NAWEC FINANCIAL PERFORMANCE IN 2013

By Muhammad Bah
Mr. Ebrima Sanyang Managing Director of the National Water andNawec Power Station
Electricity Company NAWEC on Tuesday 12th May 2015 told the Public Account and Public Enterprise Committee of the National Assembly that the revenue of NAWEC for the year ended 2013 was D2,021 million while cost of sales stood at D2,000 million.Mr. Sanyang informed Deputies this is due to an increase in the cost
of inputs mainly fuel, lubricant and spare parts maintenance. He added
that as NAWEC procures most of its inputs overseas, foreign exchange
rate fluctuations had significant negative impact on the cost of
operations. He explained that this is evident from the exchange loss
of D405 million in 2013 an increase of 96% from 2012. Thus any further
instability increase the overall financial loss of the company for the
year 2013, said the NAWEC MD.
Regarding the timely payment of bills, he said government has been
instrumental in directing NAWEC to replace all the conventional
electricity meters of all non-government critical institutions and
installations, which has to a great extent assisted and improved the
revenues of the company and as a consequence reduced potential
arrears.
He however noted that the recovery of debts owed by Area councils and
some government institutions can significantly alleviate the dire
situation of the company, adding that government is currently being
engaged by NAWEC to assist in this endeavour.