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BDC rakes in P536m

patriot by patriot
February 8, 2021
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BDC rakes in P536m
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Botswana Development Corporation (BDC) has registered 25% growth in its revenues for the financial year ended 30 June 2020, reaching P536 million as opposed to P427m achieved in 2018.

The company’s growth in earnings was driven by interest income, increase in the commercial value of properties while Group’ total assets stood at P1.5 billion.

The growth in interest on loans was the main contributor to the overall positive performance and is aligned to strategic intent of having debt assets as the main contributor of income at the company level.

Group operating profit reached P341 million against P175 million from prior the year, a 94% growth attributable to efficiencies attained on cost of services from one of group’s subsidiaries.

“Despite the impact of COVID-19, the Group remained resolute and maintained the lower administrative expenditure amounting to P130 million, much lower that the 33% prior year due to overall cost containment as well as well planned restructuring of some investment assets that has resulted in loss control,” says BDC, underscoring that the Group total assets grew by 6% year-on-year.

The corporation also said it pushed for higher cost efficiencies resulting in administrative expenses reducing by 9% whilst overall costs reduced to P46 million against the prior year’s P93 million.

Cost reduction, BDC says, was supported by unrealised foreign exchange gains from an overall positive net dollar asset position held by the company whist assets stood at P4.5 billion in 2020.

“Finance costs grew up by 44% to P100 million which were a necessary cost in line with a new funding that was taken on board to facilitate the pipeline conversion as well as to facilitate the second regional transaction that was made into a Pan African real estate income Group,” BDC says.

Future

BDC s at a stage where it is ready to implement a new strategy direction dubbed “Beyond 2019”.

The CEO Cross Kgosidiile’s led organisation notes that the strategy is premised on maximising and creating long-term value for shareholder and creating wealth for future generations by deeply integrating Botswana into the global economy space through investments and partnerships too.

“The current operating environment which has been affected by the COVID-19 has allowed the corporation to identify opportunities to undertake as part of the new “Beyond 2019” strategic plan. As a result BDC will invest in projects that will accelerate the country’s economic recovery process whilst ensuring the economy is prepared to withstand similar shocks in future,” BDC states.

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  • MASISI TO GRACE UB ALUMNI RÉUNION ON FRIDAYMarch 29, 2023
    The University of Botswana Foundation (UBF) will on 31st March 2023, host its Inaugural Alumni Reunion which will be held at the University of Botswana Campus Indoor Sports Centre under the theme “UB Alumni: Our Gateway to Academic  Excellence”. […]
  • Masisi’s 5 years Presidency scorecardMarch 29, 2023
    April 1 2023 marks President Mokgweetsi Masisi’s five years in office. He will seek a second term in next year’s general elections. Although Masisi has delivered on some of the promises he made in 2019 others remain a pie […]
  • Mine Workers Union maintains stance against LucaraMarch 29, 2023
    Botswana Mine Workers Union (BMWU) has previously enjoyed cordial relations with Lucara Botswana. It was until the Union’s intervention on reports of maladministration that the relationship between the parties took a turn for the worst. It would have been […]
  • BDP admits job creation failuresMarch 29, 2023
    KABO RAMASIA editors@thepatriot.co.bw Pressure is mounting on the ruling Botswana Democratic Party (BDP) due to unprecedented rise in unemployment levels, with the latest figures showing that 33.5 percent of young people are roaming the streets. According to a Quarterly […]
  • Lucara accused of firing 50 security guards for whistle blowingMarch 27, 2023
    Botswana Mine Workers Union (BMWU) has resolved to defend its fifty (50) members under the security department of Lucara Botswana against a systematic targeting by its unethical managing director, who has orchestrated a retrenchment exercise to purge employees who […]
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