Bernabe Côte d'Ivoire Posts 79% Net Profit Decline in 2024
TLDR
- Bernabe Côte d'Ivoire (BRVM: BNBC) posted annual net profit of 7.31 million CFA francs ($12,700) for 2024, down 79% from 35.58 million CFA francs in 2023
- Revenue fell 1.2% to 45.37 billion CFA francs ($78.6 million) from 45.96 billion CFA francs in 2023. Operating profit declined 24% to 1.19 billion CFA francs ($2.06 million)
- The Abidjan-based company reported a significant financial loss of 1.28 billion CFA francs ($2.21 million) compared to a 702.5 million CFA franc loss in 2023
Bernabe Côte d'Ivoire (BRVM: BNBC) posted annual net profit of 7.31 million CFA francs ($12,700) for 2024, down 79% from 35.58 million CFA francs in 2023, according to financial statements released ahead of its June 10 shareholder meeting.
Revenue fell 1.2% to 45.37 billion CFA francs ($78.6 million) from 45.96 billion CFA francs in 2023. Operating profit declined 24% to 1.19 billion CFA francs ($2.06 million).
The Abidjan-based company reported a significant financial loss of 1.28 billion CFA francs ($2.21 million) compared to a 702.5 million CFA franc loss in 2023. Total assets decreased to 50.18 billion CFA francs ($86.9 million) from 53.17 billion CFA francs at the end of 2023. The company maintained its capital at 1.67 billion CFA francs ($2.89 million).
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Key Takeaways
Bernabe Côte d'Ivoire operates as a technical equipment distributor and automotive dealer in the West African nation. The company is listed on the regional BRVM stock exchange. The significant profit decline follows a challenging year for Ivorian technical equipment distributors, who faced margin pressure amid rising import costs and increased competition. Despite proposing no dividend distribution for 2024, the company maintains a significant retained earnings balance of 13.29 billion CFA francs ($23 million). The deteriorating financial results reflect broader challenges in Côte d'Ivoire's industrial supply sector, where companies face operational hurdles including supply chain disruptions and currency fluctuations that impact import-dependent businesses.
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