Cameroon’s National Hydrocarbons Corporation (SNH) received CFA52.592 billion in gross dividends from its investment portfolio in 2023, down from CFA67.948 billion in 2022, a decline of 22.6%, according to its annual report. Since launching its diversification strategy in 1994, the state-owned company has built a portfolio of 13 equity stakes across the oil, oil services, and related sectors. The 2023 outcome, the report notes, reflects in part lower revenues generated by some portfolio companies.
Perenco: weaker results from two 20% stakes
At Perenco Rio Del Rey (PRDR), where SNH holds a 20% stake, profit fell by 23.14%. The company closed the year with earnings of about CFA67 billion, compared with CFA86.8 billion a year earlier. Net dividend per share stood at around CFA0.4 million.
A similar trend was recorded at Perenco Cameroon (Percam), also 20% owned by SNH. Profit declined by 30.35%, reaching CFA83 billion, down from CFA118 billion in 2022. Net dividend per share was around CFA38 million.
Tradex, Chanas, and SCDP post profit growth
Other holdings delivered stronger performances. Tradex S.A., in which SNH owns 54%, posted a 24.42% increase in profit, rising from CFA11.865 billion to CFA14.762 billion. Net dividend per share amounted to CFA13,396.
Chanas Assurances S.A., 45% owned by SNH, recorded a more moderate profit increase of 2.59%, with earnings reaching CFA1.219 billion compared with CFA1.189 billion a year earlier. Net dividend per share stood at CFA12,525.
The Cameroon Oil Storage Company (SCDP) also improved its results, with profit up 18.5% from CFA2.726 billion to CFA3.230 billion. Shareholders received a net dividend of CFA2,857 per share.
Despite these positive performances, the overall trend across the portfolio remained negative, leading to a sharp drop in dividends paid to SNH in 2023.
Amina Malloum