Togo: More than 90% of the revenues generated by State companies in 2021 come from three firms

Economy
Monday, 11 July 2022 14:44
Togo: More than 90% of the revenues generated by State companies in 2021 come from three firms

(Togo First) - In Togo, 11 out of the 16 fully-public companies generated a turnover of CFA167 billion in 2021. That is 11.5% more than in 2020 when they generated CFA149.8 billion. 

The increase was driven mainly by three companies: UTB (which is being privatized), the Autonomous Port of Lomé (PAL), and LONATO.

Together, these three firms generated CFA154.3 billion, or 92% of the total reported for the 11 companies in 2021. Separately, they generated CFA22.8 billion (UTB), 34.9 billion (PAL), and 96.6 billion (LONATO), increasing from 17.9 billion, 30.8 billion, and 87.8 billion, respectively.

In 2019, the UTB-PAL-LONATO contributed 90.8% or CFA132.9 billion of the amount generated by State-owned companies that year, CFA146.3 billion. Then, the figure was divided as follows: CFA19.3 billion for UTB, CFA30.2 billion for PAL, and CFA83.4 billion for LONATO. 

Read also: Togo: Dividends received from State-owned companies dropped by 40% since 2019

It should be noted that in 2021, profits of State companies slumped by 22.6% to CFA14.7 billion. This was because the operating income of UTB collapsed by 95.9% as the lender struggled to establish a profitable business model.

Fiacre E. Kakpo

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