ICC produces higher than expected revenues
4 Nov 2011 09:32
The ICC Durban produced revenues of R55.4 million for the three-month period July to September 2011, performing 46% better than budget, compared with R39.3 million for the same period in 2010. This comes on top of achieving record revenues of R129.4 million, which was ahead of budget for the 2010/11 financial year.
Commenting on these figures, ICC chief executive, Julie-May Ellingson, said that it had made a cumulative contribution of R11.4-billion to GDP over the last five financial years and has put Durban on the global conferencing map.
"This shows a significant growth and reflects the success of the ICCD as a municipal entity, which is run as a commercial enterprise that contributes to the city's development goals. The ICCD was originally developed as a catalyst for economic development for the city at a cost of R800-million and has more than delivered its return on investment for the city and province," said Ellingson.
Despite the international economic slowdown, the team, in conjunction with the Durban KwaZulu-Natal Convention Bureau, has won five confirmed international conferences from 2012 to 2019, which include the Rotary International Congress, expected to attract in excess of 15 000 delegates in 2019 and the International Congress of Clinical Chemistry and Laboratory Medicine in 2017.
"Focus on growing our core business"
Its activities have created 3 376 direct and 4 462 indirect jobs during the 2010/2011 financial year generating 1 432 866 delegate and visitor days in Durban.
Additionally, it was a net generator of R467-million in foreign exchange, up from R363-million in the previous financial year and contributed R246-million to the national fiscus in tax revenue, up from R234-million in the previous year.
"We will continue to focus on growing our core business and retaining our status as Africa's leading meetings and conference centre. The team has successfully hosted some of the largest conferences in the world and we look forward to continuing to do so," Ellingson concluded.
Source: BizCommunity.com (http://www.bizcommunity.com/Article/196/40/66671.html)