BY AWA TOURAY
The National Water and Electricity Company Limited (NAWEC), appeared before the Public Enterprise Committee of the National Assembly to present their 2016 annual report and Financial Statements. This happened on Thursday February14th 2019.
NAWEC was represented by the Chairperson of the Board Bai Modou Cham, the Managing Director Baba Fatajo and the Finance Director.
Before presenting the activity report for 2016, Managing Director Fatajo apologised for failing to present the 2017 report, due to constraints; that their auditors were engaged in other matters related to NAWEC too, and had issues completing the 2016 audit, which was challenging due to lack of resources. He promised that their Finance Director will engage auditors and will do their best to present their audit reports by March.
In presenting the report, Managing Director Fatajo stated that their Revenue for 2016, was 2.887 billion dalasi, against that of 2015 which was 2.684 billion. He mentioned their profit for the year 2016 which was 112 million dalasi, compared to a loss of 494 million dalasi, the previous year.
Fatajo further stated their total noncurrent asset for the year 2016 was 4.946 billion dalasi, compared to 2015 which was 4.836 billion dalasi. He cited total current assets for the year 2016 as D6.347 billion dalasi, compared to 2015 which he said was D6.263 billion dalasi.
He gave the total equity liabilities for 2016 as D6.347 billion against 2015, which was D6.263.
The Law makers asked the NAWEC Management to return on the 27th of February 2019, for consideration of their report.