• Alucam posts 23.7B XAF loss in 2024, seeks strategic investor for revival

• New raw material deal with Proalu aims to boost cash flow, stabilize output
  

Cameroon’s aluminum output fell by 40.8% in the first quarter of 2025, according to the Ministry of Finance’s quarterly economic outlook. The decline resulted from a technical failure that forced the shutdown of more than half of the country’s electrolysis cells. “Aluminum ingot and slab production fell by 40.8%, following the shutdown of over 50% of the electrolysis cells due to a technical failure,” the report said.

Despite the sharp quarterly drop, the sector grew 4.5% year-on-year, and production is expected to increase by 6% in 2025 as a whole.

The weak performance underscores ongoing structural problems at the Cameroon Aluminum Company (Alucam), 79.68% owned by the Cameroonian state, with the French Development Agency (AFD) holding 5.05% and the National Investment Company (SNI) 14.32%.

Alucam’s 2024 results show continued losses, totaling 23.7 billion XAF, compared with 23.6 billion XAF a year earlier. Turnover fell 10% to 94.4 billion XAF due to production downtime, according to the company’s annual report. Except for a small profit in 2021 (447.9 million XAF), the company has recorded losses every year since 2019.

To turn the company around, management is seeking a strategic investor to inject new capital. “Talks are ongoing to find an investor capable of revitalizing the company,” management said.

Pending a new partnership, Alucam is relying on an August 2024 contract with Proalu for the monthly supply of 2,500 tons of raw material, expected to generate about 48 billion XAF annually. The deal, which included a 9.85 billion XAF advance, should help improve cash flow and stabilize revenues.

Founded in 1957, Alucam has long been a symbol of Cameroon’s industrialization. After decades of regional leadership in aluminum production, it is now struggling to avoid collapse and restore competitiveness in a challenging energy and financial environment.

Amina Malloum, Business in Cameroon