(Ecofin Agency) - Agribusiness giant SIFCA, owned by the wealthy Billon family in Côte d'Ivoire, is riding on good vibes on the Abidjan-based regional stock market BRVM. The whole agricultural segment is doing quite well on the market.
SIFCA is a direct shareholder of Sucrivoire (51.5%) and Palm CI (41.6%). It also owns 55.6% of Euronext Paris-listed SIPH (International Rubber Plantations Company), which in turn holds 68% in the African Rubber Plantations Company - SAPH. According to data gathered by Ecofin Agency, these three branches will distribute CFA5.7 billion in net dividends to their shareholders. SIFCA will directly receive CFA1 billion for its direct holdings, and CFA2.3 billion in net dividends through SAPH.
Besides dividends, the three companies post unprecedented stock market performance, according to data compiled since 2012. Sucrivoire's share value was up 134% as of 18 August 2021. This is its best annual performance so far since it went public in 2017.
Palm CI’s share was up 94% since January 1, 2021, and SAPH shows an increase of 164%. These are also the best annual performances since 2015 for the first and 2012 for the second.
In absolute terms, this represents a potential capital gain of CFA104.6 billion generated by all three companies. The share of this additional value SIFCA would receive from SIPH is valued at CFA60.6 billion.
SIFCA has been operating in West Africa since 1964 with strong involvement from the Billon family, touted today as Côte d'Ivoire’s biggest fortune according to Forbes magazine. Since 2008, the company has opened up 27.06% of its capital to Nauvu, now controlled by Wilmar International, listed on the Singapore Stock Exchange.