Armscor achieves yet another clean audit
ARMSCOR has yet again achieved a clean audit report with no qualifications from the Auditor- General. This achievement solidifies the entity’s prudent approach and adherence to good corporate governance. Armscor presented its annual report for the 2016/17 financial year on Wednesday October 11.
CEO, Kevin Wakeford, expressed appreciation to the Board for steering the entity in the right direction to fulfil its mandate.
“We are pleased to again achieve an unqualified report,” he said.
“We are committed to upholding this standard and ensuring that we improve our financial and operational efficiencies despite the challenges.’’
Armscor has delivered on all its goals set in the Service Level Agreement with the Department of Defence for the 2016/17 financial year.
These include, but are not limited to, the following: efficiency in its complex acquisition mandate, execution of defence technology, research and evaluation. This has been achieved despite the reduction in operating expenditure.
As part of the implementation phase of its Turnaround Strategy, Armscor has swiftly to leveraged on existing assets to generate revenue. The Sustainability Unit has brokered the sale of military equipment to other countries in the continent; there is also steady progress in property leveraging projects such as the Defence Intelligence Headquarters, and in engaging with the Safety and Security Cluster in offering complex acquisition services.
Armscor achieved a net surplus of R47.5m before allocation cut. Armscor recorded a healthy liquidity and solvency position for the 2016/17 financial year.
The core business projects and corporate goals set for the year under review have been achieved.
Armscor is also levelling the playing field by supporting the entrance of small, medium and microsized enterprises into the market and participating in the Defence Sector Code. This ensures that SMMEs are incubated and empowered to be formidable players in the future, whose expertise is promoted, in SA and global markets.
Armscor is committed to advancing the strategic initiatives of eradicating poverty, inequality and unemployment as defined in the National Development Plan.
Against this backdrop, Armscor embarked on a partnership with schools and institutions of higher learning to explore sustainable ways of assisting teachers and learners, mainly in science, technology, engineering and mathematics (STEM) subjects.