Cape Town - The CTICC has announced that it has bounced back from the challenges of the Covid-19 pandemic stronger than it expected to and is on the road back to profitability as a conference venue.
Speaking at the CTICC’s Annual General Meeting, CEO Taubie Motlhabane said the organisation was “mastering the art of resilience” and had improved on its 2021 financial figures, despite the challenges.
She said the CTICC hosted 226 events compared with 53 in the previous financial year, and overall delegate and visitor numbers increased to more than 127 000 in 2022 – “a massive improvement”.
The company, jointly owned by the City with 71.4% shareholding, the Province which holds 23.2% shares, and SunWest International with 5.4%, came close to doubling its revenue in 2022 compared with the previous financial year.
Motlhabane said: “A turnover of more than R98 million was also attained, a steep increase compared with the R43m in the 2021 financial year.”
She said the CTICC thought it would return an EBITDA (earnings before interest, taxes, depreciation, and amortisation) loss of just more than R91m. However, it cut the expected loss by 63%, achieving an EBITDA loss of only R34m, which was an improvement on the target.
Motlhabane said the centre began the financial year only hosting small, local events due to government-mandated pandemic regulations, but that the relaxation of restrictions in the fourth quarter, the final barrier to hosting large events, was removed.
The CTICC created or sustained more than 2 000 jobs nationally in the 2022 financial year, bringing its total number of jobs created since inception in 2003 to 145 000.
In July 2021, the CTICC was used by the Province as a mass vaccination centre jointly run by Discovery Health and the Western Cape Department of Health.
At the time Premier Alan Winde said the project was a clear demonstration of the importance of the private sector and what could be achieved when both the public and private sectors worked together.
The mass vaccination site closed its doors to the public after six months having administered Covid-19 jabs to 136 000 people.