…says Guyoil to get new CEO
“It was difficult last year to see any great success in anyone 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.”
These were the words of Finance Minister Winston Jordan, during a recent press conference, as he spoke on the performance of State-owned entities, more so the Guyana Oil Company (Guyoil), highlighting that it left more to be desired.
Moreover, he noted that a new Chief Executive Officer (CEO) would be appointed to head Guyoil.
“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.”
Jordan also noted that building on 2016, he had expected the company to do better than it actually did.
“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.”
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.