Madam Speaker, Let me turn to the Financial Performance of Public Enterprises

  Gambia International Airlines (GIA)

118. The turnover for the year ended 2005 was D162 million, representing a decrease of 38 percent over 2004. This comprises D99.2 Million, or 47 percent, from ground handling, D47.6million, or 29 percent, from Hajj operations, D19.9 Million, or 12 percent, from flight operations, and D2.3 Million, or 2per cent, from cargo sales.
119. Turnover from ground handling increased by 3 percent, whilst hajj, cargo and flight operations decreased by 25 percent, 51 percent, and 81 percent respectively, compared to 2004. The decrease in the hajj, cargo and flight operations turnover is due to the decentralization of the hajj, and the suspension of flight operations in March 2005. Operating or core results have been reversed from a loss of D16.3 million in 2004 to a profit of D14 million in 2005.Consequently, pre tax performance improved from a loss of D19 million to a profit D9.6 million in 2005.

120. For the year ended 31 st December 2005, the Corporation generated total income of D24.54 million, compared to D17.78 million for 2004. The increase in revenue was as a result of aggressive debt collections, and effective management of assets. The net surplus for the year ended 2005 was D14.8 million, compared to D9.1 million for 2004.

Social Security and Housing Financing Corporation (SSHFC)

121. Consolidated gross income for the year ended 31 st December 2005 decreased by 8 percent from D412.16 million in 2004 to D379.6 million in 2005. Consolidated Gross Income for the year 2006 is estimated at D527.1 million, and D475.02 million is projected for 2007. Recurrent Expenditure decreased by D2.6 million from D101.2 million in 2004 to D98.5 million in 2005. Thus, the Corporation recorded a consolidated Net Surplus of D108.1 million after charges on income including Gross Income, Royalty and Interest on Members' Fund. This compares with D148.2 million recorded in 2004. The total net assets of the Corporation grew by 23 percent from D1.86 billion in 2004 to D2.24 billion as at 31 st December 2005.

Gambia Telecommunication Company Ltd (GAMTEL)

122. Turnover for year ended December, 2005 was D881.9 million, which, when compared to end 2004, shows an increase of D17.7 million, representing a growth of 2.04 percent. Total operating profit, before tax, as at end 2005 was D257.4 million, which, compared to end 2004, shows an increase of D138.5 million, representing an increase of 16.46 percent. Gamtel's total gross investment as at end 2005 stands at D1.9 billion, while the net investment for the same period stands at D897.9 million.

123. Revenue for 2006 is forecasted at D1.4 billion, which exceeds the estimated 2005 revenue of D1.2 billion by D200 million, representing an increase of 14 percent. The 2006 expenditure is forecasted at D1.1 billion, whilst the 2005 expenditure is estimated at D954 million, showing an increase of D146 million, or 13 percent increase. The increase in the expenditure forecast is to cater for the rising trend in global fuel and telecommunications related prices. The forecasted after tax profit for 2006 is D300 million, which is 18 percent higher than the estimated after tax profit for 2005 of D246 million.

Gambia Telecommunication Cellular Company Ltd (GAMCEL)

124. Turnover for year ended December, 2005 was D477.9 million, which, when compared to end 2004, shows an increase of D164.9 million, representing a growth of 52.70 percent. Total operating profit, before tax, as at end 2005 was D240.3 million, which, compared to the corresponding period as at end 2004, shows an increase of D70.5 million, representing an increase of 41.49 percent. Gamcel's total gross investment as at end 2005 stands at D601.5 million, while the net investment for 2004 stands at D291.5 million.

Gambia Printing and Publishing Corporation (GPPC )

125. The Gambia Printing and Publishing Corporation is now fully operational as a Public Enterprise, which started operations in January, 2006. The year 2006 showed improvement on performance over 2005 with steady increased turnover of D2.7 million. The overall turnover in 2006 was D13.9 million, compared to a turnover of D11.2 million in 2005. This represents an increase of 19.64 percent. With plans and strategies in place for 2007, the Corporation expects a turnover of D20 million, and will promote public private partnership for more efficient and revenue generating operations.

126. The total turnover recorded for the period ended 30 TH September 2005 amounted to D118 million, reflecting an increase of 15 percent. This constitutes aeronautical revenues of D99 million, and non- aeronautical and commercial revenue of D17 million, representing increases of 8 percent and 7 percent respectively over the period 2004. Operating profit for 2005 is D49. 6 million, whilst net profit for the year 2005 is D32. 3 million.

Gambia Ports Authority (GPA)

127. Turnover increased by 1.3 percent from D373 million in 2004 to D378 million in 2005. Operating profit decreased by 13.8 percent from D102 million in 2004 to D50 million in 2005. The decline in net profit is mainly attributed to the significant increase in debt service charges as a result of the sharp rise on the exchange losses on external loans. The gross value of fixed assets stood at D671 million in 2005, compared to D663 million in 2004, representing an increase of 1.2 percent

Maintenance Services Agency (MSA)

128. Since its inception, the company has been experiencing a positive growth in its Net Assets, Turnover, and Profit. For end September 2006 the company registered a turnover of D7.4 million and a Pre-tax profit of D1.7 million. The turnover and Pre-Tax Profit at the end of December, 2006 are estimated at D 9.8 million and D2.2 million respectively compared to D8.9 million and D1.9 million respectively in 2005.

National Water and Electricity Company Ltd (NAWEC)

129. NAWEC recorded a loss of D3 million in 2005, which significantly differs from the anticipated profit figure of D30 million. This sharp loss situation is due to high fuel prices, coupled with inadequate tariffs for water and electricity. The total turnover for 2005 was D688 million, and the anticipated total turnover for 2006 is D750 million. The anticipated increase in the turnover for 2006 is based on the additional generating capacity from the Brikama Power Station, which started operation in August this year under a Power Purchase Agreement with the Global Electrical Group (GEG).

Gambia Public Transport Corporation (GPTC)

130.  For the year ended 31 st December 2005, total operating revenue was D15.9 million, and this is estimated to decline to D10.7 million in 2006. Operations this year has been greatly reduced due to the reduction in the school transport subsidy of D2.1 million, among other things. Operating costs have gone up by 7.8 percent or by D21.13 million in 2006 compared to 2005, and this is largely due to increases in fuel price, which is not matched by reciprocal increases in fares.

-end.