The Ivorian packaging manufacturer Filtisac SA is facing an unprecedented crisis. At its latest general meeting, management officially announced the permanent closure of its spinning mill. This radical restructuring comes with a heavy social cost, but is deemed essential to stem the financial bleeding of this flagship company.

A radical industrial restructuring in the face of the jute blockade

To preserve its long-term profitability, Filtisac had to thoroughly review its operating model. The company was being hit hard by soaring production costs and, above all, the paralysis of its jute fiber supply chain, caused by export restrictions imposed by Bangladesh (the world's main supplier).

Faced with this logistical impasse, management made a decision: to abandon in-house yarn production in favor of directly purchasing ready-made spools . A strategy deemed more economical and less exposed to international risks.

The social report in figures:

1. 84 positions eliminated in total (including 58 within the spinning workshop).
2. 30 employees were reassigned internally to other sections of the factory, which has just over 700 employees.

While the unions denounce a brutal decision dictated by short-term financial imperatives, management stands by its actions: "We had no other choice. Without this action, the entire company was threatened."

Financial indicators in the deep red

The 2025 financial year was particularly challenging for the company's accounts, marked by a scissor effect between commercial growth and collapsing margins.

1. Net result falls: Profit plunged by 97.5% , collapsing to 465.98 million FCFA (compared to 18.59 billion in 2024, a year however inflated by exceptional asset sales).
2. Revenue resilience: Despite the crisis, sales increased by 5% to reach 32.11 billion FCFA . This demonstrates the strength of the business, which was unfortunately hampered by rising logistics costs (due to tensions in the Middle East) and raw material prices.
3. Cash flow plunge: Net cash flow reversed dramatically, falling from +18.83 billion FCFA at the end of 2024 to a negative balance of -11.52 billion FCFA a year later. This deficit is explained by the massive payment of 28.22 billion FCFA in dividends in 2024 and the increased working capital requirement (extended payment terms and safety stock).

Consequently, the board of directors has decided to defer the entire 2025 profit again (amounting to 468.04 million FCFA). No dividend will be paid this year , marking a clear break with the group's generous distribution policy.

Stock market and outlook: hope fueled by cocoa

On the BRVM (Regional Stock Exchange), Filtisac's share price is suffering the repercussions of these announcements. On June 23, 2026, the stock was trading at 2,120 FCFA , registering a 4.5% decline since the beginning of the year and a 60% drop over the past year (after reaching a historic high of 5,650 FCFA in 2025). Nevertheless, the price has stabilized for the past few months around the 2,000 FCFA mark, a sign that the market has absorbed the company's poor financial situation and is waiting to assess the effectiveness of the rescue plan.

An encouraging first quarter of 2026

Fortunately, a glimmer of hope emerged at the beginning of 2026. Boosted by an excellent agricultural season, sales volumes jumped by 50% in the first quarter of 2026. The massive demand from cocoa producers for transport bags provided a crucial commercial boost.

Management remains cautious, however, as global geopolitical tensions persist. The next quarterly results will be the deciding factor: they will determine whether this strategic shift will allow the Ivorian packaging giant to return to profitability, or whether it will plunge it further into crisis.