Société africaine des plantations d'hévéas de Côte d'Ivoire (SAPH-CI), the Ivorian branch of the partnership between the Billon family and French company Michelin, saw a significant rise in debt in 2023. Their net debt climbed to CFA45 billion ($73.5 million), a 34% increase from the previous year's CFA34 billion. SAPH-CI, mostly owned by Société internationale des plantations d'hévéas, linked to SIFCA Group led by Ivorian figure Jean-Louis Billon's family and Michelin, did not comment on the debt rise. Financial data shows a notable uptick in financial debt (+CFA15 billion).

This increase in debt suggests efforts by the company to strengthen its financial position and meet dividend commitments to shareholders. Analysis of cash flows reveals reduced investments in 2023 (CFA15.1 billion) compared to 2022 (CFA22.4 billion). With a 23.5% stock float, SAPH faces the challenge of explaining the situation to investors at the BRVM, where negative sentiment lingers in 2024 despite occasional upticks. Despite a backdrop of rising rubber prices, the company experienced its first revenue decline since 2018, with net profit also dropping significantly (-78.5%).

In 2024, SAPH's stock value has already fallen by 8.4% on the BRVM in Abidjan, and its dividend yield (2.8%) for the 2023 fiscal year is the lowest among the 17 reported so far.

Nevertheless, SAPH has the potential for a strong performance in 2024. Ending the previous fiscal year with a slight increase in merchandise inventory (+CFA7.5 billion), and with expectations of rising rubber prices, there is a possibility of generating additional revenue.