SETAO Côte d’Ivoire shows signs of recovery as major infrastructure projects boost activity.

Ivorian construction company SETAO Côte d’Ivoire is showing signs of recovery after years of financial difficulties, reporting a sharp increase in revenue and a significantly reduced net loss as major infrastructure projects begin to drive business activity.

The company nearly doubled its revenue in 2025 to 3.9 billion CFA francs ($6.7 million), while its net loss narrowed to 96 million CFA francs from more than 348 million CFA francs a year earlier, according to the company's latest financial results.

The improvement marks one of the strongest operational performances recorded by the firm in recent years, reflecting a gradual turnaround in a sector benefiting from Côte d’Ivoire’s ambitious infrastructure development agenda.

At the center of SETAO’s recovery are two strategic projects: the rehabilitation of the Yopougon University Hospital (CHU de Yopougon) and ongoing works linked to the expansion of Félix Houphouët-Boigny International Airport in Abidjan. The projects are expected to generate substantial revenue and strengthen the company’s position in the country’s construction industry.

Investors are closely monitoring the company’s progress as it seeks to translate growing activity into sustained profitability. While the reduction in losses has been welcomed by the market, analysts note that the company has yet to return to positive earnings.

SETAO’s outlook is largely tied to the execution of large public infrastructure contracts as Côte d’Ivoire continues to invest heavily in transportation, healthcare, and urban development projects aimed at supporting economic growth.

The company’s recovery story, however, remains a subject of debate among investors. Supporters point to its improving financial performance and exposure to major state-backed projects, while critics argue that current market expectations may already reflect much of the anticipated growth.

As Côte d’Ivoire accelerates its infrastructure expansion, SETAO finds itself at a critical juncture, balancing renewed business opportunities against the challenge of achieving long-term profitability.

For investors, the company represents one of the most closely watched and potentially polarizing bets on the Ivorian stock market.