The Cameroonian state-owned airline Camair-Co reduced its net loss for the second consecutive year in 2025, while remaining structurally deficit. It was reduced to 4.7 billion CFA francs (about $7.7 million), compared to 5.5 billion CFA francs in 2024, while cash flow strengthened. The financial statements published by the company report an improvement in commercial activity, but show that its recovery remains largely supported by state subsidies.
Revenue increased by nearly 8%, to 24.5 billion CFA francs (about $40.8 million), compared to 22.7 billion CFA francs a year earlier. This growth is driven by increased revenues from air transport and related activities. At the same time, the net loss was reduced to 4.7 billion CFA francs (about $7.7 million), compared to 5.5 billion CFA francs in 2024, while cash flow strengthened.
However, this improvement is largely based on increased public support. Operating subsidies increased by 38.7%, reaching 6.9 billion CFA francs, which the report describes as the “main support of the activity” in 2025.
Despite these advances, financial vulnerabilities persist. Equity remains negative at 5.5 billion CFA francs, customer receivables have increased significantly, and the cost of debt has significantly increased. Financial charges have multiplied by nearly five in one year, reaching 864.4 million CFA francs, in addition to 348.6 million CFA francs in financial provisions. In total, the financial cost amounts to 1.21 billion CFA francs, compared to only 175.3 million CFA francs in 2024, limiting the impact of operational performance improvement.
These results come a few months after the financial restructuring approved in December 2025. Shareholders have carried out a reduction and reconstitution of capital in order to clear some of the accumulated losses. This operation is part of a recovery plan providing for 94.5 billion CFA francs of investments over the period 2024-2028 to modernize the fleet, develop new regional routes, and strengthen international partnerships.
Despite a gradual recovery of its activity with 600,000 passengers transported in 2024, including more than 549,000 on the domestic network, Camair-Co has never recorded a profit since its commercial launch in 2011. The company continues its recovery under a performance contract concluded with the state, while foreign carriers continue to dominate the international market to and from Cameroon.
