"With regard to the result of the aggregate operating activities of non-financial companies of the SEP, in 2020, there was a drop of about 174.8 percent, compared to 2019 [when the result was positive at 703 billion kwanzas], with the Operating Result reaching -526.1 billion kwanzas", reads the report available on the Ministry of Finance website.
"This result was mainly influenced by the negative contributions of the operating results of Sonangol and TAAG, around 83 percent and 18 percent, respectively", explains the document consulted by Lusa.
The result of the oil company Sonangol, the executive points out, "was affected by the significant reduction in revenues from the sale of crude oil, as a result of the price decrease, while TAAG's was influenced by the drop in air traffic, as a result of the measures restrictive measures against covid-19".
In the document, the Ministry of Finance also reveals that non-financial companies in the Public Business Sector had a "significant worsening" of their net income, increasing losses by 18.5 times.
"In 2020, the non-financial companies of the SEP registered a significant deterioration in their net income, covering an aggregate loss of 2,633.3 billion kwanzas, 18.5 times greater than the loss recorded in 2019, of 142. 1 billion kwanzas", and the companies that contributed the most to this aggregate negative result were "Sonangol, TAAG [airline] and ENDE [the national electricity distribution company], whose negative net results amounted to 90.5 percent, 5.0 percent and 4.2 percent, respectively, of the total".
Finance also explains that "among the reasons that contributed to the excessive negative results, in addition to the operational performance, are the impairments and the financial results of Sonangol", the main company in Angola.
