By Juldeh Njie
National Water and Electricity Company, Nawec has generated over D2,887,635,000 in 2016, its finance director revealed Thursday.
Amat S Cham was presenting the company’s financial statement for 2016 before the Public Enterprises Committee (PEC).
He said the profit gain for the year ended 31st December 2016 was 112,414 and (493,884) as at 31st December 2015.
Cham told Nams that Nawec had a total asset of D6, 346,950 and D6, 262, 655 in 2015.
“The cash flows generated from operating activities was D733, 158 in 2016 and (1,482,608),” he said.
He also laments the challenges the company is faced with saying there is delay in procurement of spare parts and lubricating oil.
Presenting the independent auditor’s report from DT Associates, Fatou Janko, audit manager, said of the outcome of their official inspection of Nawec: “In our opinion, the financial statements do not present fairly the financial position of NAWEC, as at 31st December, and its financial performance and cash flows for the year then ended in accordance with Generally Accepted Accounting principles (GAAP), and in the manner required by the companies Act,2013.”
Responding, Nawec finance director said monthly sales reports generated from the Galatee was used to post to the General Ledger whilst the report tested from the Galatee during the audit exercise was not the same.
Meanwhile, Baba Fatajo, Nawec MD, apologised to PEC for failure to submit the company’s 2017 activity report and audited financial statement.
However, he promised that his company will work on presenting the report as soon as possible.
Committee chairman, Halifa Sallah, insists Nawec assures the committee that it will work towards preparing its report on time.
“… Failure to come on time may affect proceedings,” he warned.