Cape Town International Convention Centre adds R3.7bn to GDP | Fin24
 
Loading...

Cape Town International Convention Centre adds R3.7bn to GDP

Nov 17 2017 15:29

Cape Town - The Cape Town International Convention Centre (CTICC) generated R216m in revenue during the financial year ended June 30 2017 - up from R209 million the previous year.

The centre also achieved its fifth consecutive unqualified clean audit and the centre's expansion, CTICC 2, was recently completed.

The centre reported an operating profit of R57.4m and delivered an after tax profit of R43.4m.
 
As a government entity the CTICC’s mandate is to maximize socio-economic benefits to the city and region by attracting and hosting business tourism events. As a result of its operations, the CTICC contributed an estimated R3.7bn to the South African economy (GDP) and an estimated R3.1bn to the Western Cape regional economy (GGP).
 
Due to the centre’s operations, 7 824 jobs were sustained in Cape Town and South Africa.

Of the 482 events hosted in 2016/17, 36 were international conferences, 40 were national conferences, 15 were exhibitions and consumer shows, 17 were trade fairs, 288 events included film shoots, product launches, seminars and other corporate events, 28 were banquets and 58 were special events such as music concerts, cultural shows, religious services, and sport events.

Overall, the CTICC welcomed 416 733 delegates and generated a total of 789 809 visitor days to the region.

Events

“The events we host do not only promote and drive business tourism on our continent but showcase a rich diversity of industry and growth sectors ranging from medical and information technology to tourism, agri-processing, property, renewable energy, and retail," Julie-May Ellingson, CEO of the CTICC.

“The CTICC attracted 31 000 visitors to the 36 international conferences it hosted this year. This remains the highest number of international conferences held at any convention centre in Africa.”

These international conferences drive a key macroeconomic benefit: foreign exchange earnings. International delegates, exhibitors and visitors to conferences at the CTICC generated R1.3bn in foreign exchange earnings in 2016/17.
 
The CTICC made further strides in reducing the environmental impact of meetings and events. It diverted over 502 tonnes of waste from city landfills through its extensive recycling and upcycling initiatives and achieved an 84% diversion of waste from landfill.
 
The centre’s energy consumption was further reduced by 6% (43 300 kWh) on the previous year and peak average usage has also been further reduced by 4.5% from the previous year.

Water

In addition, the CTICC implemented a range of water conservation measures during the year in the face of the ongoing drought in the province.

The CTICC also made significant investments in staff training and youth skills development. It spent nearly R3m in training permanent and temporary staff members with over 4 500 hours of training recorded in the financial year.
 
The expansion, an investment of over R800m by the CTICC and its two majority shareholders - the City of Cape Town and Western Cape Government -adds 6 exhibition halls, 9 formal meeting suites and rooms and two rooftop terraces to the centre’s inventory and can be used as an extension of CTICC 1 or an exclusive facility.

The new centre uses an array of advanced technology including an individualised lighting system, state of the art CCTV security, energy saving devices and venue control systems. It also optimises the use of natural light through expansive UV tempered glazing. These measures ensure the building operates as cost effectively and in the most environmentally sustainable way possible.

Together with the Cape Town and Western Cape Convention Bureau, the CTICC won 16 international conference bids in the past financial year alone and has already secured 58 major international events up until 2022, ten of which will take place in CTICC 2.

The World Ophthalmology Congress which promises to attract 15 000 delegates to the CTICC and Cape Town in 2020 will be the largest conference ever to be hosted in Cape Town and would not have been possible without the CTICC expansion, according to Ellingson.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

cticc  |  cape town  |  sa economy  |  travel and leisure  |  events  |  business
NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

FaceApp has been at the centre of a debate on data security. What is your view?

Previous results · Suggest a vote

Loading...