What you need to know:
- According to the Auditor General, whereas there are 46 state enterprises, only 26 were audited for the period ended June 2021. Other entities did not provide audit reports.
- The three, which include Uganda Electricity Transmission Company Limited (UETCL), Uganda Electricity Generation Company Limited (UEGCL) and National Water and Sewerage Corporation (NWSC), according to the report, returned a combined profit of Shs251.7b.
At least 13 out of 46 corporations and state enterprises returned a profit during the period ended June 2021, according the Auditor General.
The report, which covers the period between June 2020 and June 2021, however, noted that only three corporations and state enterprises had during the period managed to overcome Covid-19 restrictions to double their profits.
The three, which include Uganda Electricity Transmission Company Limited (UETCL), Uganda Electricity Generation Company Limited (UEGCL) and National Water and Sewerage Corporation (NWSC), according to the report, returned a combined profit of Shs251.7b.
This was a growth of about 66.3 percent from Shs84.7b that the three posted during the same period in the 2019/20 financial year.
The report, which was completed in December last year, was handed to Parliament last week for further action.
In the report, Auditor General John Muwanga noted that whereas the performance of some public corporations and state enterprises had deteriorated, the general performance had slightly improved compared to the previous financial year.
In total there are 46 corporations and state enterprises. However, the Auditor General only audited 26.
Of the 26, the report noted, only 13 were profitable with UETCL posting Shs112b in profits, which was the largest during the period.
UETCL, which sells electricity to distribution companies such as Umeme, was followed by UEGCL and National Water and Sewerage Corporation, which recorded profits worth Shs91.9b and Shs47.8b, respectively.
The improved performance, the report noted, was mainly due to government efforts to ease several Covid-19 related restrictions, allowing certain businesses to reopen.
However, Mr Muwanga noted that Uganda Railways Corporation, Kilembe Mines, Uganda Civil Aviation Authority and Uganda National Airlines Company Limited continued to post losses.
The Auditor General also noted that at least seven entities were not assessed because they had not submitted audited accounts at the time of writing the report.
Uganda National Oil Company, which is 100 percent government owned, Nakivubo War Memorial Stadium, currently under construction, National Housing and Construction Company, which is 51 percent government owned and Uganda Telecom did not submit audit reports.
The others were, Micro Finance Support Centre, Uganda Seeds Limited and Uganda Livestock Industry. Uganda Air Cargo Corporation and Uganda Refinery Holding Company were also not audited.