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Palm Cote d’Ivoire SA (PalmCI), an agro-allied company based in Cote d’Ivoire and led by the affluent Billon family, has witnessed a substantial surge in its market capitalization since the onset of 2023.
The company’s market capitalization has exceeded the $280 million mark, bolstered by sustained buying interest on the BRVM stock exchange.
Helmed by members of the Billon family, PalmCI’s market capitalization, according to data tracked by Billionaires.Africa has grown by CFA9.27 billion ($15.37 million) since the start of the year, rising from CFA160.54 billion ($266.1 million) on Jan. 1 to CFA169.8 billion ($281.5 million).
This surge can be attributed to sustained buying interest from investors, which has caused the company’s share price to climb by nearly six percent this year, from CFA10,385 ($17.2) to CFA10,985 ($18.21).
PalmCI continues to flourish under Ivorian Billon family, posting H1 2022 sales of over $245 million
PalmCI, an Ivory Coast-based agro-allied firm that operates as a subsidiary of SIFCA, boasts the largest palm oil refining plant in Africa. SIFCA, an Ivorian agro-allied conglomerate, was founded by Pierre Billon, who is the father of Ivory Coast’s former Commerce Minister Jean-Louis Billon.
Led by the Billon family, PalmCI has successfully capitalized on the recent upswing in crude palm oil prices in the global market, thereby generating enhanced value for all stakeholders.
The company’s sales and net income in the first half of 2022 exceeded CFA149 billion ($247 million) and CFA41 billion ($68 million), respectively.
In a bid to further augment shareholder value, PalmCI has entered into a strategic agreement with OPC, a Canada-based company that specializes in the development of potassium carbonate manufacturing in West Africa.
The pact enables PalmCI to leverage OPC’s licensed technology for the production of a range of food-grade potassium carbonate crystals, potassium carbonate solutions, and organically derived fertilizers.
