The closed fiscal year of the Central African Securities Exchange (BVMAC) reflects the persistence of a structural imbalance within its accounts.


According to indications from its annual report, the market operator saw its net loss increase by 41% to reach 454.5 million FCFA in 2025, after a deficit of 322 million recorded a year earlier. This decline occurred despite an improvement in operating revenues, with turnover rising nearly 6% to reach 927 million FCFA. Nevertheless, the rapid rise in expenses, combined with a deterioration in gross operating surplus, temporarily distances the regional exchange from profitability aspirations previously envisioned.


This financial underperformance contrasts sharply with the vitality observed in certain listing segments. The equity compartment indeed displayed well-oriented indicators, driven by an increase in traded securities volume and a general appreciation of the market capitalization of the six companies listed on the exchange. In contrast, the bond compartment suffered a decline in its overall outstanding, penalized by capital repayments significantly exceeding new admissions homologated during the period.

At the heart of these cash flow tensions lies the thorny issue of recovering receivables held against member states of the zone, which have accumulated to over 3 billion FCFA. These arrears, largely composed of invoices related to sovereign bond issuances, compel management to intensify its diplomatic and financial efforts.


To sustainably reverse this trend, the financial exchange is banking on expanding its pipeline of listings, targeting both regional public enterprises and leading private entities eager to mobilize long-term savings.


Bernardo

Tags: bvmac perte nette chiffre d'affaires afrique centrale marché financier bourse régionale recouvrement créances états membres actions obligations