2016 second-quarter Revenue and 2016 First-Half Results
CFAO's second-quarter revenue increased by +2.5% to €852.2 million compared to the same period in 2015, showing a favorable trend compared to the first quarter that was down -2.7% to the same period ...
- More favorable trend in the second quarter with sales up +2.5%
- Economic environment still difficult in oil-producing countries, in particular in Algeria, Congo and Nigeria
- Half-year recurring operating income at 6% of sales after taking into consideration launch costs of development projects
- Signing of an agreement with Wendel and FFC under which they acquire respective stakes of 40% and 20% of the real estate entity (“SGI Africa”)
In a statement, Richard Bielle, Chairman of CFAO's Management Board said:
“The first half of 2016 is characterised by a sales stabilisation in a still mixed economic environment. Oil and other commodities producing countries continued to suffer from a depressed demand. These market conditions have masked the solid growth momentum of most of our businesses in geographies not affected by an economic downturn.
In this context, the Group financial performances including start-up costs confirm once again its very strong resilience.
The semester has also been marked by the entry of leading partners in the share capital of SGI Africa, the real estate company dedicated to the CFAO Retail division. This deal allows the Group to secure the development plan of this business that represents a great growth driver and which potential has been confirmed by the good performance of our first shopping mall in Abidjan, PlaYce Marcory.”
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