XII. FINANCIAL PERFORMANCE OF PUBLIC ENTERPRISES

i. GAMTEL

Mr Speaker Sir,

211. The actual financial performance of Gamtel for the year 2001 showed significant improvements as compared to previous years. The audited accounts showed total revenue of D421.9 million whilst expenditure totalled D346.9 million resulting in retained profit of D74.9 million after taxation. Total investment was D190.9 million out of which capital expenditure totalled D103.9 million representing purchase of various telecom and broadcasting equipment for the year 2001. Other investments include purchase of Intelsat Shares for D15.4 million and D71.6 million for investment in Gamcel.

212. In year 2002, after 6 months of operation, Gamcel's results are on target as budgeted for the year. During the six months (i.e January - June 2002) of operation, revenue amounted to is D255.9 million, exceeding the current budget of D208.6 million by D47.3 million. This improvement was largely due to the increased revenue realized on providing access to the many customers connected to the Gamcel Network. The expenditure for the same period is D206.6 million, and compared to the Budget of D168.6 million. This indicates that Gamtel are on course to achieving the budgetary target for 2002.

ii. SSHFC

Mr Speaker Sir,

213. Consolidated Gross Income recorded for the year ended 31st December 2001 was D132.8m, which compares to D139m budgeted and D117m recorded for the previous year. Recurrent expenditure on the other hand amounted to D32.5m, 25.4m below budget and D5.2m above the previous year. The Corporation accordingly recorded a Net Surplus of D52.8m which compares to D43.1m budgeted and D44.3m for the previous year. The Net Assets of the Corporation grew by 16% from D884m in 2000 to D1,027m as at 31st December 2001, and the Members' Fund by 15% to D916m over the same period.

iii. GIA

Mr Speaker Sir,

214. For the year ended 31st December 2001, GIA has registered a turnover of D65.5 millions, an operating profit of D2.6 millions and profit on ordinary activities before taxation of D1.4 millions. During the year, the company ventured into flight operations, thus the sharp increase in turnover of D21m or 48% over 2000. The increase was also due to a rise of D5m or 16% in ground handling revenue over the same period.

215. The increase in commercial activities at the BIA will usher in an opportunity for increased revenue to be generated through aviation activities in 2002. Aeronautical revenues for the first six months of the year under review amounted to D28.4M, being 53% of budgeted figure, and 54% of the budget of 2001 for the same period

216. Non-aeronautical revenues for the first half of the year amounted to D8.7M being 63% of the budgeted turnover for the year. Total revenue for the first half of the year under review amounted to D37.2M, representing 54.8% of the budgeted figure for the year under review. Revenues from all sources are therefore expected to increase significantly from operational activities at the BIA at the end of the year under review.

iv. MSA

217. For the 12 months end 31 December 2001 the Maintenance Services Agency Company registered a turnover of D 4,795,000 an increase of 36% over the turnover for 2000. The net profit before tax for year 2001 was D307,000.

v. AMRC

Mr Speaker Sir,

218. Since coming into existence in 1992, the AMRC has recovered for Government approximately D154 million (in cash and kind) which constitutes a debt recovery of about 55% (fifty five percent) of its assigned loan portfolio of about D335 million. A comparative analysis of performance of similar recovery institutions in other parts of Africa indicates an impressive achievement of AMRC - Gambia 45% as against Ghana 34%, Uganda 23% and Tanzania 22%.

219. Although the above-mentioned statistics pinpoint outstanding performance by the Corporation, there are still a lot of liabilities of approximately D150 million yet to be recovered. Moreover, our recovery efforts are also beset by legal hurdles and challenges particularly Appeals in the courts which allows Judgement Debtors and their Guarantors to file appeals in the High and Supreme Courts whenever they lose a case in the lower courts. However, as the Corporation has no definite life span, the professionalism and tenacity exist to recover more debts for Government.

vi. GPTC

220. The Gambia Transport Corporation recorded a total revenue decrease of 9.6 percent or D3.3 million while operating costs decreased even more by 14.4 percent or D6.2 million. Accordingly, the net operating loss declined from D8.7 million in 2000 to D5.8 million in the year 2001.

vii. GPA

Mr Speaker Sir,

221. During the year 2001 the Gambia Ports Authority (GPA) recorded a turnover of D150 million-compared toD129 million in the year 2000.This represent an increase of 16 percent. Operating profits increased by 49 percent from D41 million in 2000 to D61 million in 2001.The Authority's fixed asset as at 31st December 2001 stood at D346 million, and gross public debt at the end of the year stood at D173 million compared to D159 million in 2000.

viii. NAWEC

222. Due to the increases in the price of fuel and the depreciation of the dalasi, NAWEC has been consistently losing money on its operations since the year 2000 (D50.2 million in 2000 and about D55 million in 2001) In 2003, using existing tariffs, NAWEC budgets total revenue of D314 million from the sale of electricity and water and sewerage services while an estimated D20 million is expected from service connections and extensions. The total budgeted expenditures are about D440 million for the three services of which D303 million is budgeted for heavy and light fuel oil for the generators while an additional D45 million is budgeted for maintenance of the generators and lubricants.

-end.