for subscribers

IDC profit up more than 800%

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!

Johannesburg – The Industrial Development Corporation (IDC) improved its bottom line by more than 800% to R2.2bn, compared to the R223m reported in 2016.

This is according to the state-owned development finance institution’s annual financial results, released on Monday. The IDC provides financing to entrepreneurs.

“The IDC achieved commendable outcomes in a year characterised by high levels of uncertainty and by a slowing economic growth momentum, globally and domestically,” board chair Busisiwe Mabuza said in the group’s integrated report.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
17.07
(-1.91)
ZAR/GBP
21.74
(-1.74)
ZAR/EUR
19.93
(-1.49)
ZAR/AUD
12.11
(-0.61)
ZAR/JPY
0.16
(-1.51)
Gold
1865.33
(-2.05)
Silver
22.92
(-6.14)
Platinum
842.00
(-3.49)
Brent Crude
42.24
(+0.55)
Palladium
2227.84
(+1.19)
All Share
54247.81
(+1.84)
Top 40
50127.05
(+2.04)
Financial 15
9588.13
(+0.19)
Industrial 25
74229.70
(+3.26)
Resource 10
53508.98
(+1.08)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1352 votes
It depends on how the funds are used.
73% - 8801 votes
No. We should have gotten the loan elsewhere.
16% - 1941 votes
Vote