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PEC Receive GPA’s Financial Statement, Activity Report

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By: Kebba AF Touray

The Gambia Ports Authority (GPA), on Wednesday 21st Novembers 2018, presented its 2017 activity report and financial statements before the Public Enterprise Committee (PEC), of the National Assembly.

Alpha Amadou Barry, the Chairperson of the Authority, said they have realized success in performance for the year 2017, in achieving an annual revenue of D1.27bn, which represents an increase of 35 percent, compared to the corresponding financial period of 2016 (D943.1M); that traffic increased from 2,063,301 tons in 2016, to 2,397,725 in 2017, representing a 16 percent increment. The increment he said, was due to the increase in containerization by 19 percent during the period under review of 1.315m metric tons, when compared to 1.117m metric tons in 2016; that this excluded bulk liquid petroleum products of 142,425 tons, that was handled by Gambia Petroleum Company Limited, at their storage facilities in Mandinary during the year under review.

He stressed that the fourth port extension project, aims to improve the capacity and efficiency of the Port of Banjul and enhance its transformation into one of the leading logistic platforms in the sub region, with quick turnaround time vessels, fast handling and customs clearance, easy documentation and overall international ship and port facility and security compliance.

He disclosed that GPA Management shall engage potential partners with a view to revitalizing river transportation; that the aim is to rehabilitate the river ports of Kaur, Kuntaur and Basse, for inland distribution and establishment of ICDs and logistic platforms, to enhance the country’s potential to serve sub regional markets and growth centers.

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Ousman M Jobarteh, the Managing Director of GPA, said between 2015 and 2017, the authority procured various cargo handling equipment worth D205.6m and further pointed out that in 2017, it procured five 40 ft semi- automatic container spreaders, five 20 feet semi-automatic container spreaders, and one Kalmar Reach starter, at a cost of 731,700 euros.

“The authority realized an increase by 35% from D943.1 in 2016, to D1, 272.1m in 2017. Throughout, it increased from 2,063,301 metric tons in 2016, to 2,397,725 metric tons during the year ended 31st December 2017, representing an increase of 16%. Our net profit before tax increased to D271.4m in 2017, from D131,1m in 2016, to a profit of D198.4m in 2017, mainly as a result of the increase in revenue by 35%,’’ he said.

He said the containerized cargo increased to 19% when compared to 2016, whereas the number of vessel calls increased by 1% from 289 in 2016, to 293 in 2017.

Tamsir Sallah, the Finance Director of the Authority, stated that their gross profit increased from 540,895 in 2016, to D781,694 in 2017, with an operating profit of D65,025 in 2016, to D270,306 in 2017. Sallah said a total non-current assets of D2,032.173 was realized in 2016, compared  to D2,593, 478 in 2017; that total assets increased from D3,235,963 in 2016, to D 3,979,093 in 2017 and total equity and liabilities from D3,235,963 in 2016, to D3,979,093; that cash and cash equity increased from D353,473 in 2016 to D455,485 in 2017.

Ebrima Jadama of Augustus Prom Audit Firm said they have audited the said documents of the Authority and in their opinion, the financial statements gave a true and fair financial position of the authority as at end 31st December 2017; that its financial performance and cash flows for the year have been prepared in line with generally acceptable accounting principles, and with the requirement of the Companies and Ports Act 2013 and 1972, respectively.

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