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Govt admits State-owned entities struggling to stay afloat

April 16, 2018

– Guyoil to get new CEO soon

The Government has admitted that a majority of State-owned entities like the Guyana Oil Company (Guyoil) were struggling to stay afloat last year in terms of profitability and earnings and a new Chief Executive Officer (CEO) would be appointed to head the downsized company.
This disclosure was made by Finance Minister Winston Jordan, who was speaking during a recent press conference. Zeroing in on Guyoil, Jordan related that the performance left more to be desired.
Guyoil has been without a substantive CEO since Badrie Persaud was fired from

The Guyana Power and Light, Guyana Sugar Corporation and Guyana Oil Company Limited turned in performances leaving much to be desired, according to the Finance Minister

the post in 2016 on the heels of a Nigel Hinds Financial Services’ conducted forensic audit.
“Guyoil kept within the realm of what they said they were doing, but they lost some market share. The performance was up to standard, but it could have been better. But they did transfer a billion plus in dividends to us.”
“They have a new Chairman there, Mr Mark Bender, and they should get a new CEO there shortly,” Jordan related. “They’re making some other personnel changes and hopefully, they’ll become a bit more aggressive, stem the fall in the market share and hopefully improve it.”
Jordan also noted that building on 2016, he had expected the company to do better than it actually did. In terms of other entities, Jordan painted a less-than-favourable picture of their returns.
“It was difficult last year to see any great success in any one of them. GPL [Guyana Power and Light], I think, they came out saying they had shortfalls in certain areas. GuySuCo [Guyana Sugar Corporation], of course, I don’t even have to say anything. Guyana National Shipping, small profits… (Guyana) National Newspapers (Limited recorded a) small profit (and is) struggling. So all in all, the performance for 2017 wasn’t as great as the performance of 2016.”
Mid-year performance
In the last mid-year report, Guyoil had recorded a deficit of $247.3 million. This is despite the fact it earned revenues of $18.0 billion in the first half of 2017, up 11.8 per cent from 2016. According to the report, the increase was primarily due to additional earnings from debtors which rose by 23.1 per cent to $9.2 billion.
“Expenditure also rose in the first half of 2017, and was 28.8 per cent higher than the first half of 2016. This is primarily as a result of increased payments to creditors. As a result, Guyoil recorded an overall deficit.
“Anticipated declines in local sales put the revised forecast for revenue at $37.6 billion, down from an original budget of $38.9 billion for 2017 while expenditure is projected to decline marginally. Altogether, Guyoil is expected to post a deficit of $328.4 million from an originally projected surplus of $813.1 million,” it had also stated.
Last year, GPL had earned $17 billion in revenue due to more timely payments. However, expenditure also increased, from $9.3 billion in 2016 to $12.6 billion. This was blamed on the higher cost of Heavy Fuel Oil.
In the case of GuySuCo, the company had an operating deficit of $6.3 billion. The Finance Ministry had noted that the $7 billion given to GuySuCo by Central Government by the end of the first half reflected the Corporation’s “continued inability to reform its cost structure and improve its competitiveness” .
“The revised revenue forecast for 2017 is $27.1 billion, down from the budgeted $28.9 billion. GuySuCo expects to realise increased revenue from land sales, but lower revenue from sugar sales. Expenditure is forecasted to rise to $35.7 billion, putting the deficit at $8.6 billion.”
“The closure of Skeldon Energy Inc during the first crop, weather, strike action, and factory maintenance downtime were some of the factors that contributed to the lowering of sugar production targets and revenues,” the report had also said.
It remains to be seen exactly how far off their targets these entities were for 2017. But with the 2017 end-of-year economic report already completed and expected to be laid in the National Assembly shortly, it is only a matter of time before that is determined.

Replies sorted oldest to newest

kpHonorary Member

Some how they don't have qualified people to run these corporations.

4/16/188:16 PM

Former Member

kp posted:
Some how they don't have qualified people to run these corporations.

They should contact Chief's agency.

4/17/1812:36 AM

Bibi HaniffaGNI Queen

kp posted:
Some how they don't have qualified people to run these corporations.

Somehow all the qualified people were fired from their jobs and a bunch of incompetents flashing their party cards were installed to run the country into the ground. The worst part is that the incompetents are being cheered on to take the country to doomsday.

4/17/186:28 AM

Former Member

Pnc headed same direction this time as last time. But this time around oil might just save them.

