Press Release

The Fondo de Ahorro de Panamá Releases its Audited Financial Statements for the Third Quarter 2020

Panama | March 30, 2021

The Fondo de Ahorro de Panama (the “FAP” or the “Fund”) has released its audited financial statements for the third quarter of 2020 (“3Q2020”).  The following are highlights of the quarter:

  • The cumulative gross return for the year to 3Q2020 was 3.95%.

  • Net income for the same period was B/. 51.7 million. *

  • During the 3Q2020, the Fund generated B/. 20.8 million in interests and dividends.

  • Net assets closed the quarter at B/. 1,339.7 million.

FINANCIAL RESULTS

 
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Results for the Period

The accumulated results for the first nine (9) months of 2020, show a net income of B/. 51.7 million.  The positive results in the 3Q2020 period were driven mainly by the improvement in key economic indicators, the development of vaccines against COVID-19 and by generally better earnings announcements. 

During 3Q2020, the Fund generated interest and dividends of approximately B/. 20.8 million, compared to B/. 23.3 million in the same period 2019.

Assets

At the end of the 3Q2020, the Fund´s total assets were B/. 1,448.9 million.  Net assets closed the quarter at B/. 1,339.7 million, compared to the B/. 1,379.9 at 3Q2019.

SUMMARY OF THE QUARTER

  • The FAP´s Board of Directors approved the transfer of B/. 105 million to the National Treasury to support the country in the measures and actions taken in response to the economic and social effect of the COVID-19 pandemic, under the national emergency declaration framework.  

  • The Fund begins the implementation of its Private Equity portfolio

  • The FAP becomes signatory to the Principle to United Nations-supported Principles for Responsible Investment.

SUMMARY OF AUDITED FINANCIAL STATEMENTS

 
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*The official currency of the Republic of Panama is Balboas (B/.), which is at par and freely exchangeable with the United States dollar (USD); The Republic of Panama does not issue its own currency, and instead, the USD is used as legal tender and is considered the Fund´s functional currency. The financial reports provided by our global custodian are in USD and form the financial basis of this report.

About the Fondo de Ahorro de Panama

The Fund was created by Law 38 of June 5, 2012, whose main objectives are:

  1. Establish a long-term savings mechanism for the Panamanian State; and

  2. Establish a stabilization mechanism in case of a state of emergency (declared by the Cabinet’s Council) and economic slowdowns.

Contact: Administration, +507-394-5776/5706, administrador@fondoahorropanama.com

For additional information visit www.fondoahorropanama.com

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