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As at reporting date, 30 PEs out of 31 had submitted the data relating to the number of people employed for the year 2018. Based on the data for the 30 PEs, it was noted that the PE sector employed a total of 6,290 persons for the year 2018, representing a 2% increase when compared to the year 2017. Employment in the PE sector represented 12% of the total national workforce for the year 2018 compared to 13% for 2017. 

Net Profit/Loss

The PE sector recorded an 11% lower aggregate net profit for the year 2018 compared to the year 2017.
Net profit represented 6% of GDP for the year 2018 which was generated by a total asset base of bnSCR 28 or 127% of GDP, compared to 129% of GDP for 2017. The Services and Development Sector recorded an aggregate net profit of mSCR 438 which was the highest for 2018, followed by the Financial Sector. The Energy Sector reported a decline of 57% in aggregate net profit from 2017 to 2018, equivalent to mSCR 292. Total liabilities represented 56% of GDP, comprising of borrowings worth 7% of GDP.

  Energy Sector

The Energy Sector reported the greatest decline of 57% (mSCR 292) in net profit amongst the four PE sub-sectors, due to a 70% (mSCR 205) reduction in the net profit of SEYPEC. This was particularly due to a 19% (mSCR 836) increase in cost of sales and net foreign exchange loss of mSCR 207.

Additionally, PUC reported a 37% (mSCR 84) decline in its net profit (ref. 3.2 Public Utilities Corporation [PUC]).

 Transport Sector

In 2018 the Transport Sector was the least profitable, reporting an aggregate net profit of mSCR 156, which represented a decline of 6% (mSCR 10) from 2017 to 2018. This was principally due to 8% (mSCR 10.6) decline in the net profit of SCAA, which was associated to a 18% (mSCR26) increase in staff costs and 11% (mSCR 7) increase in other operating expenses.
SPTC reported a net loss of mSCR 20.14, representing 5% (mSCR 1.09) improvement compared to 2017 particularly due to 27% (mSCR 32) growth in revenue (ref. 3.5 Seychelles Public Transport Corporation [SPTC]).

Financial Sector

There was an increase of 5% (mSCR 20.9) in the aggregate net profit of the PEs in the financial sector from 2017 to 2018. Nouvobanq, FSA and SCB recorded a reduction in net profit whilst SPF, HFC and DBS reported growth.
The net surplus of SPF improved by 67% (mSCR 59.4) due to a 20% growth in income, particularly 163% (mSCR 27) growth in fair value of associates, mSCR 54.6 increase in fair value of unquoted equities and 38% (mSCR 23.1) less interest credited to members.
On the other hand, the net profit of Nouvobanq decreased by 18% (mSCR 31.1) due to 78% (mSCR 56.6) increase in tax expense caused by a deferred tax charge.

Services and Development Sector

The aggregate net profit of the PEs in the Services and development Sector grew by 44% from 2017 to 2018. This was primarily due to a 45% (mSCR 116) growth in the net profit of SSI, caused by an increase in dividend from subsidiaries, particularly Nouvobanq and SEYPEC.

Total Assets

The aggregate asset base of PEs amounted to bnSCR 28 representing 127% of nominal GDP for the year 2018. This represents an increase of 6% (bnSCR 1.6) compared to the year 2017. There was a decrease in the proportion of total assets of the PE sector to the nominal GDP for 2018 from 129% in 2017, indicating that the asset growth in the PE sector was lower than the GDP growth for the same period.

Total Liabilities

During the year 2018, the 23 PEs recorded an aggregate liability of bnSCR 12.3 which represents 7% growth when compared to 2017. The growth was being driven by the increase in total liabilities of PUC and Nouvobanq during 2018. Total liabilities of the PEs represented approximately 56% of GDP for 2018.



          Public Enterprise Monitoring Commission
           3rd Floor, Sunshine House, P.O. Box 593,

          Victoria, Republic of Seychelles




    Phone: +248 4303490   

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