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Cape Town’s CTICC record high profit guides expansion, new board members

In its 10th year of operation, the Cape Town International Convention Centre (CTICC) posted a R27 million profit, the highest in the center’s history.

In a Nov. 26 statement, CTICC officials said the South African facility generated revenue and other income in excess of R158 million, a R18 million year-over-year increase for its 2012/13 fiscal year. Rashid Toefy, CEO, CTICC, said the facility added R2.99 billion to the national economy and more than R1 billion to the Western Cape’s coffers.

“More importantly, the centre continued to make a valuable contribution to driving job creation and skills development in South Africa,” said Toefy, adding that over 7,500 direct and indirect jobs have been created during the fiscal year.

Having held 537 events during the past year, compared with 514 year-over-year, Toefy projects visitor numbers to increase to 1.7 million over the next five years.

CTICC outgoing chairwoman Ashley Seymour said officials are actively moving ahead with a facility expansion program.

“We are thus pleased to confirm the decision to proceed with the expansion and are delighted to announce that the expanded CTICC will be ready to trade in 2017,” said Seymour.

Seymour will replaced by Cape Town public works head Gary Fisher. Joining Fisher are newly-installed board members Barry Lodewyk, Ethel Hammon, Guy Lundy and Aklaaq Mahmood.

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Posted in International, World
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