Namfisa records N.dollars 149.4 million total income lower than budget

30 Aug 2018 16:00pm
WINDHOEK, 30 AUG (NAMPA) – Namibia Financial Institutions Supervisory Authority (Namfisa) has recorded a total income of N.dollars 149.4 million during the 2017/2018 financial year.
This was revealed by Namfisa’s Chief Executive Officer, Kenneth Matomola at the launch of its annual report here on Thursday.
Matomola said the total income was lower with 35 per cent, which amounts to N.dollars 80.4 million lower than the budget of N.dollars 229.8 million.
He further noted that the total expenditure of N.dollars 201.7 million was incurred, which represents a saving of N.dollars 28.1 million compared to the budget of N.dollars 229.8 million.
“The variance in total income is due to levy revenue falling below budget as Namfisa’s new levy structure only became effective in November 2017, however Namfisa implemented cost savings measures aimed at ensuring financial sustainability during financial year,” he said.
He further noted that the Authority’s total assets decreased to N.dollars 160 million by March 2018 from N.dollars 190.4 million in 2017.
Matomola added that the decrease is the result of the total comprehensive loss of N.dollars 40.3 million and an increase in liabilities of N.dollars 9.9 million.
He added that the net cash utilised by operating activities amounted to N.dollars 4.1 million during the 2017/18 financial year as compared to N.dollars 56.4 million in 2016/17 financial year.
“The improvement in net cash was mostly the results of efforts made to reduce the balance of accounts receivable outstanding,” said Matomola.