The Cameroon Aluminum Company (Alucam), a leading primary aluminum producer in Cameroon, has announced a return to profitability for the 2025 fiscal year, a stark contrast to the significant losses of the previous year. According to its financial statements, Alucam recorded a net profit of 279.3 million FCFA for the year ending December 31, 2025, compared to a loss of 23.8 billion FCFA in 2024.
This financial recovery occurs amidst a slowdown in economic activity, with a 15.3% decrease in turnover, from 94.4 billion FCFA in 2024 to 79.9 billion FCFA in 2025. This decline is attributed to a reduction in sales of manufactured products, a consequence of production disruptions since the 2020 electrical incident that affected several electrolysis tanks. Despite these headwinds, the gross operating surplus (EBE) turned positive again, reaching 14.3 billion FCFA in 2025, compared to a deficit of 9.4 billion FCFA the previous year.
The operating result also improved, reaching 6 billion FCFA after a loss of 18.1 billion FCFA in 2024.
The improvement in results is partly due to a significant increase in the accounting item "other products," which jumped from 1.07 billion FCFA in 2024 to nearly 25 billion FCFA in 2025. This increase, distinct from the revenue generated by current aluminum sales, suggests that the accounting recovery does not necessarily reflect a complete industrial consolidation. Simultaneously, Alucam has reduced its expenses, including purchases of raw materials and supplies, as well as personnel costs.
However, Alucam's financial situation remains precarious. Financial expenses continue to weigh on the results, and equity remains negative, amounting to -51.8 billion FCFA. Net cash flow is also negative, with a deficit of 17.5 billion FCFA at the end of 2025.
Although the return to profit represents a notable advance, the decrease in turnover, the burden of financial expenses, and the tensions on cash flow indicate that Alucam remains in a delicate stabilization phase. The company, which has a nominal production capacity of 100,000 tonnes per year, has seen its production fall due to technical difficulties. Talks are underway with potential investors to inject new capital and revive the company.
In the meantime, Alucam is relying on a supply contract with Proalu to stabilize its revenues. Naxya Holding, Proalu's parent company, has submitted a proposal to take over and modernize Alucam, offering to inject 100 billion FCFA.
