Related Articles
Top Stories
May 25 2012 13:58
The costs of the first phase of the Gauteng Freeway Improvement Project have increased significantly to almost R90bn, according to a report.
May 25 2012 19:13
Uncertainty over the future of the euro zone returned to push the rand down against the dollar.
May 25 2012 17:09
Clients hoping to cash in their end of month paychecks at Absa received a nasty surprise after the online banking system fell over.
Cape Town - The state-owned development financing body, the Industrial Development Corporation (IDC), made a thumping great profit of R4.345bn in the financial year ending in April 2007.
According to the annual report tabled in parliament and circulated there on Monday this compares with a profit of R753m made in the previous year.
Chairperson Wendy Luhabe said the improvement is attributed mainly "to gains on realisation of investments, to the excellent performance of equity accounted investments and to the strong performance of our operating subsidiary Foskor".
Foskor itself made a strong financial recovery on the back of record phosphoric rock prices, a more competitive exchange rate and improved operating efficiencies.
Excluding capital gains the group improved from a profit of R412m to one of R2.549bn.
"This is by far the group's best performance to date," Luhabe said.
The financial performance was influenced, according to chief executive Geoffrey Qhena, by the boom in consumer spending and favourable market conditions, as well as good performance of both listed and unlisted investments. Revenue increased by 14% to R5.2bn, boosted by a 1.3% growth in dividends from investments such as Sasol, Mittal and Khumba Iron Ore.
Qhena also said that operating expenses were also well under control with a decrease of 9.6%.
The IDC boasts that in the course of the year they helped create 33 000 jobs is South Africa and another 3 900 in the rest of the continent.
They approved funding of R5.9bn for 241 firms, of which more than two thirds were small or medium sized enterprises.
In addition the corporation facilitated six workers' trusts and 15 community foundations.
Quena's total remuneration increased from R4.868m to R5.795m in 2007.
- I-Net Bridge