, posted $94.8 million (59.8 billion FCFA) in revenue
The company (SCRC) reduced its operating loss to $1.7 million (-1.1 billion FCFA) from $15.3 million (-9.7 billion FCFA)
It also narrowed its net loss to $8.2 million (-5.2 billion FCFA), a 63% improvement while sales volumes grew 4.4% to 99,015 tons

Sucrivoire, a leading sugar producer in Côte d’Ivoire listed on the BRVM, posted $94.8 million (59.8 billion FCFA) in revenue for the nine months ending September 30, 2024, an 11% increase from the previous year.

The company (SCRC) reduced its operating loss to $1.7 million (-1.1 billion FCFA) from $15.3 million (-9.7 billion FCFA) and narrowed its net loss to $8.2 million (-5.2 billion FCFA), a 63% improvement.

Sales volumes grew 4.4% to 99,015 tons. While local production dropped slightly due to reduced cultivation areas aimed at combating crop issues, imported sugar sales surged 27%, offsetting the decline.

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Key Takeaways

Sucrivoire's stock began the year with a share price of 475 XOF and has since gained 57.9% on that price valuation, ranking it third on the BRVM by year-to-date performance. Its strategic measures, including tackling crop challenges and boosting imported sugar sales, have helped stabilize its operations. Replantation and infrastructure upgrades are expected to support long-term growth, while financial restructuring approved in 2024 positions the recovery company. With projected higher revenue and improved performance by year-end 2024, SUCRIVOIRE is adapting effectively to market and production challenges, aiming for sustainable growth.

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