State businesses' profits surge
Businesses owned by Samoa's state-owned enterprises grew their profits significantly in the last Financial Year by $9 million.
The Ministry of Public Enterprises' annual report for the previous Financial Year shows "mutual and beneficial" bodies controlled by Government enterprises raked in $91 million in profits compared to $82.5 million the year prior.
More than half the profits were recorded by the Samoa National Provident Fund (S.N.P.F.), which brought in a total of $53.13 million in 2018-19, or a jump of more than $5.1 million.
S.N.P.F.'s revenues rose to $60.9 million last Financial Year from $53.8 million. Meanwhile its expenses dropped to $7.8 million from $8.5 million.
The Samoa Financial International Authority also brought in $23.5 million in profit, compare to $21 million the year prior. The Authority brought in $32 million in revenue while its expenses for 2018-19 fell by $1 million to just $8 million.
The Accident Compensation Corporation was the third-most profitable corporation, generating $14.6 million in profit.
The Samoa Tourism Authority’s profits were reached $1.4 million after its revenues rose by $1 million last Financial Year to reach a total of $12 million. The Authority's expenses increased only marginally, by about $100,000 to reach $10.7 million.
The National University of Samoa is operating at a $1.2 million loss, the report found. Its revenues for 2018-19 dropped by $1 million to $24 million compared to expenses of $25 million.
The Samoa Fire and Emergencies Services Authority had its losses reduced to $475,818 last financial year; a significant drop from $3.6 million the year prior. The Authority collected revenues of $4.5 million and recorded expenses of $5.73 million.
The Scientific Research Organisation of Samoa also operated at a $437,706 loss. The Organisation has now been in the red for two years consecutively. Its losses for 2018-19 were a significant increase on the previous year's deficit of 152,470.
The full list of the Ministry's Mutual and Beneficial bodies includes: the Accident Compensation Corporation; the Samoa Life Assurance Corporation; the Samoa National Provident Fund; the National Health Services; the National Kidney Foundation; the National University of Samoa; the Samoa Fire and Emergency Services Authority; the Samoa Qualifications Authority; the Samoa Sports Facilities Authority; the Samoa Tourism Authority; the Samoa Finance International Authority and the Scientific Research Organisation of Samoa.