The past few years have been challenging for South Africa and the world as COVID-19 took its toll on public health systems and economies across the globe. Fortunately, the SCBBEC's investment portfolio was shielded to a large extent from the impacts of the pandemic, as most of the companies we invested in were either exempt from the compulsory lockdown restrictions or managed to recover quickly and escape relatively unharmed.
I am happy to report that the Company generated a net profit after tax of R44 million for the financial year ended 28 February 2023, which enabled the Board to distribute a dividend of R12 million to its shareholder. Since its inception, the Company has distributed dividends totalling R100 million to the Soul City Institute, which has greatly assisted the Institute in delivering impactful upliftment projects throughout the country.
The dividends ensured SCI’s programmes for young women and girls continued even during the pandemic when they were most needed. As various studies and observations in South Africa and worldwide show, the levels of gender-based violence (GBV), teenage pregnancy, and unemployment increased due to the pandemic. Health services, including sexual and reproductive health services and HIV prevention and treatment were also severely disrupted, with young women and girls bearing the brunt of the impact.
On 28 February 2023, the Company’s net asset value amounted to R245.3 million, an increase of 15% over the prior year. In the 2023 financial year we have made a further investment in Firefly Investments 238, the operations and maintenance company for two renewable energy plants. We continue to look for new opportunities to expand our investment portfolio to enable the impactful work of the SCI.
I want to express my heartfelt gratitude to the current and prior Directors and the various investment managers for their dedication and contribution over the last 15 years in building the Company to where it is today.
Thuto Skweyiya
Chairperson
