The balance sheet shows a negative net result of 18.789 million euros, or approximately 12.3 billion CFA francs for Razel Cameroon, despite a turnover amounting to 43.301 million euros, equivalent to around 28.4 billion CFA francs. Paradoxically, the parent company received 457,000 euros in dividends from its subsidiary during the same period, a flow that does not prejudge the origin of these distributions but testifies to cash transfers disconnected from the subsidiary's sole annual result.


The group's balance sheet also highlights the scale of provisions set aside for international risks. Out of a total of 92.541 million euros in other provisions for depreciations recorded by Razel-Bec, over 90 million euros concern the coverage of intercompany current accounts. More specifically, the depreciation of receivables linked to the Cameroonian structure reaches 8.119 million euros, or approximately 5.3 billion CFA francs, adding to provisions targeting other group entities internationally. This prudent policy reflects the adjustment of accounting valuations to activity prospects and the analysis of local net situations at the end of the closed fiscal year.


To these accounting decisions, the construction group remains focused on an international contentious front. Engaged in a dispute with Canadian Magil Construction Corporation regarding services performed on national territory, Razel-Bec and Razel Cameroon had obtained a favorable ruling through an arbitral award made public by the International Chamber of Commerce, condemning the opposing party to pay nearly 35 million Canadian dollars. In response to this decision, Magil initiated successive annulishment appeals before the Paris Court of Appeal, targeting both the French group's subsidiaries and, more recently, the Cameroonian State. Between margin adjustments, provisioning, and cross-border legal battles, the trajectory of major civil engineering actors in the Cemac zone illustrates the complexity of risks inherent in large infrastructure projects.


Nlend Flore

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