SIFA recorded $7.50 million tala profit for FY 2021


The Samoa International Finance Authority Annual Report for the financial year 2021 confirmed a profit of $21.44 million tala. 

“As a result of its reclassification from a Public Beneficial Body to a Public Trading Body, by the Ministry of Public Enterprises, SIFA for the very first time, paid a dividend of SAT$7,506,713.90, for this financial year being 35% of its profits in accordance with the dividend policy set by the Ministry.” 

According to the report, previously SIFA highlighted a year of unprecedented events, with the onset of the Covid-19 pandemic which has had profound effects not just globally but domestically. 

“Deciding to do things differently, embracing change and accepting that the way in which SIFA previously conducted its business will never be the same. 

“They have embraced technology and taking full advantage of the many opportunities that it brings, notably through the way we conduct promotion and marketing activities, by charting a new promotion and marketing strategy and sourcing different modes of delivery of our promotional activities, through Virtual Webinars, Seminars and Workshops. 

“A key milestone achieved in December 2020, was the establishment of the Samoa International Business Finance Company (SIBFC), a wholly owned subsidiary of SIFA, for the purpose of carrying out this very important function of SIFA to promote and market, Samoa as a premier jurisdiction for international financial services. 

“This achieves the purposes of separating the regulatory function of SIFA from its promotional functions which is an important consideration and further sign of the progress SIFA has made since its establishment back in 1988.” 

“Furthermore, despite these major challenges, the Annual report shows how we have advanced the execution of our strategies for the first year of the SIFA Strategic plan 2020-2024, and we are proud of the progress we have made in this financial year.”