The Samoa Housing Corporation ended its first quarter of the current financial year on a high note, with a profit of $1.12 million tala.
The reporting period of the first quarter covers July to September 2021.
The S.H.C. lends money for residential housing development and administers the Government’s rental housing portfolio.
This is highlighted in the Ministry of Public Enterprises quarterly report and the purpose as mandated under the Public Bodies Performance and Accountability Act 2001 is to provide an overview of the performance for the quarter ended 30th September 2021 for information of the public.
The report says there 258 new loans approved during the quarter valued at $5.59 million tala. “The Corporation recorded a net profit after tax of $1,123,731 at the end of the quarter.”
In its annual report for fiscal 2020, the Corporation delivered a 30-year record in its ﬁnancial performance by generating $2.1 million in profits.
“The financial year 2020 was a stellar year for S.H.C. In our 30 years of service, we delivered a record ﬁnancial performance of $2.1 million tala proﬁt high compared to $1.8 million tala in the prior year which indicates a 15% increase respectively.
“The Corporation managed to offer its ﬁrst ever widely scoped stimulus package with a total value of $4 million tala to support all its customers and stakeholders in the wake of the unprecedented [COVID-19] pandemic economic downturn.
The total value of the corporation’s loans portfolio in 2020 was $60.3 million tala compared to $56.2 million tala the previous year – growth of about 7 per cent at that time.