The National Industrial and Commercial Investments Limited (NICIL), the government holding company, recorded a profit after tax of $668.1 million in 2010, with its revenue for that year amounting to $1.286 billion compared to $1,794 billion in 2009.
NICIL’s profit after tax for 2009 was $1,165 billion. Profit before taxation in 2010 was $709 million compared to $1.209 billion in 2009. Operating profit in 2010 was $1.121 billion while it was $1.566 in 2009.
Government recently tabled a series of NICIL’s annual reports following pressure brought by the opposition through a motion by APNU’s Shadow Finance Minister Carl Greenidge passed in June this year.
NICIL’s operating expense for 2010 amounted to $165.4 million compared to $228.4 million in 2009. Administrative expenses for 2010 were $344.7 million compared to $287.1 million in 2009.
In 2010, NICIL paid a total of $40.8 million in taxation
compared to $44.2 million in 2009.
Directors of the entity approved an interim dividend to shareholders in the amount of $928.7 million for 2010 with no other dividends proposed. Earnings per share for 2010 amounted to $6,681 compared to $12,000 in 2009.
According to the report, NICIL held $2.117 billion in investments in 2010 compared with $1.998 billion in 2009. These investments were trade investments, such as shares held in Guyana Stores Limited, Omai Gold Mines Limited, Guyana Stockfeeds Limited, Caribbean Food Corporation, New GPC Inc, Berbice River Bridge, LIDCO and Hand-in-Hand Trust Corporation. They covered also investments in associates such as Guyana Telephone and Telegraph Company Limited, Surpana Allied Agricultural Services Limited and Bosai Minerals Group Guyana Inc.
NICIL has also investments in subsidiaries such as Property Holdings Inc, Guyana National Printers Limited, Guyana National Shipping Corporation Limited, Guyana Oil Company Limited, National Communications Network, Guyana National Newspapers Limited, LINMINE, Guyana World Cup Inc, Linden Electricity Company Inc, Atlantic Hotels Inc, Guyana National Cooperative Bank, Lethem Power Company, Kwakwani Utilities Inc and Aroaima Mining Company Limited.
The report said in the notes to the financial statements that the principal activities of NICIL are “subscribing for, taking or otherwise acquiring and holding the Government’s shares, stocks, debentures or other securities of any company, cooperatives society or body corporate.”
The report lists the Board of Directors of NICIL as being Minister of Finance Dr. Ashni Singh; Head of the Presidential Secretariat Dr. Roger Luncheon; Director of Budget – Ministry of Finance Sonia Roopnauth, CEO of Go-Invest Geoffrey Da Silva and NICIL’s Executive Director Winston Brassington.
