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BDC registers P277 million in profits
BDC registers P277 million in profits
BDC ACTING MD: Lekaukau

Business

BDC registers P277 million in profits

Government investment arm, Botswana Development Corporation (BDC) has announced a 40 percent increase in profits.

Presenting the financial performance to stakeholders recently, the Corporation’s Acting Managing Director, MoatlhodiLakaukau revealed the bulk of the P277 millionprofit came from interest income.

He explainedthis reflectsa positive shift in asset structure, from equity-based assets to more debt-based assets.

In yet another milestone, BDC saw its net worth grow by P700 million to reach P2.1 billion for the first time in 49 years.

Both the Corporation’s total assets and net worth recorded a 12 percent year-on-year growth, primarily due to an increase in investment assets.

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During the 2019 financial year, BDC disbursed a total of P742 million to new project venturing, beating the P704 million the corporation had targeted.

During the same period, BDC concluded the first major international transaction, while 1, 700 jobs were reportedly created.

Lekaukau, who was appointed the Acting MD early this year following the departure of BashiGaetsaloe, says BDC will continue to explore both the local and international markets to facilitate requisite long-term funding requirements and strategic targets.

The corporation says its strategic ambition is to explore ventures which further build and enhance Botswana industries that transform the economy and make high returns contributing towards the country’s Vision 2036 ambition ofrealising a high-income status.

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