Cameroonian industrialist Jean Noutchogouin’s Icrafon swings to $1.6 million profit

Industrie des Crayons et des Fournitures Noutchogouin (Icrafon), the Cameroon-based plastics manufacturing subsidiary of CFAO Consumer backed by Cameroonian industrialist Jean Samuel Noutchogouin, returned to profit in the financial year ended March 31, 2026, despite a sharp contraction in revenue.

The company recorded a net profit of €1.41 million ($1.6 million), reversing a €407,989 ($462,674) loss recorded a year earlier.

Icrafon revenue falls to $7.14 million

The return to profitability came as Icrafon’s revenue excluding taxes fell 53.6%, from €13.64 million ($15.47 million) in the year ended March 2025 to €6.33 million ($7.18 million) a year later.

The €1.82 million ($2.07 million)  improvement in net profit means earnings equivalent to about 22.3% of revenue in the latest financial year, compared with a loss equivalent to 3% of revenue previously.

However, the available financial information does not identify the specific factors behind the turnaround, meaning the profit figure should not be interpreted as an operating-margin improvement.

CFAO increases funding to Icrafon

The financial statements also show a substantial increase in funds advanced to Icrafon by CFAO.

Loans and advances granted by the company and not yet repaid reached €5.45 million ($6.18 million) at March 31, 2026, compared with €582,056 ($660,218) a year earlier.

The outstanding balance therefore increased more than ninefold during the period.

The increased funding follows CFAO’s €1.5 million ($1.7 million) impairment on its investment in Icrafon in the 2025 financial year. At March 31, 2025, CFAO’s shares in the company had a gross book value of €3.48 million ($3.95 million), compared with a net book value of €624,985 ($708,777).

Capital restructuring and acquisition reshape business

Icrafon’s return to profit coincided with several corporate transactions during the 2025-2026 financial year.

In November 2025, shareholders were called to consider a capital increase of up to €1.71 million ($1.94 million), alongside a €943,450 ($1.07 million) capital reduction intended to absorb accumulated losses.

A month later, Icrafon completed the acquisition of Laboratoires Vrangier’s business assets for €1.12 million ($1.27 million). The transaction included production and distribution activities for Beon cosmetics and Mila Home detergents.

From BIC distribution to plastics manufacturing

Established in Cameroon in 1979, Icrafon was formed through a partnership between Cameroonian industrialist Jean Samuel Noutchogouin and the CFAO Group. Originally known as Industrie des Crayons et des Fournitures Noutchogouin, the company initially focused on distributing BIC-branded products, including pens and razors.

It later expanded into business-to-business manufacturing through plastic injection moulding, producing packaging and industrial products for the food, beverage, chemical, cosmetics and brewing industries.

In 1996, Icrafon acquired the plastics division of Plasticam, adding plastic blow-moulding capabilities and expanding into the production of bottles and containers for food, oil, chemical and cosmetic companies.

Today, the company manufactures plastic packaging including bottles, jars, containers, crates and buckets, serving customers across the food, beverage, cosmetics, paint and detergent industries. CFAO’s 2025 accounts showed that the group held a 52% stake in Icrafon at the time, underscoring its position as a significant shareholder in the Cameroonian manufacturer.