Solomon Airlines Limited

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The Accountable and Responsible Minister
Minister for Finance and Treasury

 

Board of Directors

Director Position Expiry
Mr. Austin Leslie Holmes Chairman 1/09/2018
Mr. Peter Sone Forau Member 16/05/2021
Rob Bochman Member 8/04/2019
Josefa Tuamoto Member 01/09/2020
Masao Yamagata Member 01/09/2020
Cathy Launa Nori Member 01/09/2020

Activities
Solomon Airlines Limited (SOLAIR) is a Solomon Islands company registered under the Companies Act 2009. 100% of its shares are owned by the Government of Solomon Islands, through the Investment Corporation of the Solomon Islands (82.3%) and Solomon Island Holdings (17.7%).

The company is subject to the State-owned Enterprises Act 2007 and State-owned Enterprises Regulations 2010.

SOLAIR is governed by a board of directors that is responsible to the Minister of Finance and Treasury, being the Accountable Minister for Solomon Airlines Limited.

Vision and Mission
Solomon Airlines serves a domestic network of 24 destinations, and four international cities (Brisbane, Nadi, Port Vila and Port Moresby). It is the only scheduled airline operating on domestic routes, although it does not have statutory exclusivity on any of its routes.

Community Service Obligations
Solomon Airlines received SBD5.3 million, SBD5.8 million, BD9.9million and 3.039 million in payments for the provision of community service obligations (CSOs) in 2013, 2014, 2016 and 2017, respectively. These CSOs are air services to provincial airstrips where ticketing revenue is insufficient to cover the costs of service.

Financial Highlights

Financial Highlights (SBD ‘000) 2013 2014 2015 2016 2017 5-yr Average
Revenue 267,176 257,660 267,064 259,701 277,845  265,889
Net Profit After Tax -8,968 -11,806 -32,928 -17,244 10797 -12,029
CSO payments 5,290 5,800 0 9,978 3,039  4,821
Total Assets 174,970 175,371 171,182 168,315 167,310  171,429
Total Liabilities 122,321 138,326 161,601 168,141 164,594  150,996
Shareholders Funds 52,648 37,046 9,581 174 2,716  20,433
ROE % -17.0% -31.9% -343.7% -9930.0% -398% -1,984.9%
ROA % -5.1% -6.7% -19.2% -10.2% 6% -7.04%
Asset Utilization 153% 147% 156% 154% 166% 155.2%
Cash / Current liabilities 0.036 0.075 0.084 0.038 0.221 0.0908

Important Documents

Website