Commodities
SMB's Profits Drop 45% as Maintenance Shutdown Meets Oil Price Surge
SMB, a major bitumen refiner in Côte d'Ivoire and West Africa, saw its profits plummet by 45% in Q1 2026 to 1.49 billion FCFA ($2.7 million) due to a maintenance shutdown and the impact of the US-Israel-Iran war on oil prices.
The company's planned quinquennial maintenance shutdown reduced crude oil processing and bitumen production, resulting in a 35% decline in total bitumen sales volumes to 45.4 kilotonnes from 69.8 kilotonnes a year earlier.
The war between the US, Israel, and Iran led to a surge in Brent crude prices, reaching over $127 per barrel in March 2026, further compressing SMB's margins.