According to the management report and accounts of Madang-EP, Empresa Pública Florestal Madeiras de Angola, of the 23 million dollars profit, 9.2 million relate to payments made in euros.
The document also states that in 2019 the government received over 15.175 million kwanzas. This represents a positive 100 percent change in business compared to the previous year.
However, despite the positive figures, the company closed last year's accounts with a negative net result of 10.9 million kwanzas. This loss is justified by the operating and financial costs that were around 36 million, says the Expansion.
In the report, delivered to the Institute of Management of Assets and State Participation (IGAPE), no opinion was presented from the supervisory board and an external auditor. Madang-EP justified the lack of the documents by the fact that "so far" the fiscal council has not been "appointed by the competent entities". As for the auditor, due to "the insufficient financial resources of the company" there is no possibility of contracting such services, he explained.
According to the same newspaper, Angola continues to export mainly to the Asian continent (China, Vietnam and India), the European continent (France, Italy, Portugal and Germany) and the United Arab Emirates.
Considered the second richest country in terms of natural forests in Southern Africa, Angola has great forestry potential. According to the "National Forest Inventory 2015", the country is composed by 69.3 million hectares (about 55.65 per cent of the national territory) of forest, with a total wood volume of about 57 million cubic metres.
The public company was created in 2017 to manage holdings in activities related to the exploitation of forest resources, public forest plantations and to help restore forest plantations.
