reports
- Boris AFRAN
- Tessy BROU
SAPH FY23
Revenues decreased by 8.00% to XOF 206.47 billion compared to XOF 224.42 billion in FY22. This decrease is mainly due to a lower SICOM 20 average price compared to FY22, barely offset by the recent appreciation of the USD/XOF exchange rate. More precisely, the average prices of rubber on the international market had significantly decrease compared to 2022 (1.38 USD/Kg in FY23 against 1.54 USD/Kg in FY22).
SAPH Report Updated (September 2017)
Established in 1956, SIFCA Group took over SAPH through its subsidiaries OMNIPAR and SIPH in 1999. Rubber industry leader in Africa, SAPH participated in all Ivorian government programs for the rubber sector development. These programs led to the achievement of 25 000 ha in favor of more than 6 000 farmers between 1978 and 1991. The company has a high production capacity of 180 000 tons per year, and five main integrated farm units located in Bettie, Rapides-Grah, Toupah/Ousrou, Bongo and Yacoli...
SAPH (Report November 2016)
​With a fair value of XOF 7 000 based on 2016 results while the market currently trades at XOF 9 500, we recommend for a short term investment a sell on SAPH’s stock. In fact, in spite of having a support level of XOF around 9 000, we think that the stock price should experience a downward pressure, because of the continued low results and the non-payment of the dividend anticipated in 2017. However, it is good to note that the sector cycle is currently at its lowest level. Consequently, for...
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