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BDC Reports Positive Results

 

-          779 jobs created in current financial year

 

The Botswana Development Corporation(BDC) announced their financial results today reporting that their investment drive continued in earnest, with new investment deals amounting to P600 million post transformation. Companies like Nampak, Lobatse Clay Works and Talana Farms have also been repositioned for further growth as the company intends to improve existing efficiencies.

Over 50million was invested in Talana farms to install irrigation, storage facilities and staff housing. The company ploughed 40 hectares in the current financial year and expects to reach 100 hectares in the next financial year with BDC expected to divest shares in Sechaba.

BDC revealed that it created 779 jobs in the current financial year, reduced number of loss making subsidiaries from 9 to 3, transferred P101million of business to local companies and generated P484million in profits in the current financial year.

“The end of the 2016 financial year marked the midpoint of our current 5-year strategy. The first half, which ended in June, was characterised by the launch of our business transformation initiative and saw the Corporation announce a bold ambition to double its business (net worth) in 5 years. In the second half of its strategic plan, BDC intends to consolidate results, drive accelerated growth, and establish the building blocks to deliver on its promise of doubling the business,” said Bashi Gaetsaloe, Managing Director of Botswana Development Corporation(BDC).

He said, “The year saw a mixed performance pattern across the Group, with some companies feeling industry pressures while some made strides in emerging from a history of subdued performance. Throughout the past year, BDC has delivered both a financial and a significant development return to the shareholder. The Corporation has been focused on driving business growth, continuous building of the credit profile, optimizing the capital structure, improving asset quality and consolidating internal efficiencies. Driving this performance is an unwavering commitment to executing the 5-year Strategic Plan which is already half way through.”

When delivering the financial highlights, the Chief Financial Officer, Dr Mbako Mbo observed the year’s financial performance was expected. 

He further advised that the Corporation was quite upbeat about future projections but nonetheless remains fairly cautious. Dr Mbo advised that the business is normalizing post transformation, is still on a profitable path, and continues to pay dividends to the shareholder – in line with its mandate.

  • Total company income closed the year at P273 million
  • For the year, equity assets contributed 53% to the overall income, followed by income earned from debt and near-debt assets at 27%.
  • Profit before tax P150 million.

In closing the Managing Director said their focus in the following year and into the midterm will be in four areas being; rapid conversion of pipeline, execution of regional transactions, maintaining profitability and increasing contributions to the Shareholder.

Botswana Development Corporation Limited, or ‘BDC,’ is the country’s main agency for commercial and industrial development. Established in 1970, the organization is 100% owned by Government of Botswana. Its primary mandate is to work towards assisting in the establishment and development of commercially viable businesses in Botswana.

BDC supports development of viable businesses that perform one or more of following functions:

  • Pioneering new industries
  • Unlock value in existing industries
  • Stimulate private sector growth and linkages
  • Driving diversification and exports
  • Creating significant employment
  • Generating wealth from outside the country

BDC is looking to Invest in untapped and under-invested sectors such as Energy, Innovation and Technology as well as Agriculture. Other key areas are Infrastructure and services. The Corporation also looks into cross-border financing of viable projects regionally.

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