Cameroon Oil Depots company(SCDP) has announced in a press release that it closed its 2023 financial year with sales of 42.7 million US dollars (25.6 billion F CFA). Up 5.1% on the previous year. According to the minutes of the company’s Ordinary General Meeting (AGM) held in Yaounde on July 16, 2024, in the presence of Jean-Fabien Monkam Nitcheu, Chairman of the Board of Directors (PCA), and Mrs Manzoua Véronique Moampéa Mbio, Managing Director, we learn that the net balance sheet value of the financial statements for fiscal 2023 is 162.5 million US dollars (97.8 billion F CFA).
At the same time, shareholders’ equity amounted to US$68.76 million (FCFA 41.3 billion). Net income came to 5.38 million US dollars (3.2 billion Fcfa), up 19% on the previous year. The Ordinary General Meeting also noted that the company’s net worth was as follows: The company’s share capital is 27.9 million US dollars (16.8 billion FCFA). The legal reserve is 5.58 million US dollars (3.3 billion CFA francs), the revaluation surplus is approximately 244,000 US dollars (146,160,396 CFA francs), and free reserves are 26.2 million US dollars (15.7 billion CFA francs). Retained earnings amounted to US$6.33 million. In view of these figures, the company’s net worth stands at 66.27 million US dollars (39.8 billion CFA francs).
Majority-owned by the Cameroonian state (51%), SCDP’s other shareholders are the major groups distributing petroleum products (49%) throughout the country. SCDP’s main missions are to ensure the storage of petroleum products required for national consumption, to set up security stocks (owned by the State) and to cover the whole of Cameroon through its network of depots.
Investment program
In its December 2023 issue, SCDP Panorama, the company’s magazine reporting on the five-year assessment of the company’s Managing Director, Mrs. Manzoua Véronique Moampéa Mbio, indicated that between 2018 and 2022, Cameroon Oil Depots company (SCDP), the State’s secular arm for storing and securing petroleum products for distribution in Cameroon, injected 54.82 million US dollars ( nearly 33 billion FCFA ) to implement its investment program. This has enabled the company to increase its storage capacity and secure its depots.
Thanks to this financial package, a 10,000 m3 diesel tank has been built at the Nsam depot in Yaounde. This infrastructure, inaugurated in 2020, has increased the Nsam depot’s diesel storage capacity by 33.99%, from 29,470 to 39,470 m3. According to SCDP, this infrastructure has also made it possible to ensure almost 26 days of stock, compared with 15 days before the tank was commissioned. SCDP has also announced the construction of a 1000 TM sphere at the Bonaberi depot, increasing LPG storage capacity from 2500 to 3500 TM.
This “also improves our LPG autonomy from 5 to 7 days“, explains the company. Other highlights include the conversion of a 2900 m3 oil tank into an A1 jet, increasing Yaounde’s storage capacity for this product to 3900 m3; the installation of a 4th cigar with a capacity of 35 TM, increasing LPG storage capacity at the Maroua depot from 105 to 140 TM. Not forgetting the launch of construction work on two 6500 m3 super tanks each at the Mboppi depot in Douala, to increase the depot’s super storage capacity from 14,720 to 27,720 m3.
