Andrea Perez-Sobers
<a href="https://bitcomme.com/gnucash-review-2026/” title=”GnuCash Review 2026″>20260829070305
20260829
The National Infrastructure Development Company Limited (NIDCO) recorded a sharp decline in profitability for its 2021 financial year, with profit after tax falling by more than 96 per cent to $354,216.
NIDCO’s audited financial statements, published in a daily newspaper yesterday, show that net profit from projects after taxation fell from $10.20 million in 2020 to $354,216 in 2021.
The financial statements, which cover the year ended September 30, 2021, were approved by NIDCO’s board and authorised for issue on February 20, 2026.
NIDCO recorded total revenue from projects of $132.65 million in 2021, down from $159.09 million in 2020.
Management fees accounted for $31.32 million of revenue, compared with $46.64 million in the previous year. Construction supervision fees remained relatively stable at $3.57 million, compared with $3.53 million in 2020.
Tender fees increased slightly to $255,000 from $252,596, while interest income on deposits fell to $173,474 from $505,990.
Grant income was $97.33 million in 2021, compared with $108.09 million in 2020.
NIDCO’s operating expenses for projects totalled $131.82 million, down from $148.34 million in 2020.
General and administrative expenses increased marginally from $29.18 million to $29.27 million, while depreciation and amortisation rose from $2.41 million to $3.07 million.
Other expenses also increased slightly, from $5.87 million to $6.01 million.
The company recorded a foreign exchange gain of $3.92 million in 2021, compared with a gain of $1.49 million in 2020.
NIDCO reported net profit from projects before taxation of $837,462 for the 2021 financial year, compared with $10.71 million in 2020.
In the previous year, taxation amounted to $511,661, leaving profit after tax of $10.20 million.
The figures represent a decline of approximately 96.5 per cent in profit after tax over the two years.
NIDCO also reported grant income associated with its vessel operations involving the Jean de la Valette and Galleons Passage. Grant income from the vessels amounted to $136.31 million in 2021, with an equivalent $136.31 million recorded as vessel expenses.
In 2020, grant income from the vessels was $183.95 million, matched by vessel expenses of the same amount.
The company’s statement of financial position showed total assets of $4.40 billion as at September 30, 2021, compared with $3.74 billion a year earlier.
Non-current assets stood at $3.27 billion, while current assets amounted to $1.13 billion.
Amounts due from the Government of Trinidad and Tobago represented a significant portion of NIDCO’s assets. The company recorded $1.99 billion due from the Government as a non-current asset and a further $572.90 million as a current asset.
NIDCO’s total liabilities increased to $4.46 billion in 2021 from $3.77 billion in 2020.
The company recorded accumulated losses of $59.53 million, resulting in total equity of negative $59.53 million.
The financial statements were prepared in accordance with International Financial Reporting Standards.
NIDCO is a state-owned company responsible for managing and overseeing major infrastructure projects on behalf of the Government. The company’s lead executive is acting president, Ravi Seereeram.
