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Cape Town - The Cape Town International Convention Centre (CTICC) on Tuesday delivered a solid economic performance and financial results for the 2013/14 financial year.
The CTICC continued to boost the macro-economic landscape of the Western Cape and SA and contributed R3.1bn to gross domestic product (GDP) and R2.8bn to gross geographic product (GGP) in the fiscal year.
CEO Julie-May Ellingson said since inception the CTICC has been a catalyst of economic growth and job creation.
“As a result of its operations, 7 649 direct and indirect jobs were created and sustained in 2014 in the Western Cape and South Africa,” she said.
During the year under review 535 events were hosted, which translated to more than 1.2 million delegate and visitor days being generated.
In addition the CTICC contributed R1.1bn in foreign exchange earnings and R291m in tax revenue. An additional R1.5bn in indirect household income was generated.
“From a revenue perspective a net profit before tax of R26m was achieved with annual revenue reaching R172m against a target of R160m. This is an 11.4 % increase on the R154m revenue generated last year,” said Ellingson.
The CTICC is committed to economic empowerment with more than 78% (R158m) of the organisation’s total procurement spend being with BEE suppliers and over 67% (R136m) was awarded to small medium and micro enterprises (SMMEs).
“Small and medium businesses play a key role in the socio-economic development of the country and the CTICC makes every effort to partner with local suppliers for the procurement of its goods and services,” said Ellingson.
In terms of corporate governance, the CTICC achieved an unqualified clean audit for two years in a row.
“This is the highest commendation that a municipal entity can receive and endorses the CTICC’s commitment and adherence to good corporate governance and financial management,” she added.
“Over the past decade the CTICC has made a cumulative contribution in excess of R25bn to the national economy and contributed more than 22 billion to the Western Cape economy.”
- Fin24
