Cameroon Airport Operator ADC Sees 2025 Profit Fall 72% Despite Stable Revenue

Aéroports du Cameroun (ADC), Cameroon’s state-owned airport operator, remained profitable in 2025, but its earnings fell sharply after an exceptional 2024 boosted by one-off accounting gains linked to the settlement of its claim on Camair-Co.

According to financial statements reviewed by Business in Cameroon, ADC posted a net profit of CFA2.54 billion in 2025, down from CFA9.2 billion a year earlier, a decline of 72.4%.

The drop came despite stable business activity. Revenue edged up 0.3% to CFA36.89 billion from CFA36.79 billion in 2024. However, earnings before interest, taxes, depreciation, and amortization (EBITDA), a key measure of operating performance, fell 20.5% to CFA7.88 billion from CFA9.91 billion.

Value added remained almost unchanged at CFA22.61 billion, compared with CFA22.57 billion in 2024. But higher staff costs and increased depreciation and provisions put pressure on the company’s margins.

Staff costs accounted for nearly 40% of revenue in 2025. They rose 16.3% to CFA14.73 billion from CFA12.66 billion a year earlier.

ADC said the increase reflected several factors, including a higher provision for paid leave, payment of the 2024 performance bonus in 2025, workforce growth, employee seniority and promotions, retirement benefit payments, and greater use of temporary workers for grounds maintenance and cleaning services.

At the same time, reversals of depreciation, provisions, and impairment losses declined to CFA19.79 billion from CFA24.11 billion, while depreciation and provisions increased to CFA23.41 billion from CFA18.34 billion. As a result, operating profit fell to CFA4.26 billion from CFA15.68 billion in 2024.

The sharp decline in profit largely reflects the disappearance of the one-off accounting gains recorded in 2024 after the settlement of ADC’s claim on Camair-Co.

The claim, valued at CFA28.51 billion as of December 31, 2020, was securitized as part of the government’s takeover of the state airline’s debt. ADC received CFA22.8 billion in cash in 2025 after a CFA5.7 billion discount. However, most of the accounting benefit had already been recognized in the 2024 financial statements through the reversal of provisions.

Without that exceptional boost, the 2025 results provide a clearer picture of ADC’s underlying performance. The company also faced a more difficult operating environment. According to an ADC official, post-election tensions following the presidential election disrupted air traffic for nearly a month, leading to several international flight cancellations and reducing some of the company’s revenue.

Despite the sharp decline in profit, ADC finished the year with a much stronger cash position. Net cash stood at CFA23.4 billion at the end of December 2025, compared with CFA7.6 billion a year earlier.

The improvement was largely driven by the CFA22.8 billion received in April 2025 from the securitization of the Camair-Co claim. ADC said cash increased despite significant spending on operations, investments, and financing activities.

Cash and cash equivalents also rose sharply, increasing 121% over the year. While the company now has greater financial flexibility, that improvement was largely supported by a non-recurring transaction.

ADC also continued to invest part of its excess cash in the CEMAC regional financial market. After investing CFA3 billion in ECMR bonds and Treasury securities in 2023, followed by another CFA1 billion in 2024, the company subscribed to an additional CFA8 billion in government bonds in 2025.

By the end of the year, its investment portfolio had reached CFA12 billion and had generated CFA683 million in interest income since the strategy began. ADC said the approach is intended to improve returns on excess cash while investing in relatively low-risk assets, particularly sovereign securities issued by CEMAC member states.

The 2025 results show a company that remains profitable and financially stronger, but whose operating profitability is under pressure. After benefiting from the exceptional accounting gains recorded in 2024, ADC now faces the challenge of protecting its margins as costs continue to rise and air traffic remains uncertain.

Amina Malloum