Gambia International Airline Generates D148 Million

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By: Kebba AF Touray

Suwaibou Keita, the Finance Director of the Gambia International Airline (GIA) has reported that the airline has an income of one hundred and forty eight million (D148 Million) in 2021.

He reported this on Wednesday, 24 January during their appearance before the Public Enterprise Committee (PEC) for the presentation of their financial statement and activity report for the fiscal year 31 December 2021.

“Income (Turnover) stood at one hundred and forty-eight million, five hundred and thirty-three thousand (D148,533,000) in 2021 and 2020 was ninety-four million one hundred and forty-four thousand Dalasi (D94,144,000),” he disclosed.

Expenditure, he said, stood at minus one hundred and one million, seven hundred and forty-two thousand Dalasi (minus D101,742,000) from minus one hundred and eleven million, four hundred and thirty- nine thousand Dalasi (minus D111,439000).

Total non-current assets stood at two hundred and Forty-One Million, Two Hundred and Seventeen Thousand Dalasi (D241, 217,000), whereas the total asset stood at Three Hundred and Fifty-Two Million, Five Hundred and Fifty-Nine Thousand, and total current assets stood at One Hundred and Eleven Million, Three Hundred and Forty-Two Thousand (D111,342,000).

Numo K Sanneh, Managing Director, reporting on the activity report, explained that the GIA is a public enterprise established in 1996 by the government under the 1955 company’s ordinance, to engage in air transportation and other related activities at the Banjul International Airport.

He submitted that in the year under review, the airline generated 0.407 Million on ticket sales, indicating an increment of 114 percent, whilst revenue generated by cargo was D3.064 million, contributing approximately 2 percent of the turnover.

The increment, he said, is attributed to decrease in the covid-19 pandemic effects which eventually resulted in the resumption of flights into Banjul and air travel across the globe, as well as the renewal of their regulated agency for Third World Countries.

“The operating profit before tax for the year 2021 was D11,042 Million, from the D8,044 Million in the previous year recorded by the company. Adjusting the profit or loss account for interest receivable and payable and corporation tax in 2021, the profit after tax was D1,148 Million compared to the loss of minus D12,962 Million in 2020,” he said.

He explained that the year has witnessed significant challenges that resulted in an average performance compared to 2020, adding that covid-19, which was the main contributing factor, had a significant negative effect on the company’s revenue base, and as such is projected to end in 2022 predicted by IATA.