Belinda
Ayamgha/ Judith Amoateng, GNA
Accra, Oct. 10, GNA – The Ghana Airports
Company Limited (GACL) on Tuesday said it has applied to the Ghana Revenue
Authority (GRA) to allow it to prepare its accounts in dollars to address the
effects of currency depreciations on its profit margins.
Mr John Dekyem Attafuah, Managing Director of
the GACL, said a large part of its revenue was in dollars, thus the
depreciations of the Cedi affected its business as well as the loans it took to
undertake projects.
Speaking at the 6th Annual General
Meeting of the GACL held in Accra, Mr Attafuah said preparing the accounts in
dollars will help the company to see its real value, without the impact of cedi
fluctuations.
He explained that in instances of cedi
fluctuations, a loan of $100, which is the equivalent of GH¢500.00 for
instance, when reviewed, may go up to GH¢600.00, even though the money had not
been spent.
The increase of GH¢100.00 then adds on to its
costs, making the company less profitable.
“But if you pay in dollars, which of course
the laws allow, we could then report realistically on our operations,” he said,
adding “…remember almost 87 per cent of our income is in dollars, it’s all
aeronautical, the 15 or so per cent that we take locally is the
non-aeronautical bit and therefore effectively we are an offshore company”.
He said the company was yet to receive any
feedback from the GRA on their request.
Presenting the operational and financial
performance of the GACL, Mr Attafuah noted that, while the company continued to
operate profitably, its profit before tax of GH¢87 million in the year ended
December 31, 2017, was 43 per cent lower than the 2016 figure of GH¢153
million.
This he, said was due to a higher operational
costs and currency exchange losses. The GACL however recorded increases in its
total non-current assets, which grew by 19 per cent to GH¢6.4 billion and total
assets, which increased by 15 per cent to GH¢6.7 billion.
“Total assets value per share increased by 15
per cent to GH¢1,383.00 from GH¢1,202.00 in 2016,” he said.
He said management was confident that, despite
the uncertainties and challenges in 2017, the completion of Terminal 3 will
create opportunities for further growth.
Mrs. Oboshie Sai Cofie, Board Chair of the
GACL, said the company’s report for the year under review affirmed the
commitment of the Board, management and staff of the GACL to sustain its strong
performance despite notable challenges on the economic front.
She said while the net profit was not
momentous compared to recent past years, the company had showed resilience by
posting an impressive total revenue of over GH¢440 million, which was 21 per
cent above the previous year’s.
She noted that, the company had seen record
passenger volumes, air traffic movements, and freight in the year under review,
in spite of market uncertainties.
“Stated Capital went up to GH¢4.855 billion in
2017, from one million in 2016, representing an increase of GH¢4.84 billion,”
she said, noting that, this was the result of several transfers into its stated
capital account during the year.
An amount of GH¢1.6 billion was transferred
from its income surplus, GH¢1.02 million from other reserves, GH¢3.177.00 from
revaluation surplus and GH¢12.676 million from Government of Ghana capital
support.
She commended management and staff of the
company, as well as members of the Board for their ‘contributions, diligence
and cooperation, adding that, with their continued commitment, they will
continue to contribute to the development of Ghana.
GNA