UGANDA: The Bank of Uganda made losses of UGX.855Bn-Report

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The December 2019 auditor general’s report has named Bank of Uganda as the most loss-making company in Uganda.

The report whose authoring was overseen by Auditor General, John Muwanga highlighted that in comparison to the previous year, 13 enterprises posted improved (increased profits or reduced loss) performance, with Uganda Electricity Generation Company, Uganda Property Holding and Civil Aviation Authority registering over 300% percentage increase.

On the other hand, Uganda Development Corporation, Uganda Air Cargo Corporation and Bank of Uganda posted losses for the year from profit positions in the previous year with a reduction in performance of over 300%.

According to the breakdown, Bank of Uganda made losses to a tune of Shs855,582,000,000 up from the Shs424,113,000,000 in profits the company recorded in 2018.

Uganda Development Corporation made losses of Shs17,571,299,000 from the Shs383,820,000 profits the company made, while Kilembe Mines Limited maintained extended its loss-making streak in 2019 with Shs2,321,001,684 losses recorded an increment from Shs1,624,302,143 losses in 2018.

The other companies that recorded losses were Capital markets Authority Shs43,833,000, although this was a reduction from Shs1,330,205,000 the company made in 2018 and the other loss-making company was NEC Tractor Project whose losses soared to Shs389,305,722 up from Shs70,636,203 recorded in 2018.

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