According to IOL - A building well known to ‘Capetonians’ now ranks among the country’s best businesses.
The Cape Town International Convention Centre (CTICC) has just been awarded the Top500 title of South Africa’s best managed companies.
The Top500 research method was developed with the help of UCT’s Development Policy Research Unit. It examines companies based on three factors – financial performance, empowerment and policy and accreditation.
The method identifies the top five companies from each of 100 different business sectors. The CTICC not only made the list, but came first in the exhibition and conference facilities category.
The convention centre is home to the Cape Town International Jazz Festival, business conferences, trade shows and more.
Since its opening in 2003, the CTICC has created 91,000 direct and indirect jobs. The Top500 award comes after its most successful year.
During the 2014-2015 financial year, the centre added R3,4bn to South Africa’s GDP and R3,1bn to the Western Cape’s gross geographic product.
The convention centre’s chief executive, Julie-May Ellingson, attributes the accolade to
“The CTICC’s impressive financial performance over the past 12 years combined with its proven economic and social sustainability achievements, ongoing empowerment initiatives and internationally recognised management certification”.
Of last year’s earnings, 28% were from female-owned companies, 67% were from small and medium-sized businesses, 90% were from companies locally based and 86% were from broad-based black economic empowerment companies.
The B-BBEE (BEE) accreditation was launched by the government in 2004 to address challenges black people face regarding equal economic participation.
A company’s BEE score is based on the seven factors ranging from black ownership and management to skills training and socio-economic development.
The CTICC’s high percentage of BEE clients and its percentages of small, female-owned and local clients contributed to its success in the empowerment sphere of the Top500 judging.
It is currently expanding its existing building to include the new CTICC East facility, which has a budget of R832m.
“The CTICC expansion project will be the catalyst for the CTICC’s ongoing contribution to skills development in the city, province and country, making it an African trade and investment destination of choice.
“This is especially important in the light of the increased investment into the African continent positioning it as the ‘next big thing’ in business,” said Ellingson.