Mr. Speaker, Sir,

vii. FINANCIAL PERFORMANCE OF PUBLIC ENTERPRISES

a. National Water and Electricity Company Ltd (NAWEC)

111) Turnover for the year ended 2004 was D534 million representing an increase of 30% when compared to the 2003 figure of D410 million. Estimated turnover for 2005 is D641 million, an estimated increase of 20% compared to the 2004 figure.The projected turnover for 2006 is D730 million. NAWEC recorded Profit After Tax of D21 million in 2004, compared to a loss of D168 million in 2003. An estimate Net Profit of D30 million is projected in 2005.

b. Gambia Ports Authority (GPA)

112) Turnover decreased by 6% from D399 million in 2003 to D373 million in 2004. Estimated turnover for 2005 is D429 million, and the projected figure for 2006 is D470 million, a projected increase of 10%. Profit After Tax increased from D40 million in 2003 to D58 million in 2004, representing an increase of 44%. Estimated Profit After Tax for 2005 is D53 million, and the projected figure for 2006 is D67 million, an estimated increase of 25%.

c. Maintenance Services Agency (MSA)

113) For the year ended 31st December 2004, the Company registered a turnover of D7.489 million, compared to D6. 176 million in 2003, representing an increase of 21%. Estimated turnover for 2005 is D7.8 million, whilst the projected figure for 2006 is D9.6 million. Profit After Tax for the year ended 2004 is D0.183 million a decrease of D0.513 million when compared to the 2003 figure of D0.696 million. Projected Profit After Tax for 2006 is estimated at D0.765, a decrease of 29% estimated figure D0.985 million.

d. Gambia International Airlines (GIA)

114) The turnover for the year ended 31st December 2003 was D243 million, and D261 million in 2004, an increase of D18 million or 7.6% over 2003. Estimated turnover for 2005 is D140 million and a projected figure of D207 million in 2006. Compared to 2003, Profit After Tax decreased from D13.4 million in 2003 to a loss of D16.3 million in 2004. Estimate Profit Tax for 2005 is projected at D26.2 million and at D13.6 million for 2006.

e. Gambia Civil Aviation Authority (GCAA)

115) Turnover for the year ended December 2004 is estimated at D197 million an estimated increase of 34% compared to the 2003 figure of D147 million. Estimated turnover for 2005 is D192 million, and 2006 turnover is projected at D262 million. Profit After Tax for the year ended December 2004 is estimated at D13 million, a decrease of D53 million compared to the estimated 2003 figure of D66 million. The estimated Profit After Tax figure for 2005 is D32 million, and for 2006 D58 million.

f. Gambia Telecommunication Company Ltd (GAMTEL)

116) Turnover for the year ended 2004 was D787.62 million, representing an increase of 4% when compared to the 2003 figure of D759.96 million. Estimated Turnover for 2005 is D1065 million, and projected revenue for 2006 is D1260 million. Profit After Tax of D120.4 million was recorded in 2004, an increase of 68% compared to the 2003 figure of D71.5 million. Estimated Profit After Tax for 2005 is D211.1 million, and a figure of D260 million is projected for 2006.

g. Gambia Telecommunication Cellular Company Ltd (GAMCEL)

117) Turnover for the year ended 31st December 2004 was D313 million. This, compared to the previous year, shows an increase in revenue of D39.6 million, representing an increase of 14.47%. Profit After Tax of D113.5 million was recorded for 2004. This, compared to 2003, shows an increase of D53.7 million, representing an increase of 89.8%.

h. Social Security and Housing Finance Corporation (SSHFC)

118) Consolidated gross income recorded for the year ended 31st December 2004 increase by 35% from D304.80 million in 2003 to D412.6 million in 2004. Consolidated gross income for the year 2005 is estimated at D449.2 million, and D527.1 million is projected for 2006. Estimated Recurrent Expenditure decreased by D10.4m from D111.66m in 2003 to D101.25m in 2004. Thus, the Corporation recorded a consolidated net surplus of D148.2 million in 2004, after charges on income, including gross income on royalty and interest on Members' Fund. This compares favourably with D97.31m recorded on 2003. The total net assets of the Corporation grew by 24% from D1.5 billion in 2003 to D1.86 billion as at 31st December 2004.

i. Gambia Public Transport Corporation (GPTC)

119) Estimated Turnover for the year ended 31st December 2004 was D54.1 million. This, compared to the 2003 estimated figure of D48.0 million, shows an increase in revenue of D6.1 million. Estimated Turnover for 2005 is D15.9 million, representing a decrease of D38.2 million compared to the 2004 figure. Estimated Profit After Tax of D0.49 million was recorded for 2004. This, compared to 2003 estimated figure of D0.70 million, shows a decrease of D0.21million. The estimated Profit After Tax figure for 2005 is D0.18 million, a significant decrease compared to the 2004 figure of D0.49 million.

j. Assets Management and Recovery Corporation (AMRC)

120) For the year ended 31st December 2004, the Corporation generated a total income of D16.8 million, an increase of 18% compared to the 2003 figure of D14.2 million. The estimated total income for 2005 is D25.5 million, an estimated increase of D8.7 million compared to the 2004 figure. The net surplus for the year ended December 2004 was D8.9 million an increase of 32%, compared to the 2003 figure of D6.7 million. The estimated net surplus for 2005 is D14.7 million, an increase of D5.8 million, compared to the 2004 figure.

-end.