Sonangol continues to lead the ranking of the largest companies in the Public Business Sector (SEP), representing 57 percent of total aggregate assets in 2022, of 26.9 billion kwanzas.
The ranking considers the balance sheets of 71 companies in the public sector that provided accounts within the time period determined by the Institute for the Management of Assets and State Participations (IGAPE).
According to the data, Sonangol’s assets reached 15.4 billion kwanzas, followed by far by those of Investpar – Investimentos e Participações (SU) and Banco de Poupança e Crédito (BPC) with 1.9 and 1, 6 billion kwanzas, respectively.
The Electricity Production Company (Prodel) represents the fourth largest (1.1 billion kwanzas) and Unitel (925.7 billion kwanzas).
Among the ten largest are also the Benguela Railways (CFB), the National Transport Network (RNT), the National Electricity Distribution Company (ENDE), the Development Bank of Angola (BDA) and TAAG- Angola Airlines.
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The performance of the 71 public companies was considered “unreasonable” by the Minister of Finance, Vera Daves, when speaking, last Friday, at the opening of the presentation of the “Aggregate report of the public business sector”.
On the occasion, Vera Daves reinforced the “unexpected” need for the public business sector to contribute more to the economy, considering it “unreasonable that the sector’s aggregate assets correspond to 51.4 percent of the nominal Gross Domestic Product and, however, the annual turnover it generates corresponds to just 16.9 percent of the indicator, which measures the wealth produced in the country.
He announced that an imminent reform of the public business sector, which highlights the need to improve the financial autonomy of companies, eliminate permanent sources of fiscal risk and create the right incentives for companies to be profitable and pay dividends to shareholders, i.e. to the State.
“We intend, more and more, to abandon the logic of subsidies and permanent recapitalizations and to rationalize the resources allocated to companies in the Public Business Sector, within a framework of rigor, discipline and parsimony that, in general, are imposed on the execution of public expenditure”, he said . .
ENDE, BPC, Biocom, CFB and Televisão Pública de Angola (TPA) are the companies that had the worst result in the economic year of 2022. Together, they add up to AOA 339.6 billion in losses for the State coffers.
The air carrier TAAG, the Infrastructure Land Management Company (EGTI), the Benguela Provincial Water and Sanitation Company (EPASB), Edipesca and Hidroportos were also in the red, according to the data presented.
According to the survey, ENDE, Biocom and TPA are also part of the top 5 of “companies in technical bankruptcy”, together with the Zahara group and Angola Telecom.
