Sonangol gets top AKz 13 billion net results

The net results of the National Society of fuels of Angola (Sonangol), in fiscal year 2016, stood at more than 13 billion kwanzas, stated today, Monday, in Luanda, the Chairman of the Board of Directors, Isabel dos Santos.

According to the PCA of Sonangol, who spoke at the press conference for the presentation of results/2016, AKz 13 billion and the value of 525 billion kwanzas Ebitda (earnings before interest, taxes, depreciation and amortization), reflect a reversal of the trend of abrupt fall in the two years preceding exercises, thus solidifying the foundations of the recovery group.
The Manager stressed that the results are essential for the company to assume, again, the condition of your driving force of the Angolan economy and generating wealth for all citizens of the Republic of Angola.
Another highly positive, considered the PCA on your intervention, is the maintenance of oil production, over 2016, and despite all the constraints, it remained above the value of 1 million and 700,000 barrels per day, putting Angola as first oil producer on the African continent.
Isabel dos Santos recalled that the current management of Sonangol, named in June 2016, claimed responsibility in a situation of economic crisis in the country, and with the company in breach of 60 percent compared with revenues 2013-2016, a high debt, low Oil price.
On the basis of such a framework, the Manager, began the process of transformation and implemented actions that made it possible to meet the reality of the company at several levels, namely financial, assets, business, legal, procedural, human, economic and social terms.
He also explained that given the size of the universe Sonangol, the study and the complexity of relationships and interdependencies, it required the use of external support, mainly in four critical areas fundamental as human resources, legal, Financial and strategy.
In the financial sector, the company has carried out, among other activities, audits of various business areas and subsidiaries, while the legal survey and inventory of the assets took place and heritage, legal framework of the activities of the company and initiated the process of compliance.
Already in relation to human resources, reported that 6000 workers, were evaluated in the context of your technical competence, attitude and behaviour, defined the requirements and technical and behavioral competences for each function, as well as a built-in program to identify, assess, monitor, and prepare the future leaders and managers for the various areas of the company.
In terms of the strategy, outlined a transformation plan that ensure stability and continuity of the company, whose bases will be launched in 2018, to reflect the growth and investments required.
According to the charge, with this plan, the company was able to increase revenue potential with the program Sonaplus, which gained 183 billion kwanzas (1,100,000,000 USD), and caught 43 billion kwanzas (260 million USD).
The Sonaplus program was in volumes sold increases of bitumen, optimisation of Luanda refinery products, and lubricants prices review on SonAir, and adoption of revenue assurance programs at the clinic.
In the reference period was implemented also the Sonalight program, which provides a cost reduction to 200 billion kwanzas (1,200,000,000 USD), with 113 billion kwanzas (US $680 million) are already approved.
In 2016, explained the President of the concessionaire of hydrocarbons of Angola, was achieved effective savings of 53 billion kwanzas (320 million USD), with particular incidence in the second half.
"This was made possible through the implementation of the improvement measures and internal control processes, the alignment of management and financial policies with international best practices, the review of the models and investment strategies or the competence and meritocracy as a basis of decisions related to human resources", justified.
In terms of social responsibility, according to Isabel dos Santos, the company made investments exceeding 3,650,000,000,000 kwanzas (22 million USD) for projects in the areas of education, health and vocational training.