The accounting shift results from the recording of a heavy tax charge on the result, amounting to 75.19 billion CFA Francs, compared to only 3.22 billion a year earlier. The tax withholding neutralizes the positive impact of the turnover, which increased by 130% to 317.65 billion CFA Francs, thanks to the import and storage operations of finished fuels, temporary substitutes for the refining activity stopped by the 2019 fire.

The improvement in operating indicators testifies to the effectiveness of the transitional trading model implemented by the management. The gross operating surplus extracted itself from the red zone to reach a positive balance of 28.37 billion CFA Francs, reversing the negative trend of 7.21 billion observed in 2024. The commercial margin was established at 16.18 billion CFA Francs, supported by the collection of direct state subsidies valued at 84.07 billion CFA Francs. The operating result validates the upturn, standing at 19.03 billion CFA Francs. To sanitize the balance sheet structure, the public shareholder proceeded to a major accounting adjustment by increasing the share capital from 19.56 billion to 184.92 billion CFA Francs, a conversion without fresh liquidity that restores the equity to 108.70 billion CFA Francs.

However, the accumulation of operating debts still jeopardizes the long-term viability of the national oil distributor. The social and fiscal debt increased by 32.7% to reach 477.58 billion CFA Francs, a mass of arrears representing 55.8% of a global balance sheet valued at 855.83 billion CFA Francs. The commitments due to oil suppliers also increased to reach 212.89 billion CFA Francs. If the net cash position artificially improves to become positive at 53.60 billion CFA Francs, the improvement directly results from an increase in the circulating debt of 189.88 billion. The financial vulnerabilities remain intact as the government prepares to launch a vast reconstruction program through a public-private partnership estimated at 700 billion CFA Francs to integrate a hydrocracking unit and increase the processing capacity to 3.5 million tons per year.


Nlend Flore

Tags: sonara pétrolier secteur énergétique finances économie industrie pétrolière raffinage importation carburants petrole finance economie industrie rafine chiffre d'affaires dettes