With a turnover up 6.1% to 5.55 billion FCFA, the National Hydrocarbons Company (SNH), in its sole “portfolio management” scope, saw its net profit fall to 19.98 billion FCFA in 2025, compared to 34.05 billion a year earlier. Despite still solid cash flow and high equity, operations remain unprofitable, with an operating loss of 12.47 billion FCFA.
The 2025 accounts of SNH reveal a marked contrast between the evolution of commercial activity and overall financial performance. In the audited “portfolio management” scope, turnover slightly increased, rising from 5.23 billion to 5.55 billion FCFA. This increase, mainly related to sales of manufactured products, was however not enough to stop the deterioration of operating results.
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Value added fell by 35.6%, to 9.05 billion FCFA, while gross operating surplus went from a positive balance of 1.72 billion in 2024 to a loss of 3.36 billion in 2025. Operating income thus deteriorated, reaching -12.47 billion FCFA compared to -6.53 billion a year earlier.
This pressure notably comes from the increase in expenses. External services rose by 23%, to 6.43 billion FCFA, while taxes and duties jumped to 1.64 billion, notably due to the increase in penalties and tax fines. Other expenses also increased by 80%, to 5.28 billion FCFA.
While SNH still shows a profit, it largely relies on its financial income. Financial result reached 43.88 billion FCFA in 2025, mainly thanks to income from equity investments, which amount to 41.64 billion FCFA.
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This contribution nevertheless declined by 24.1% compared to 2024. Investment income notably fell by 57.2%, to 2.24 billion FCFA.
After taking into account this financial income and a tax charge of 11.43 billion FCFA, net income stands at 19.98 billion FCFA. Without this financial contribution, SNH would have recorded a loss for the year.
Financially, the company maintains a robust structure with 270.28 billion FCFA in equity and no bank or bond debt. However, its cash position stands at 159.21 billion FCFA, down 7.32 billion year-on-year.
The auditors nevertheless expressed reservations, notably on the accounting of a 10 million dollar investment in the CSTAR Tank Farm project and on the evaluation of certain provisions. The 2025 results thus confirm an increased dependence of SNH on financial income to maintain its profitability.
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