TPA absorbed the largest share of operational subsidies (23.8%), followed by Angola National Radio (RNA) with 19.7%.
In the fiscal year 2024, operational subsidies—public funds allocated to cover operational expenses of public sector companies, primarily for salary payments—totaled 46.27 billion kwanzas (42.6 million euros), marking an increase of 3.4% compared to 2023.
The data, from TPA’s financial statements, is part of the 2024 Public Enterprise Sector Aggregate Report.
The financial statements for the 2024 fiscal year reveal a net asset value of 70.6 billion kwanzas (65.1 million euros) and a negative equity of 18.3 billion kwanzas, including a net profit deficit of 7.5 billion kwanzas.
According to the independent auditor, who issued an “adverse” opinion on TPA’s accounts, the financial statements were prepared under the going concern principle, “despite the fact that, as of December 31, 2024, the company heavily relies on operational subsidies and has negative equity of 18.3 billion kwanzas, a situation that has persisted in recent years.”
The audit report on TPA, included in the 2024 SEP aggregate report by the State Asset and Participation Management Institute (IGAPE), shows the organization’s operational results are also negative, totaling 6.3 billion kwanzas (5.8 million euros).
Cash flows from operating activities are similarly negative, totaling 17.8 billion kwanzas (16.4 million euros), and current assets are lower than current liabilities, amounting to 69.8 billion kwanzas (64.3 million euros), the auditor notes.
As of the date of this report, receivables from staff, the auditor observes, are “improperly reconciled” with the company’s records and books, with a discrepancy of about 912 million kwanzas (800 thousand euros) identified.
“Consequently, we are unable to conclude the effect of potential adjustments on the company’s financial statements as of December 31, 2024, had such additional information and clarification been obtained,” it adds.
The above data also appears in TPA’s fiscal council report and opinion, indicating losses reduced to 7.5 billion kwanzas compared to the same period in 2023 when the net deficit was 10.7 billion kwanzas (9.9 million euros).
TPA’s fiscal council, after reviewing the company’s financial statements and the external auditor’s report, believes that the economic and financial situation, given the recorded results and investments in progress, “requires combined efforts.”
The adoption of a robust business plan and expansion of overall revenues are “essential actions for the continuity of TPA’s activities,” a company fully owned by the Angolan state, it adds.
