S.L.C. records record $4 million profit
The Samoa Land Corporation [S.L.C.] has declared its highest ever net profit after tax of $4 million for the 2019 Financial Year, according to its annual financial report.
The Corporation's revenue collection generated $13.5 million which is a substantial increase of close to 45 per cent compared to fiscal year 2018.
In an annual report, the Chairman of the S.L.C. Board, Lavea Lemalu Malifa, noted the profit “almost doubles the amount recorded for last year.”
The return of equity ratio also increased to 14 per cent from 8 per cent last year.
“The S.L.C. paid [a] $3 million dividend to the Government in November 2018, the highest since establishment and another $1.6 million paid in November 2019 to cover the last six months of the year under review," Lavea said.
“A new requirement stipulated by the Ministry of Public Enterprises of 35 per cent dividend every six months profit.
“Again it’s the first time S.L.C. presented dividend consecutively within two financial years.”
According to the report, the income from lands is the major contributor earning close to 75 per cent while the remaining of more than 20 per cent comes from operating markets in Savalalo; Vaitele and Salelologa, the Faleata golf course and Malifa lodge.
“The main uses of Government lands are to lease for residential purposes, agricultural developments, business, community based obligations like schools and villages.”
The S.L.C. General Manager, Ulugia Petelo Kavesi noted the Corporation assets have increased from $38.7 million to $41.3 million for the said financial year.
Challenges encountered by the Corporation include methods to improve debt receiver processes and to bring its arrears down to zero.
“Trying to identify more practical solutions to assist in mediating and resolving village issues and disputes directly and indirectly affecting government lands and property which have always been very challenging and also their outstanding debts” with the Corporation.