ExporTT reports $2.8m profits for 2020

After four years, ExporTT has shared its summary consolidated financial statements for the financial year ending September 30, 2020, revealing an increase in profits over the year before.

The financial statement, published in the daily newspaper, reports a $1.2 million increase in profits year-on-year, earning $1.5 million in profits in 2019 and $2.8 million in 2020.

"ExporTT garnered $17.6 million in income in 2020 as compared to $17.2 million the year before. A total of $10 million came from government grants, with the rest garnered through trade certification, investment income, project residual income and training," the statement said.

ExporTT accrued $14.6 million in expenditures, which was spread across salary payments, administrative expenses, benefits and Public Sector Investment Programme (PSIP) expenses, leaving the company with a little over $3 million before tax.

In February, ExporTT directors along with officials at the Ministry of Finance and the Ministry of Trade and Industry, were grilled by a Joint Select Committee (JSC), which looked at the organisation’s last financial statements published in 2018.

During the JSC, ExporTT general manager Maria Padilla-Benjamin said the company had completed its financials up to the year 2020 and would present them at ExporTT's annual general meeting, which was held late in February.

Companies usually have a four-month deadline to submit statements after September 30 to the Ministry of Finance.

Padilla-Benjamin explained that the company had an auditor with whom it had issues and was required to reapproach the finance ministry for approval of new auditors. That led to extensive delays, she said.