SOCIAL HOUSING : SIC Reports a Profit of CFAF 592 Million in 2024

(LVDE) – The Cameroon Real Estate Company (Société Immobilière du Cameroun – SIC) closed the 2024 financial year with a net profit of CFAF 592.7 million, marking a significant increase compared to the previous year. This performance reflects positive momentum despite a complex economic environment.

The year 2024 was highlighted by remarkable financial results for SIC, which recorded a net profit of CFAF 592.7 million, a sharp rise from CFAF 213.9 million in 2023. This increase of CFAF 378.8 million—an impressive 177.1% growth—demonstrates the company’s resilience and adaptability in the face of challenges within the real estate sector.

This improvement was driven by a moderate rise in revenue, which grew from CFAF 3.24 billion in 2023 to CFAF 3.53 billion in 2024, representing an 8.84% increase. According to SIC’s management, several factors contributed to this performance, including the launch of housing sales in the Mfoundi district and efficient recovery of payments from residences in Etetak, Mfandena, and Djoungolo. The diversification of revenue streams, with a greater focus on direct sales, also played a key role in this positive trend.

By the end of the year, SIC managed a portfolio of 5,334 housing units, which remain the main source of rental income. This real estate infrastructure, combined with new sales initiatives, enabled the company to strengthen its position in the social housing market. Outlook for the coming years remains optimistic, though challenges persist.

SIC plans to leverage several growth drivers. Among them, the expected unfreezing of rental prices could significantly boost recurring revenues. Additionally, ongoing construction projects, coupled with the establishment of a dedicated housing production plant, are expected to stimulate activity. The company also intends to launch further projects, demonstrating its commitment to meeting the growing demand for affordable housing.

As part of its modernization efforts, SIC has decided to acquire an advanced information system to improve the reliability of its accounting and financial management. This initiative is part of a broader digital transformation strategy aimed at strengthening operational efficiency. Moreover, reinforcing human resources through new hires is also on the agenda. This development is seen as essential to support SIC’s growth ambitions as it adapts to an ever-evolving market.

Cameroon’s social housing sector is experiencing strong growth, and SIC appears well-positioned to capitalize on this trend. As demand for affordable housing continues to rise, the company is working to meet the needs of the population while consolidating its financial health. The 2024 results send a positive signal to investors and stakeholders, confirming that SIC is on track to achieve its strategic objectives.

With a clear vision and concrete actions, the Cameroon Real Estate Company is preparing to face future challenges and play a key role in improving housing conditions in the country. A combination of innovative strategies and sound management points to a promising future for the company, which continues to assert itself as a major player in Cameroon’s real estate sector.

Esther Grace