IDC turns last year’s loss into an R6.3bn profit
The state-owned IDC has returned to profit at the group level and substantially grew its asset base during the past financial year. The IDC posted an after-tax profit of R6.3bn at group level end-March 2022, up from an R33m loss the prior year, and saw its asset base grow 21% to R174.1bn. At the IDC company level, after-tax profit fell 18% to R2.7bn. “The opening up [of] our economy following Covid-enforced shutdowns provides us with a great opportunity to ramp up our funding activity,” said its CEO, who added that it sees great opportunities in supporting start-ups, and expansions – investing in developing projects that’ll bring in new products like green hydrogen.