Cocoa Processing Company records $13m loss in third quarter of 2024

Cocoa Processing Company Limited (CPC) recorded a loss of $13.08 million for the nine months ending September 30, 2024, a 5.6% increase over last year's $12.38 million loss. The losses are primarily due to rising operational costs in selling, distribution, and finance.

CPC's revenue declined by 3.86% to $31.1 million from $32.3 million, and production fell sharply, with cocoa bean processing down to 3,256 metric tonnes from 7,051 metric tonnes in 2023.

To manage these challenges, COCOBOD pledged to continue the cocoa bean supply without repayment demands that threaten CPC’s operations. CPC is also pursuing an $86.7 million loan from Afreximbank to settle debts, support working capital, and upgrade its production facilities, with plans to finalize the loan by December 2024 and begin disbursement by March 2025.