4/17/187:02 AM

Former Member

Bibi Haniffa posted:
kp posted:
Some how they don't have qualified people to run these corporations.
Somehow all the qualified people were fired from their jobs and a bunch of incompetents flashing their party cards were installed to run the country into the ground. The worst part is that the incompetents are being cheered on to take the country to doomsday.

JORDAN IS A GENIUS, YES A GENIUS ARSE HOLL.

He is the new Burnham, everything he touch turn to shyte.

4/17/188:50 AM

Former Member

PNC could never run anything....square pegs in round holes syndrome

4/17/188:55 AM

NehruBig Mouth Member

Well, that would be the result when you have INCOMPETENT THIEVES running a Company when they are NOT fit to run a Cake shop or Outhouse!!!

4/17/1810:29 AM

Former Member

Nehru posted:
Well, that would be the result when you have INCOMPETENT THIEVES running a Company when they are NOT fit to run a Cake shop or Outhouse!!!

As opposed to what, COMPETENT THIEVES??

4/17/1810:40 AM

NehruBig Mouth Member

I meant incompetent and thieves, shut yuh Poke"

4/17/1810:48 AM

Billy Ram BalgobinBilly

The AFC is bogged down and unable to carry out its promise of change. Time for a new coalition.

4/17/1812:58 PM

Billy Ram BalgobinBilly

Nehru posted:
I meant incompetent and thieves, shut yuh Poke"

Nehru,

People finally getting sense about this corruption business. They learned now that no government will be corruption-free. The best choice they have is choose one that less corrupt.

4/17/181:00 PM

NehruBig Mouth Member

Billy, GNI Snakeoil drinkers are the laughing stock of the World. Can people be really that naive, stupid and gullible???????????

4/17/181:07 PM

Former Member

Riff posted:
PNC could never run anything....square pegs in round holes syndrome

Quite evident as the days go by.

4/17/181:12 PM

NehruBig Mouth Member

Riff, since in the 60's the PNC trying to get a square Peg in a round hole and they still trying. Talk about being incompetent, dumb, stupid and brainless!!!!!

4/17/181:23 PM

cainTired old hippie

Billy Ram Balgobin posted:
Nehru posted:
I meant incompetent and thieves, shut yuh Poke"
Nehru,
People finally getting sense about this corruption business. They learned now that no government will be corruption-free. The best choice they have is choose one that less corrupt.

So far PPP, PNC and APNU have failed, time for new faces.

4/17/181:34 PM

Former Member

Riff posted:
PNC could never run anything ....square pegs in round holes syndrome

Seriously banna? first consider the facts for perspective:

GuyOil posted large profits in 2015 and even larger in 2016 after PPP self dealer Badrie Persaud was fired as Managing Director

Guyana National Shipping . . . small 2017 profit, but still ran in the black

Guyana National Newspapers . . . small 2017 profit, but still ran in the black

GUYSUCO remains a PPP disaster . . . Coalition trying lil radical surgery to stop the bleeding . . . enuf with the ‘con’ factual nonsense

the reporting on GPL is incomplete and sheds no light [no pun intended]

The scampish Guyana Times article mashes up commentary with quotes to create a ‘certain’ impression

why is there a sometim(e)ish policy here on sourcing articles that start threads . . . what are the topic starters trying to hide?

4/17/182:17 PM

Billy Ram BalgobinBilly

cain posted:
Billy Ram Balgobin posted:
Nehru posted:
I meant incompetent and thieves, shut yuh Poke"
Nehru,
People finally getting sense about this corruption business. They learned now that no government will be corruption-free. The best choice they have is choose one that less corrupt.
So far PPP, PNC and APNU have failed, time for new faces.

Vote for Sharma

4/17/182:19 PM

Billy Ram BalgobinBilly

Nehru posted:
Billy, GNI Snakeoil drinkers are the laughing stock of the World. Can people be really that naive, stupid and gullible???????????

The PNC and AFC are busily making deals with people from corners, including many who worked with the PPP. The grassroot supporters of the PNC and AFC are being screwed and most them don't know it.

4/17/182:22 PM

cainTired old hippie

ronan posted
..........
why is there a sometim(e)ish policy here on sourcing articles that start threads . . . what are the topic starters trying to hide?

Good question.

4/17/182:30 PM

NehruBig Mouth Member

Guyana's growth rate the lowest in decade, WHy??? SHIT HEADS took over in 2015, that is why!!!!!!!!!!!

