State Owned Enterprises register ¢2bn loss in 2020 – Report

State Owned Enterprises registered a loss of ¢2 billion in 2020, the State Ownership Report has revealed.

On the other hand, Joint Venture Companies portfolio moved from a net loss position of ¢1.05 billion in 2019 to a net profit of approximately ¢11.81 million in 2020.

Similarly, the Minority Interests portfolio recorded an aggregate net profit of ¢11.25 billion in 2020 against a net loss of ¢62.17 million in the previous year.

Total surplus generated by Other State Enterprises however shot up by 52.51% to ¢3.34 billion, as at the end of 2020.

According to the report, SOEs’ combined revenue increased by 19.30%, from ¢37.912 billion in 2019 to ¢45.23 billion in 2020.

With the exception of communications and transportation, all other sectors recorded improved revenue in 2020 relative to 2019.

On the other hand, direct costs incurred by SOEs collectively in 2020 was however ¢32.9 billion, representing a 12.65% increase from ¢29.213 billion in 2019.

The energy and agricultural sectors were the main contributors, accounting for over 80% of aggregate direct costs of SOEs in FY2020.

Total assets of the SOEs portfolio however stood at ¢171.632 billion, whilst aggregate liabilities recorded was ¢119.5 billion in 2020.

In comparison to 2019, the asset base grew by 15.12% with liabilities rising at a higher pace of 22.47%. Non-current assets accounted for approximately 65.81% of total assets.

For total liabilities, 57.37% was accounted for by short-term liabilities. Aggregate equity of the SOE portfolio went up marginally by 1.18% from ¢51.47 billion in 2019 to ¢52.085 billion in 2020

JVCs records ¢11.81m profit

Also, Joint Venture Companies (JVCs) portfolio moved from a loss position of ¢1.05 billion in 2019 to a profit of approximately ¢11.81 million in 2020.

Total revenue decreased by 5.82%, from ¢13.80 billion in 2019 to ¢13.005 billion in 2020.