International Finance Authority makes $18 million profit
The Samoa International Finance Authority (S.I.F.A.) has recorded a net profit of $18.12 million for the 2017 financial year.
But the profit is a reduction from the previous financial year when the State-owned entity declared a $19.9 million.
This is according to the S.I.F.A.’s annual report for financial year 2016-2017.
Also highlighted in the annual report is the Board of Directors approval of a payment of $15 million, from the General Fund to the Government, for the year to 30 June 2017 in accordance with the SIFA Act.
The S.I.F.A. is a one stop regulatory shop, which is in accordance with accepted international standards for banking, insurance and corporate service provider regulation.
The SIFA has a dual function, where it performs a regulatory role by protecting and upholding the reputation and integrity of the Centre, as well as promote the financial facility and explore ways to market Samoa as an international financial center.
Chairman of the S.I.F.A. Board, Tuatagaloa Alfred Schwalger, has acknowledged the generosity of the S.I.F.A. in its sponsorship and promotion of grants to local sporting bodies (rugby, netball, etc.) and several community projects aimed at assisting youth.
“The net result of its operations for the year in review is a profit of $18.1 million."
I congratulate the Chief Executive Officer, Management and Staff for the hard work.
“Despite the stringent international standards for offshore financial centers, constant changes in tax reporting regulations, pressure from standard setters and competition from renowned offshore markets, S.I.F.A. was able to operate successfully, due mainly to the support from Government and the diligent and dedicated work of its Directors, Management and staff,” said Tuatagaloa. According to the S.I.F.A.’s finances, an increase of 1 per cent of the total revenue of $30.6 million, compared to $30.3 million recorded in the previous year.
“Such increase is the result of the increase in the level of government fees collected during the year and the favorable interests earned on term investments.
“Total operating expenses showed a decrease of approximately 8.2 percent from $10.5 million expended in the prior year to $9.6 million recorded in the current financial year.
“The Authority’s net profit for year ending 30 June 2017 has decreased by 8.9 percent from $19.9 million from prior year to $18.1 million recorded in the current financial year.
“The decrease is mainly due to the loss on asset exchange (SAT3 million) from the SIFA land at Sogi for the Old Government Court House on Beach Road based on a directive from the Government,” stated the annual report.