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.
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Points clés à retenir
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.
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