Friday, June 5, 2020

PEC Receives NFSP-MC Activity, Financial Reports

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By: Kebba AF Touray

The National Food Security Processing and Marketing Corporation (NFSP-MC) formally GGC, on Friday presented its 2015 and 2016 Activity Report and Financial Statements to the National Assembly Select Committee on Public Enterprises (PEC).

Mr. Anthony G Carvalho, the Managing Director of the Corporation, said during the 2015/2016 groundnut season, the Corporation purchased a total of 12,724 tons, which was a drop of about 42 percent, compared to the previous season, which also experienced a drop of about 36 percent, when compared to the 2013 / 2014 season.

“During the period under review, world production of groundnut continued to average between 30 to 35 million metric tons of which China alone, accounted for over 40 percent and the other major producer was India. However, both countries’ contribution to groundnut export was less than 8 percent, as most of what they produced was consumed locally. The Gambia’s estimated production of less than 75,000 metric tons, constituted less or 0.20 percent of global production,” he said.

He said the total crop financing portfolio approved for the 2015/2016 season, was US$20 million for the purchase, handling, processing and export of groundnuts, raw cashew nuts and the importation of fertilizer; that the Corporation made a total draw down of about US$ 10.03 million with ITFC, of which $7 million was to purchase groundnut, and $3.03 million for the purchase of fertilizer.

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“The Corporation in previous years, planned to purchase 30,000 metric tons of groundnut during the 2015/2016 marketing season, but was only able to purchase 12,724 metric tons. The quantity thus purchased constituted about 42 percent of the planned tonnage,” he stressed.

Amat S Njai, the Finance Manager of the Corporation, said the total income less cost of sales in 2015, stood at D178,335,948 compared to D91,805,505 in 2016, whereas total expenditure of the Corporation in 2015 was D109,644,553 and D85,571,891 in 2016 respectively. He said the total assets of the Corporation in 2015 was D778,088,902 compared to D672,199,587 in 2016, with a decrease in total equity of the Corporation from D26,028,486 in 2015, to D25,713,036 in 2016, whereas its total liabilities was D752,060,419 in 2015 compared to D646,486,551 in 2016.

Aji Penda Sankareh of the External Auditors, said they audited the Corporation’s financial statements for the year ended 30th September 2016; that in their opinion, the financial statements were presented fairly in all material respects, and the financial performance and cash flows for the year ended, was in accordance with generally accepted principles and requirements of the Companies Act 2013.

“Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, due to fraud or error and to issue an auditor’s report that includes our opinion”, she said.

The Committee is due to review and debate on the documents today Monday 19th November, for its subsequent adoption and consideration.

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