CTICC a major boost for jobs and economy in Western Cape
This was revealed in the CTICC’s annual report that was tabled in a full council meeting on Wednesday.
The report also showed that the convention centre hosted 34 international conferences, 45 national conferences, 85 special events and 14 exhibitions. The CTICC contribution to the Western Cape’s gross geographic product was R4.5 billion, while the contribution to the South African gross operating product was R6.5bn.
Over the past five years, revenues have grown by more than 30%, from R172 million in 2013/14 to R277m during the financial year. They achieved an operating profit of R57.5m in the year under review, which was R49.57m above the target of R8m, representing a 69% increase from the R35.4m achieved in 2013/14.
The convention centre board said they were able to increase its revenue through the almost 420 000 delegates hosted over the 560 events, which contributed to the sustainability of the CTICC and the tourism sector.
Councillor Fabian Ah-Sing said: “A few of the highlights include the 14 000 jobs created, 87% of the total procurement spend annually with locally based suppliers and a turnover of R277m during the 2018/19 financial year, which is an 11% growth in revenue compared to previous years.”
But ACDP City caucus leader Grant Haskin said the report and the clean audit outcome were inaccurate. “In December 2018, council ordered a forensic investigation into the multiple problems highlighted in a report before it. The ACDP argued for a forensic investigation and all political parties supported our motion.
“The numerous financial and management problems in that report are not mentioned numerous financial and management problems were detailed in July 2019 dealing with the marshalling yard extension and wasteful expenditure to be incurred during the demolition of newly built walls.”
CTICC chief executive Julie-May Ellingson said: “The weak economy did impact on the CTICC, but it was still able to achieve double-digit growth.”@MarvinCharles17