S.I.F.A. records $23 million profit
The Samoa International Finance Authority (S.I.F.A.) recorded a net profit of $23.48 million for the 2019 financial year, an increase from $21.82 million in the previous year.
The Government-run financial institution also recorded an increase of approximately 2.5 per cent in total assets from $88.2 million in the prior year to $90.4million in the 2019 financial year. The performance of the S.I.F.A. for the last financial year was highlighted in the 2019 Annual Report.
“These assets are mainly cash and term investments representing 89.1 per cent of total assets,” the annual report reads.
In relation to its financial performance, the S.I.F.A. recorded an increase of 1.3 per cent of total income to $31.5 million compared to $31.1 million recorded in the prior year.
“Increase is mainly due to higher dividends received from investments held with U.T.O.S. [Unit Trust of Samoa] and interest income from term deposits with commercial banks.
“Expenses decreased approximately from $9.8 million to $7.9 million in this financial year.
“This decrease is mainly due to significant control of promotion and sponsorship activities. The Authority’s total comprehensive income for the year ending 30 June 2019 has increased by 7.6 per cent from $21.8 million to $23.5 million.”
S.I.F.A. Board Chairman, Tuatagaloa Alfred Schwalger, also acknowledged that S.I.F.A. capitalised on sponsorship opportunities offered by local sporting bodies such as Samoa Rugby Union, Rugby League Samoa and Samoa Netball Association to further promote its products and its profile in the local community.
“The corporate and financial performance of S.I.F.A. was once again exceptional. For the year in review, S.I.F.A. made a net profit of $23.5 million an increase of eight per cent from the previous year. For the 3rd year in a row, S.I.F.A. paid $15 million to the Ministry of Finance to support the government budget,” added Tuatagaloa.