4/17/182:35 PM

Former Member

Billy Ram Balgobin posted:
cain posted:
Billy Ram Balgobin posted:
Nehru posted:
I meant incompetent and thieves, shut yuh Poke"
Nehru,
People finally getting sense about this corruption business. They learned now that no government will be corruption-free. The best choice they have is choose one that less corrupt.
So far PPP, PNC and APNU have failed, time for new faces.
Vote for Sharma

No child rapists and pedophiles, please.

4/17/182:37 PM

cainTired old hippie

skeldon_man posted:
Billy Ram Balgobin posted:
cain posted:
Billy Ram Balgobin posted:
Nehru posted:
I meant incompetent and thieves, shut yuh Poke"
Nehru,
People finally getting sense about this corruption business. They learned now that no government will be corruption-free. The best choice they have is choose one that less corrupt.
So far PPP, PNC and APNU have failed, time for new faces.
Vote for Sharma
No child rapists and pedophiles, please.

If the man is all that why is he not locked away? When did this supposedly occur?

4/17/182:48 PM

NehruBig Mouth Member

When did Jagdeo stole and was involved in the drug trade??? I guess you will now run like a Rat!!!

4/17/182:55 PM

Former Member

ronan posted:
Riff posted:
PNC could never run anything ....square pegs in round holes syndrome
Seriously banna? first consider the facts for perspective:
GuyOil posted large profits in 2015 and even larger in 2016 after PPP self dealer Badrie Persaud was fired as Managing Director
Guyana National Shipping . . . small 2017 profit, but still ran in the black
Guyana National Newspapers . . . small 2017 profit, but still ran in the black
GUYSUCO remains a PPP disaster . . . Coalition trying lil radical surgery to stop the bleeding . . . enuf with the ‘con’ factual nonsense
the reporting on GPL is incomplete and sheds no light [no pun intended]
The scampish Guyana Times article mashes up commentary with quotes to create a ‘certain’ impression
why is there a sometim(e)ish policy here on sourcing articles that start threads . . . what are the topic starters trying to hide?

even though we disagree on the other thing, Riff is correct on the "square pegs" part

4/17/189:29 PM

Former Member

cain posted:
skeldon_man posted:
Billy Ram Balgobin posted:
cain posted:
Billy Ram Balgobin posted:
Nehru posted:
I meant incompetent and thieves, shut yuh Poke"
Nehru,
People finally getting sense about this corruption business. They learned now that no government will be corruption-free. The best choice they have is choose one that less corrupt.
So far PPP, PNC and APNU have failed, time for new faces.
Vote for Sharma
No child rapists and pedophiles, please.
If the man is all that why is he not locked away? When did this supposedly occur?

You are behind the times, bro. Life is passing you by.

4/18/189:28 AM

Former Member

ronan posted:
Riff posted:
PNC could never run anything ....square pegs in round holes syndrome
Seriously banna? first consider the facts for perspective:
GuyOil posted large profits in 2015 and even larger in 2016 after PPP self dealer Badrie Persaud was fired as Managing Director
Guyana National Shipping . . . small 2017 profit, but still ran in the black
Guyana National Newspapers . . . small 2017 profit, but still ran in the black
GUYSUCO remains a PPP disaster . . . Coalition trying lil radical surgery to stop the bleeding . . . enuf with the ‘con’ factual nonsense
the reporting on GPL is incomplete and sheds no light [no pun intended]
The scampish Guyana Times article mashes up commentary with quotes to create a ‘certain’ impression
why is there a sometim(e)ish policy here on sourcing articles that start threads . . . what are the topic starters trying to hide?

We don't know the details of why these state entities are struggling. I wish Granger would address these claims.

4/18/1811:30 AM

cainTired old hippie

skeldon_man posted:
cain posted:
skeldon_man posted:
Billy Ram Balgobin posted:
cain posted:
Billy Ram Balgobin posted:
Nehru posted:
I meant incompetent and thieves, shut yuh Poke"
Nehru,
People finally getting sense about this corruption business. They learned now that no government will be corruption-free. The best choice they have is choose one that less corrupt.
So far PPP, PNC and APNU have failed, time for new faces.
Vote for Sharma
No child rapists and pedophiles, please.
If the man is all that why is he not locked away? When did this supposedly occur?
You are behind the times, bro. Life is passing you by.

You makin this up or shame fo say it happened during PPP time with the useless "goat" and swept under a rug?

4/18/185:53 PM

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Govt admits State-owned entities struggling to stay afloat

– Guyoil to get new CEO soon

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