By Sami Zaptia.
London, 8 October 2021:
Libya’s state telecoms holding company, the Libyan Post Telecommunications, and Information Technology Company (LPTIC) presented its consolidated financial statements on the telecommunications sector to the Audit Bureau yesterday.
LPTIC said this was an unprecedented move by Libyan state institutions and comes within the framework of good governance and principles of disclosure in accordance with international standards. It also said the move is based on the directives of the Prime Minister and Chairman of LPTIC’s General Assembly, Abd Alhamid Aldabaiba, regarding the disclosure of business results, and in order to enhance the principle of transparency pursued by LPTIC and its subsidiaries.
Sound decisions based on data
LPTIC said the process clarifies the consolidated its financial position and its subsidiaries. It also works on showing the profits, losses, cash flows, and the financial condition of the sector on a whole, which helps the owners and decision makers to know the true financial position, and then make sound decisions that contribute to the development of the telecommunications sector.
LPTIC net asset value amounted to about 17 billion dinars
LPTIC revealed that the net asset value of the group amounted to about 17 billion dinars, an increase of 334 percent compared to the year of establishment in 2007, which was about 3.9 billion dinars.
The value of net equity increased in December 2020, reaching 10 billion dinars, while in 2007 it did not exceed the value of approximately 1.9 billion dinars – a growth rate of 420 percent.
There was a growth in operating income by 226 percent, and the ratio of net income of revenues reached 73 percent in 2020 at the level of the group. The rate of return on assets reached 16.34 percent, which LPTIC said means that the company’s assets are used in an effective way to increase the profitability rate.
The rate of return on equity reached about 27 percent in 2020, while the return on equity for the years from 2014 to 2017 did not exceed 7 percent. The rate of earnings per share at the end of 2020 was 43 dinars per share. This is the highest rate of return achieved since the company was established in 2006, LPTIC said.
Electronic follow-up by the Audit Bureau
The holding company also handed over the username and password for the Enterprise Resource Planning system (ERP system) to the Audit Bureau so that the Bureau would automatically examine and review the financial transactions of the telecommunications sector for the first time in the history of Libya.
The system combines all the company’s important operations in one system, including accounting Human Resources, Inventory and Purchasing Management by allowing companies to plan, budget, forecast and accurately report their financial health and procedures as part of the project to automate state institutions and transition to a comprehensive digital transformation in the country.
LPTIC chairman Faisal Gergab said “The aim of this step is to clarify the financial transactions of the telecommunications sector, by applying transparency standards, which allows the Audit Bureau a great deal of automatic and continuous monitoring and follow-up of the financial transactions of the telecommunications sector, and in support of our strategic plan that seeks a comprehensive digital transformation. in the country”.
Some of the LPTIC’s achievements reviewed
LPTIC reviewed a set of achievements it has achieved in the sector, after its actual implementation of the project to structure and develop the communications and information technology sector, by adopting a policy of digital transformation and applying mechanization techniques to renew the ways of doing business and developing services in line with global development.
The last achievement announced by LPTIC, in conjunction with this event, was the opening of the global control centre that belongs to the Libyan International Telecommunication Company in partnership with Ericsson International, through which LPTIC can track and monitor all its telecommunications networks, to find out any malfunctions or malfunctions and take action Fast and self-repairing with high network security.
On Thursday, the completion of the Silphium submarine cable development project linking Libya with Greece was announced. This is wholly owned by the Libyan state through the International Telecommunication Company which leads to an increase in the total internet capacity to 370 GB, and thus high internet capacities will be provided in the eastern region.
The Telecom Holding Company was able earlier to deliver the national messaging network to 214 villages and cities across the country, complete projects to connect oil fields to the fibre-optic network, create new infrastructure paths, and launch fourth-generation services in all cities, especially the distant cities in the far south. Libyan.