PW Gabon

Stable sales in a challenging environment

Business performance in Gabon continued to stabilize despite a persistently challenging environment. Net revenues declined slightly year-on-year to EUR 33.3 million (previous year: EUR 34.5 million). EBITDA improved to EUR 1.5 million (previous year: EUR -0.2 million), while EBIT rose to EUR -2.2 million (previous year: EUR -3.4 million).

In the 2024 fiscal year, our subsidiary Compagnie Equatoriale des Bois (CEB) significantly increased its forest production, harvesting 197 756 m³ (previous year: 162 756 m³). The volume of logs sold also rose to 119 034 m³ (previous year: 66 545 m³). The sawmills continued to operate at reduced capacity, reflected in a lower production volume of 28 861 m³ compared to the previous year (36 933 m³). This had a positive impact on EBITDA. The restructuring initiated in the second half of 2023 proved particularly effective in the second half of 2024.

The ongoing challenges at the CPL (Compagnie des Placages de la Lowé) veneer plants, in which CEB holds a 49% stake, overshadowed the positive developments at CEB. Due to various difficulties and persistently weak demand, CPL was unable to reach a satisfactory production level or achieve a positive result. For that reason, CPL decided at the beginning of 2024 to close their smaller plant. In the third quarter, they also implemented personnel changes and brought the technical issues under control.

CPL’s results in the final quarter of 2024 confirm that profitable operations are achievable, and a balanced result can be targeted for 2025. Combined with a slightly improved market outlook for our sawn timber production, this provides PW GABON with an optimistic outlook for 2025.