Impact of the restructuring of public enterprises on post-reform profitability in the Democratic Republic of Congo: analyses and perspectives[Impact de la restructuration des entreprises publiques sur la rentabilité post-reforme en République Démocratique du Congo : analyses et perspectives Impact of the restructuring of public enterprises on post-reform profitability in the Democratic Republic of Congo: analyses and perspectives]

This article analyzes the impact of the restructuring of Congolese public enterprises on their post-reform profitability, using REGIDESO S.A. as a case study. The methodology combines a univariate analysis of financial indicators over the period from 2014 to 2023 and a confirmatory qualitative study with a senior manager of the company. Restructuring, understood as a reorganization process aimed at adapting structures to practical requirements and improving profitability, falls within the framework of Law No. 08/007 of 2008 in the Democratic Republic of Congo, which provides for the transformation of public enterprises into commercial companies in order to strengthen their efficiency and reduce bureaucratic inefficiencies. However, empirical results reveal an overall loss of profitability after the reform (on average ROA -0.0129, ROE -0.0173 and ROS -0.139), reflecting REGIDESO's continued inability to generate value from its assets, to remunerate its equity, and to convert its sales into profit. The study also shows that the reform, although based on clear profitability and governance objectives, did not produce the expected results: profitability remained low, deficits persisted, and the organization was marked by structural, managerial, and financial weaknesses. This was compounded by governance characterized by a lack of transparency and oversight, political pressures, and intermittent funding, further exacerbating the situation. By comparing it with similar experiences (Algeria, Morocco, and the DRC), the study emphasizes that the success of reforms depends on prerequisites such as macroeconomic consolidation, financial stabilization, and strong leadership. Thus, reform cannot be reduced to a purely technical or formal operation, but must instead be integrated into an institutional and strategic framework, a prerequisite for the sustainable improvement of the profitability of restructured public enterprises.