Revenue followed the same upward trend, reaching 5.02 billion CFA francs, driven by rental income and housing sales. However, a closer analysis of operating aggregates revealed a decline in the public operator's industrial performance, with a 46% drop in gross operating surplus, from 1.46 billion to 786.9 million CFA francs.

Operational difficulties were compounded by a severe liquidity crisis. Net cash decreased significantly during the year, falling from 7.47 billion to 2.58 billion CFA francs, weighed down by a negative operating cash flow of 465.7 million CFA francs. Auditors pointed to a major vulnerability related to the lack of property titles or attribution documents for a portfolio of land valued at 10.07 billion CFA francs. The most significant accounting dispute concerned the land asset of Douala II - Camp Yabassi, which has been on the balance sheet for 16 years with a value of 9.97 billion CFA francs, without a stabilized legal basis, thereby weakening the financial rating of the structure with a capital of 75 billion CFA francs.

Financial dependence on state funding undermines the commercial autonomy of the public real estate developer. Gross customer debt increased by 19% to 9.24 billion CFA francs, reflecting chronic payment delays by ministries (MINHDU, MINDEF, MINDCAF) to specialized payers, with a volume of doubtful arrears rising to 851.6 million CFA francs. The operating balance included a state subsidy of 3.38 billion CFA francs for rent regulation. Finally, internal control procedures showed signs of laxity, with a 187% surge in unjustified advances to staff, reaching 1.33 billion CFA francs at the close, a balance that late adjustments in 2026 reduced to 378.5 million CFA francs.


Bernardo

Tags: sic bénéfice net chiffre d'affaires revenus locatifs cessions de logements performances industrielles crise de liquidité trésorerie nette flux de trésorerie vulnérabilité financière