(Ecofin Agency) – Although faced with certain vulnerabilities, the BVMAC intends to continue the execution of its 2022-2026 strategic plan.
BVMAC, the company responsible for managing the Cemac financial market, ended the year 2023 with a net profit of 8.59 million FCFA (approximately $14,120), according to its 2023 annual report, published on Monday October 28, 2024 This profit comes after several years of losses, including 557.8 million FCFA in 2022, 237 million in 2021, and 787 million in 2020.
The positive result is dependent on the increase in its turnover which jumped by 52.1% (+297.7 million FCFA) to reach 891.68 million FCFA compared to 592.5 million the previous year.
This growth is mainly explained by the commissions generated during the IPO of the Société Gabonaise de Réassurance (SCG-Ré), as well as by the admission to listing of four debt securities: State bonds Gabonese, the Development Bank of Central African States (BDEAC), Chad and Cameroon. Added to this are head office fees and capitalization commissions on the “shares” and “bonds” compartments.
BVMAC’s financial result increased by 120%, from 44.4 million FCFA to 97.9 million FCFA, while the balance sheet total increased by 3.9%. This improvement is recorded under the leadership of Louis Banga Ntolo, who arrived at the head of the company in 2021, with the mission of boosting this unified financial market whose overall capitalization was among the lowest in Africa.
According to the stock market authorities, this performance is due to efforts to simplify and transparency in the management and finances of the Stock Exchange. In particular, the company reorganized certain aspects of its management and removed items of no real value from its accounts, thus clarifying its financial situation, according to the annual report.
To maintain this profitability trajectory, BVMAC intends to attract new companies to the market, increase fundraising, and launch the single central depository (DCU) by the end of the year.
Sandrine Gainne
