State Owned Enterprises

State-Owned Enterprise Financial Snapshot 2015

State-Owned Enterprise Ownership Total Assets Total Revenue Total Liabilities Net Profit / (Loss) 
(%) (ST ‘000) (ST ‘000) (ST ‘000) (ST ‘000)
EPC Electric Power Corporation 100% 430,637 131,830 211,340 -848
SWA Samoa Water Authority 100% 149,064 23,400 83,352 1,263
SAA Samoa Airport Authority 100% 58,484 13,567 2,520 650
SPA Samoa Ports Authority 100% 205,275 14,208 77,003 -545
SSC Samoa Shipping Corporation Limited 100% 88,464 23,901 67,535 1,659
DBS Development Bank of Samoa 100% 194,109 9,609 143,338 -4,555
SHC Samoa Housing Corporation 100% 41,722 5,235 14,319 714
PTO Public Trust Office 100% 7,362 1,073 3,166 226
SLC Samoa Land Corporation 100% 119,113 9,356 62,870 249
STEC Samoa Trust Estates Corporation 100% 47,677 388 6,494 -1,443
SSS Samoa Shipping Services Limited 100% N/A N/A N/A N/A
PAL Polynesian Airlines Limited 100% 41,453 18,306 16,870 1,823
SAMPOS Samoa Post 100% 6,237 2,268 4,073 375
UTOS Unit Trust of Samoa 100% 2,446 1,683 739 937
LTA Land Transport Authority 100% 11,047 37,918 8,777 205

 

Performance Highlights

Samoa’s state-owned enterprise portfolio is composed of 26 public bodies, of which 15 are public trading bodies, 3 are mutual bodies and 8 are public beneficial bodies. The 15 public trading bodies (PTBs) have a legal mandate to operate as commercial businesses, and are engaged in a diverse range of activities including transport, utilities, subsidized housing, postal services, banking, land development, and trustee services. The public beneficial bodies have a not for profit mandate.

During 2002-2014, the PTBs generated an average return on equity of (0.1%), and average return on assets of (0.0%).

More detailed analysis of Samoa’s public enterprise portfolio can be found in:

Government’s Management of SOEs

Government exercises SOE ownership oversight through the application of the:

In 2015, the Government established a Ministry of Public Enterprises to monitor the its ownership interest in the SOEs. The Minister of Public Enterprises is the sole responsible minister for the portfolio, and joint shareholding minister with the Minister of Finance.

The Act and Regulations cover such matters as the duties and responsibilities of the Responsible Ministers, the principal objective of every SOE to operate profitably; how CSOs are identified, costed and approved; directors’ duties; director selection, appointment and removal; and preparation of the Statement of Corporate Objectives and Annual Reports.

Periodically the Government approves policies to provide guidance to the SOEs and assist the Government effectively manage its ownership interest. The following are key policies adopted by Government relevant to SOEs.