Durban ICC adds R4.3bn to GDP
DESPITE trying economic times, the award- winning Durban ICC has achieved its third clean, unqualified audit, increasing its revenue, profits and contributing R4.3 billion to the country’s gross domestic product (GDP).
And almost 10 000 people got direct and indirect work as a result of the centre’s activities last year. The ICC announced “yet another solid set of financial results” during a breakfast briefing today.
The board chairperson, Mato Madlala, said the ICC was pleased that eThekwini’s premier entity had continued “to deliver admirably on its twin mandates of generating positive socio-economic impact for our city, while operating in a responsible and profitable manner”.
Expressing how “extremely proud” she was to have received another clean, unqualified audit from the auditor-general, chief executive Lindiwe Rakharebe said it was a clear demonstration of a commitment to transparency and good governance.
The centre generated a revenue of R161 million, R4.7m more than the previous year.
“The company maintained an impressive net profit percentage of over 20% and shows a 4.7% year-on-year growth in profits from R31.5m in 2015 to R33m in 2016.”
The ICC had made an “immense” macroeconomic contribution to Durban, KZN and South Africa, generating 1.2 million delegates and visitor days, resulting in a total contribution of R4.3bn to South Africa’s GDP.
“A staggering R4.1bn was added to the province’s gross geographic product and no fewer than 9 976 jobs were sus- tained as a result of the centre’s activities,” a statement said.
Other social benefits resulted as R237m was contributed in tax revenue, while R642m was generated in net foreign exchange earnings.
The cumulative totals from 2007-2016 were: the contribution to South Africa’s GDP (R29.4bn); the contribution to the provincial GDP (R27.8bn); the net foreign exchange earnings (R4.9bn); the tax revenue generated (R2.4bn); the total delegate and visitor days (13.6 million days) and the number of direct and indirect jobs created (82 098).