Share

Convention centre contributes R2.99bn to GDP

(Supplied)
(Supplied)
Cape Town - The Cape Town International Convention Centre (CTICC) hit a record high in its tenth year of operations and added R2.99bn to the national economy and more than R1bn to the Western Cape’s coffers.

CTICC held its annual general meeting on Tuesday. CTICC's chief executive officer, Rashid Toefy, said that for the 2012/2013 financial year, the centre achieved a net profit before tax of R27m, the highest in the centre’s ten year history.

In addition the centre generated revenue and other income in excess of R158m, a R18m increase from the R140m of last year.
 
“More importantly, the centre continued to make a valuable contribution to driving job creation and skills development in South Africa,” he said.

Watch the interview with Rashid Toefy



Through the centre’s activities more than 7 500 direct and indirect jobs were created nationally during the period under review.

The centre capped the year at 537 events, compared to the 514 in the 2011/2012 financial year and reached another significant milestone, when it generated over 1.3 million delegate and visitor days.

This is a 15 % increase from 2012 and is the highest figure recorded over the past ten years. Visitor numbers are expected to increase to over 1.7 million over the next five years, said Toefy.

The centre has a sustainable forward book and several large scale international conferences have been secured until 2020.

These include the 35th International Geological Congress in 2016 and the World Congress of Internal Medicine in 2018.

Best practice

In addition to its financial performance, the CTICC achieved an Unqualified Clean Audit for the fiscal year.
   
The centre was also awarded a Level 2 BBBEE certification for the second consecutive year. More than 70% of the centre’s procurement spend was awarded to black and women owned suppliers.

“This represents the seriousness of CTICC’s intent in investing in and developing its people and embracing the broad-based approach to wealth creation and participation of previously disadvantaged individuals in the mainstream economy,” said Toefy.

The centre also set the bar for sustainability reporting when it became the first convention centre in the world to produce an integrated annual report, which is aligned to the Global Reporting Initiative (GRI) framework.

Tender award

At the AGM the CTICC's board announced that it has consulted with a team of specialised legal advisors and is satisfied that a thorough process has been followed in evaluating the City of Cape Town's investigation report on the tender for the design of the expansion of CTICC.”

“We concur with the City’s finding that there was no corruption or collusion by any staff member or individual involved in the tender process, or by any of the bidders," said outgoing CTICC chair Ashley Seymour.

"We furthermore agree with certain key findings of the City’s report in respect of flaws in the tender process. We have concluded, however, that there are not sufficient grounds to overturn the tender award."

In reaching its conclusion, the board took into account the pertinent legal, financial and socio-economic implications, the public interest and the legal advice it received.

“We are thus pleased to confirm the decision to proceed with the expansion and are delighted to announce that the expanded CTICC will be ready to trade in 2017", said Seymour.

New CTICC chairperson appointed

Gary Fisher, head of public works for the provincial government of the Western Cape has been appointed as the new CTICC chairperson.

“It is an exciting time in the centre’s history as the expansion kicks off and I am privileged to be at the helm of a company with such a sterling track record”, said Fisher.

- Fin24

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.0%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.34
+0.0%
Rand - Yen
0.13
-0.1%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders