Camair-Co remained loss-making in 2025 despite higher revenue and increased government support.

According to the airline’s 2025 financial statements reviewed by Investir au Cameroun, the state-owned carrier posted a net loss of CFA4.65 billion, down from CFA5.49 billion in 2024. Although the deficit narrowed by about 15.5%, the company has yet to return to profitability.

Revenue reached CFA24.47 billion in 2025, compared with CFA22.67 billion a year earlier, an increase of 7.9%. Revenue from the airline’s core business rose to CFA22.20 billion from CFA20.67 billion, while ancillary revenue increased from CFA2 billion to CFA2.27 billion.

The improvement in commercial activity, however, was not enough to offset the airline’s expenses. Camair-Co received CFA6.85 billion in operating subsidies from the government in 2025, up from CFA4.94 billion in 2024. Despite stronger revenue and higher public support, the airline still could not generate enough income to cover its operating costs.

Operating Performance Still Weak

The company’s operating results improved but remained negative. Value added posted a deficit of about CFA760.9 million, compared with nearly CFA1.98 billion in 2024.

Operating earnings before depreciation and other non-cash charges also remained negative, with a deficit of CFA5.02 billion versus CFA6.03 billion a year earlier. Operating loss narrowed to CFA2.90 billion from CFA4.89 billion in 2024. While this reflects lower operating losses, it does not yet point to a sustainable recovery.

Operating expenses remained high throughout the year. External services rose to CFA19.79 billion from CFA17.34 billion in 2024. Other purchases remained broadly stable at CFA11.22 billion, while personnel costs increased slightly to CFA4.26 billion from CFA4.05 billion.

Depreciation and impairment charges declined from CFA6.25 billion to CFA4.77 billion, helping reduce the company’s overall loss.

Financial Challenges Remain

Camair-Co’s financial position also remained under pressure. Tax and social security liabilities increased to nearly CFA19.92 billion at the end of 2025, compared with about CFA15.75 billion a year earlier. The increase reflects continued cash flow constraints and unpaid obligations.

The airline’s financial loss also widened significantly. It reached CFA1.21 billion in 2025, compared with CFA175.3 million in 2024, mainly because of higher financing costs and impairment charges.

Overall, the 2025 results show gradual improvement but not a turnaround. Higher revenue and increased government subsidies helped reduce losses, but they did not solve the airline’s underlying problems. High operating costs, negative operating results, growing liabilities, and continued dependence on state support remain major challenges.

For Camair-Co, the next step is not simply to increase revenue. The airline must also improve operating efficiency, control costs, and reduce its outstanding liabilities if it hopes to achieve a lasting financial recovery.

Source: Business in Cameroon