CIE Proposes Gross Dividend of 234 FCFA Per Share for FY2025

AFRICAN STOCKS AND FINANCEMay 22, 2026 at 2:32 PM UTC

TLDR

Compagnie Ivoirienne d’Électricité reports strong financial performance in 2025 with revenue up by 14.8% to CFA302.3 billion.
Customer base of CIE grows to 5.28 million subscribers, an increase of almost 694,000 customers compared to the previous year.
CIE proposes a gross dividend of CFA234 per share, reflecting a total payout of CFA13.1 billion and a 6.22% yield at a share price of CFA3,760.

Compagnie Ivoirienne d’Électricité reported higher revenue and profit for 2025, helped by rising electricity demand in Côte d’Ivoire and growth in its customer base.

The BRVM-listed power distributor posted revenue of CFA302.3 billion, up 14.8% from CFA263.3 billion in 2024. Sales of works and services rose 12.7% to CFA261.9 billion, while ancillary products increased 31.2% to CFA40.4 billion.

CIE’s customer base rose to 5.28 million subscribers from 4.59 million a year earlier, adding almost 694,000 customers. Gross operating profit, or EBITDA, rose 23.2% to CFA37.2 billion, while operating income increased 34.9% to CFA22.4 billion, helped by provision reversals.

Net income reached CFA13.1 billion, up 30% from CFA10.1 billion in 2024, despite a CFA3.2 billion financial loss linked to debt costs. The company also invested CFA39.6 billion during the year, mainly to develop and modernize the electricity grid.

CIE proposed a gross dividend of CFA234 per share, equal to a total payout of CFA13.1 billion and a yield of 6.22% at a share price of CFA3,760. The stock has gained 78.62% over the past year and trades at its highest level of 2025, though its RSI of 73.47 suggests the shares may be overbought in the short term.

Points clés à retenir

CIE’s results show the strength of a utility business tied to rising electricity access and demand. Revenue growth, customer additions and higher EBITDA point to a company benefiting from Côte d’Ivoire’s power consumption and grid expansion. The proposed dividend is also important because it represents a full payout of net income, reinforcing the stock’s appeal for income investors. But the investment story is not risk-free. CIE continues to spend on grid modernization, and debt costs still weighed on earnings. The stock’s strong 1-year gain also means valuation and technical indicators need attention. A P/E ratio of 16.04 is below the sector average of 18.73, suggesting the shares are not expensive on earnings. But its price-to-book ratio of 5.86 is above the sector average of 5.46, showing investors already pay a premium for the company’s asset base. For BRVM investors, CIE remains a dividend and growth story, but after a sharp rally, future gains may depend on continued earnings growth, electricity demand and the company’s ability to manage debt and capital spending.

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