The financial performance of public enterprises, as stated by the Secretary of State for Finance and Economic Affairs, Hon Musa Gibril Bala Gaye in the 2007 budget speech, has been outstanding on the part of most government parastatals which shows marginal higher economic growth than recorded in previous years.

Below is an overview of some parastatals with regard to their respective financial performance.

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, D47.6 million, or 29 percent, from Hajj operations, D19.9 million , or 12 percent, from flight operations, and D2.3 million, or 2 percent , 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 decentralisations 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.

Assets Management Recovery Corporation (AMRC)

For the year ended 31st 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)

Consolidated gross income for the year ended 31st December 2005 decreased by 8 percent 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 31st December 2005.

Gambia Telecommunication Company Ltd (GAMTEL)

Turnover for years ended December, 2005 was D881.9 million which, when compared to end 2004, shows an increase of D17.7 million, representing a growth of 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.

Revenue for 2006 is forecasted at D1.4 billion, which exceeds the estimated 2005 revenue of D1.2 million 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 (GAMCEL)

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 investment for 2004 stands at D291.5 million.

Gambia Printing and Publishing Corporation (GPPC)

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 and 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 promote public private partnership for more efficient and revenue generating operations.

Gambia Civil Aviation Authority (GCCA)

The total recorded for the period ended 30th September 2005 amounted to D118 million, reflecting an increase of 15 percent. This constitute 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 for2005 is D49.6 million, whilst net profit for the year 2005 is D32.3 million.

Gambia Ports Authority (GPA)

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.