Ivory Coast’s palm oil producer Palmci (BRVM: PALC) has reported a 32% jump in revenue for the first quarter of 2025, driven by higher crude palm oil prices and increased sales volumes. The company posted earnings of 67.52 billion CFA francs ($117.3 million), up from 51 billion CFA francs ($88.6 million) during the same period in 2024.
Palmci’s net profit also surged by 65%, reaching 11.56 billion CFA francs ($20.1 million), compared to 6.99 billion CFA francs ($12.1 million) a year earlier. The rise in profitability was largely attributed to a 20% increase in crude palm oil prices and a 7% rise in sales volume.
While sales of palm kernel oil dropped 9% due to high inventory carryovers from late 2023, the company benefited from a sharp 92% jump in palm kernel oil prices. Operating income climbed to 15.42 billion CFA francs ($26.8 million), marking a 66% improvement year-on-year.
Palmci, headquartered in Abidjan and capitalized at 20.4 billion CFA francs ($35.4 million), expects its full-year net profit to outpace 2024 figures, provided current market conditions persist.
As one of West Africa’s leading palm oil producers, Palmci’s performance mirrors broader trends in the global vegetable oil market, which continues to face price volatility. Palm oil remains a key ingredient in food, cosmetics, and biofuel industries, with demand staying strong despite environmental concerns linked to production practices.
The company’s strong first-quarter showing also reflects Ivory Coast’s efforts to expand its agricultural processing capabilities and retain more value locally. Continued political stability in the country has further supported favorable conditions for agribusiness growth, distinguishing it from some neighboring markets.