Chief Executive Officer of the Guyana Water Incorporated (GWI), Shaik Baksh, during an interview with the Department of Public Information (DPI) announced that a strong and aggressive drive to collect revenues in 2020 saw an increase of over $1B when compared to 2019.
GWI in 2019 collected $5.3B in revenue. According to the CEO, this achievement is remarkable despite the COVID-19 pandemic which took a toll on person’s ability to pay bills.
“At the end of December, 2020 we surpassed the revenue collections by 22%…that would mean at the end of December 2020, when compared to December 2019, our revenue collection improved by over $1B,” Baksh stated.
According to Baksh when he was appointed the position in August last year, GWI was in a poor financial position with millions in debts owed to suppliers over a three year period. Baksh said the company was also finding it difficult to source important equipment for the day to day operations.
“What I have done since I came here is work with the management of the Finance and Commercial Department and working very hard to improve revenue collection.
“We have been able to reduce the debts to suppliers which was $800M in September to $260M at the end of December; so this was indeed a big achievement,” Baksh said.
He also highlighted that GWI had a financial overdraft with the bank but boasted that the overdraft have not been used since September last year.
“We have not accessed any credit from the banking system,” Baksh stated.
He further said that government agencies have also been paying their dues while noting that the two main costs of running the company is the “hefty” employment cost and high electricity charges.
Baksh said between 2015 and 2020 GWI employed over 700 persons. Additionally, Baksh explained that the company’s overall financial position has improved.