{"id":25583,"date":"2013-11-21T16:15:29","date_gmt":"2013-11-21T14:15:29","guid":{"rendered":"http:\/\/www.myza.co.za\/2013\/11\/coegas-best-ever-financial-performance\/"},"modified":"2013-11-21T16:15:29","modified_gmt":"2013-11-21T14:15:29","slug":"coegas-best-ever-financial-performance","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/coegas-best-ever-financial-performance\/","title":{"rendered":"Coega\u2019s \u2018best ever\u2019 financial performance"},"content":{"rendered":"

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The Coega Development Corporation (CDC) went \u2018beyond expectations\u2019 in seven of eight key performance indicators, growing its revenue by just over R70-million in the 2012\/2013 financial year and securing R1.2-billion in investment.<\/p>\n

The company\u2019s annual results for the financial year, officially released on Thursday 14 November 2013 at a meeting of the Department of Economic Development and Environmental Affairs and Tourism\u2019s parliamentary portfolio committee in the Eastern Cape legislature, showed \u201cexcellent achievements and results\u201d the organisation\u2019s chief finance officer, Bongeka Jojo, said.<\/p>\n

This is largely a result of the CDC\u2019s \u201cunrelenting investment attraction path and established credibility and service excellence\u201d as an implementation agent on various infrastructure developments in the Eastern Cape and KwaZulu-Natal.<\/p>\n

\u201cOur sustained upward path \u2013 in spite of mercurial global economic fluctuations \u2013 has led to us achieving our best ever performance across the board in 2012\/13. The life- and economy-changing aspects of the Coega IDZ are really being felt across the region. With the support of our investors, we are creating hope for South Africa and the real prospect of a better life for South Africans. There is no doubt that jobs, training, opportunities, quality infrastructure and a robust economy are evolving because of Coega\u2019s work,\u201d said Jojo.<\/p>\n

\u201cThere is much cause to celebrate the magnitude of our impact. A continued investment upswing over 2012\/13 financial year saw the attraction of eight new investors, driving over R1.2-billion into the local and national economy, generating jobs and helping thousands of families put food on the table,\u201d said Jojo.<\/p>\n

\u201cMoreover, there is growing acceptance of the CDC as a trustworthy service provider. We have developed a secure client base because of our ability to go over and beyond in delivering on major infrastructure and other projects by creating value for our customers \u2013 meaning a record revenue stream of R290-million this year.\u201d<\/p>\n

With socio-economic development strongly in mind the CDC also trained a record high of 13 607 people during the course of 2012\/13.\u00a0 Artisans and small businesses were the main beneficiaries of the CDC\u2019s expanding training initiatives, developed specifically to assist the province in growing its human capital base and effective small businesses,\u201d Jojo said, adding that 124 interns also benefited from mentored training pushing up the number of experienced young graduates entering the job market.<\/p>\n

The CDC\u2019s driver training programme also showed mammoth growth coupled with a proportionate increase in the number of people who passed their drivers licences over 2012\/13.<\/p>\n

\u201cA total of 398 people could call themselves drivers for the first time \u2013 a tenfold increase on last year\u2019s figures,\u201d said Jojo. \u201cWe look forward to seeing these new drivers employed in decent jobs because of their newly acquired skill \u2013 and thereby improving the lives of their families.\u201d<\/p>\n

People living close to the Coega IDZ continued to benefit from job opportunities as the CDC maintained its commitment to local labour placements on construction and other projects. The CDC employs up to 86% of people from the Nelson Mandela Bay labour pool.<\/p>\n

The CDC also ensured that a record high of 13 569 jobs were created in 2012\/13. \u201cThis figure has major implications for Eastern Cape communities proving that Coega, through both IDZ and external activities, is a leading catalyst for socio-economic growth,\u201d said Jojo.<\/p>\n

Heeding Finance Minister Pravin Gordhan\u2019s call in the medium-term budget for faster and more inclusive growth through \u201cgreater cooperation and better alignment between labour, business, government and other actors\u201d the CDC has cemented growing relations with small business on a range of its projects.<\/p>\n

Small businesses benefited from a 41% overall share of the CDC\u2019s procurement on both IDZ and external projects.<\/p>\n

Looking forward, CDC Chief Executive Pepi Silinga said a new five year strategy would inform future decision-making and projected developments planned for the next five years to 2019\/20 \u201cwill have a major positive and lasting impact\u201d on the region and the country.<\/p>\n

Major projects include at least one ferro-manganese smelter and one biofuels plant, the planned new berths in the Port of Ngqura, a South African Merchant Marine, a return effluent scheme and Project Mthombo.<\/p>\n

Silinga says the main rail connection upgrade to the Eastern Cape in support of manganese exports, container logistics and other rail freight \u201cwill have a national impact\u201d.<\/p>\n

Coega\/Ngqura, he says, \u201cwill become the logistics hub for the Nelson Mandela Bay Municipality with full road, rail and sea connectivity\u201d. \u201cA lot of hard work lies ahead to ensure that the Eastern Cape catches up and maintains its relevance on a national, and indeed international scale, with Foreign Direct Investment continuing to be a significant part of investments in the IDZ.\u201d<\/p>\n

The CDC has also been recognised for its performance after it scooped the hefty prize of top performing parastatal of the year at the annual National Business Awards in Johannesburg<\/a> on Friday [15 Nov]. The award recognises state owned enterprises that demonstrate a high level of efficiency and effectiveness by working within allocated budgets, ensuring environmental and sustainable development, contribution to the economy, innovation and excellence in fulfilling their service delivery mandate and generally making the greatest impact through their key performance indicators.<\/p>\n

Ayanda Vilakazi, CDC head of marketing and communications said: \u201cThis accolade clearly demonstrates the ascent of Coega and the rise of the Eastern Cape at a national level. The acknowledgement from the business community is an incredible achievement of which we are very proud. We hope to take this award, and others, again in the years to come.<\/p>\n

\u201cWe have committed ourselves to leading by example across our business, from working within allocated budgets to remaining aware of and protecting both the environment and sustainable development objectives whilst contributing to the economy. We also pride ourselves on innovation and excellence and the achievement of key performance indicators.\u201d<\/p>\n

\u201cThe CDC is equally committed to giving back to the communities in which we operate and our corporate social investment strategy includes the landmark Coega Driver Training Programme and various initiatives that focus on education, training and skills development,\u201d added Vilakazi.<\/p>\n

\u201cThe CDC\u2019s annual report 2012\/13 is testament to our success, and it is gratifying that the independent captains of industry seem to agree.\u201d<\/p>\n

The full CDC 2012\/13 Annual Report is available at: http:\/\/www.coega.co.za\/DocumentList.aspx?cmd=browseobjID=80catID=3<\/p>\n

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