ADC: Net Profit Plummets 73%

The result marks a setback for the public company, whose ambitions for capital opening and introduction to the Central African Stock Exchange (BVMAC) are hindered by the end of an exceptional profit cycle. The contraction of net performance marks a return to pre-pandemic profitability levels, after gains of 4.1 billion CFA francs in 2021 and 3.2 billion CFA francs in 2022.

The apparent decline in profits stems from the disappearance of a financial engineering operation that had artificially inflated the 2024 accounts. The previous balance sheet included the re-entry of a 28 billion CFA franc provision for doubtful claims related to the cumulative unpaid debts of the national airline Camair-Co up to the end of 2020, a charge finally borne by the state through a debt refinancing mechanism on the capital market. The 2025 fiscal year was also affected by the slowdown in passenger traffic following the October 2025 presidential election tensions, as well as global logistical disruptions that induced tax shortfalls estimated at 43 billion CFA francs by the Groupement des entreprises du Cameroun (Gecam) at the national economy level.

However, the fundamental balances of the concession, signed in 2015 for a 50-year period and covering seven national airports including Douala and Yaounde-Nsimalen, still preserve a solid financial foundation. The turnover has shown resilience, remaining at 36.9 billion CFA francs, compared to 36.8 billion CFA francs the previous year, while available cash has tripled to 23.4 billion CFA francs. The company's equity has strengthened to 41 billion CFA francs, despite the increase in payroll and the surge in depreciation provisions that weigh on operations. To finance the three-year investment plan of 74.7 billion CFA francs, the management has contracted a 58.4 million euro loan from the French Development Agency (AFD) aimed at the global restructuring of Douala's passenger terminal.

BCN