The Durban ICC has yet again achieved another clean, unqualified audit opinion for the 2021/22 fiscal year, culminating in an achievement of 7 clean audits for the multi-award-winning Inkosi Albert Luthuli International Convention Centre Complex, in the past 8 years.
Lindiwe Rakharebe, CEO of Durban ICC, said the positive financial turnaround for the entity can be attributed to the aggressive pursuit of revenue-generating opportunities, as well as strategic re-engineering of the operations.
A significant highlight of the entity’s clean audit opinion, testament to strong governance and oversight, is the fact that the Durban ICC incurred zero irregular, unauthorised as well as fruitless and wasteful expenditure.
It is especially commendable that the Durban ICC team contributed towards the entity’s successful financial recovery trajectory post-Covid, without any job losses, which was so prevalent in the hospitality industry.
The Durban ICC which was recently chosen as South Africa’s Best Convention Centre 2022 for the third year in a row at the World MICE Awards which recognises excellence in the Meetings, Incentives, Conferences and Exhibitions (MICE) industry, plays a pivotal role in contributing to the national economy and job creation, especially in the Durban and KwaZulu-Natal region.
The buoyant turnaround in financial performance when compared to the previous fiscal, has resulted in year-on-year revenue growth coupled with cash inflows from operating activities, which is especially noteworthy.
Stringent austerity measures and an overall culture of frugality were implemented throughout the entity’s operations, thus contributing towards sound financial health.
“Achieving a clean audit indicates that our drive to promote good corporate governance, coupled with the implementation of stringent policies, has paid dividends,” said Ms Rakharebe, adding that the support and guidance of the Durban ICC Board, management and staff helped in no small measure to achieve this feat.
Durban ICC CEO, Ms Lindiwe Rakharebe expressed her gratitude to the Centre’s shareholder, eThekwini Municipality as well as the Board of Directors, led by Chairperson Mr Glen Mashinini, for their invaluable guidance and oversight over the past year. She also thanked the staff for their passion and commitment, as well as the clients, strategic partners and suppliers for their unwavering support.
Issued by: The Inkosi Albert Luthuli International Convention Centre (Durban ICC)
For more information contact: Durban ICC Acting Marketing & Communications Executive – Sandile Makhanya, 031 360 1192 or sandilema@icc.co.za
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