The Auditor General’s report released December 2019, has named Bank of Uganda (BoU) as the most loss-making government entity, making losses of about Shs855.585 billion.
According to the breakdown, BoU had losses grew from about Shs424.113 million in profits the company recorded in 2018.
The report authored by the Auditor General, John Muwanga says 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.
Meanwhile, Uganda Development Corporation (UDC), 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 percent.
UDC made losses of Shs17.571 million from the Shs383.820 million 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.
Other companies that recorded losses were Capital markets Authority (CMA) which made loss of 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.
