According to the quarterly report on the performance of the State Enterprise Sector (SEE), prepared by the Monitoring Unit of the State Enterprise Sector (UASE), of the Ministry of Finance and Enterprise Promotion, between January and March, this sector registered a realization rate of 97%, reaching CVE 8.3 billion (US$74 million).
“Companies linked to the transport and logistics sector, a sector heavily affected by the pandemic, recorded an increase in their turnover,” the Ministry of Finance also said in a press release.
According to the same source, operational efficiency in the first quarter of 2022 reflected a “significant improvement”, reflected by the positive dynamics of operating income (+70%) and net income (+33%).
The six largest SEE companies contributed significantly to the respective results, which saw the gross operating result go from negative CVE 219 million to CVE 369 million, representing an increase of 267.9%.
“The net result of the SEE in the 1st quarter of 2022 is the result of 12 companies of the sector analyzed with a positive value of CVE 617.6 million,” the Cape Verdean government specified.
In the opposite direction, 20 public companies had a negative value of CVE 1.5 billion, with four companies (AdS, Electra, TACV, and TICV) contributing 80% of the value.
From an asset perspective, in the 1st quarter of 2022, the total assets of SEE amounted to CVE 126 billion, of which CVE 49.8 billion in current assets and CVE 76.6 billion in non-current assets.
As for the liabilities of the SEE, in the first quarter of this year, they totaled CVE 114.5 billion, representing 91% of the sector’s balance sheet.
“This liability served to finance 39% of current assets and 61% of non-current assets, meaning that equity over the years has been very low (9% in Q1 2022),” the report noted.
In the period under review, the report concluded that the behavior regarding financing options of the six largest SEE companies during the recovery phase has been contrary to the other companies in the sector.
“These have opted mainly for equity to finance the recovery, thus recording a decrease in assets of about 6.4% because of their use in financing current activity, as well as in financing their liabilities to third parties, with an impact on the reduction of the debt stock by 0.4%,” it explained.
In an analysis of the six largest public companies (ASA, Electra, Emprofac, Enapor, IFH, and TACV), between January and March, they contributed 65% of the turnover and 53% of the added value, but still 69% of the negative net result of the sector.
In general, all other companies registered positive growth in turnover, highlighting the air transport sector, with 174.7% and 2181.4%, for ASA and TACV, respectively, with a positive impact on the wealth created of 84%.
It is the second quarterly report, the first of which was for the 4th quarter of 2021, which supports UASE in its process of monitoring and following up with the publicly owned companies, as well as in the early identification and consequent mitigation of potential fiscal risks they may represent to the State.
With information from Visão