The Cape Town International Convention Centre (CTICC) has presented to the board and its shareholders how it has adapted its business during the global pandemic. "2020 was an unusual year, but like a chameleon responding to its changing environment, the CTICC adapted to the challenges presented by Covid-19," said CEO Taubie Motlhabane. "We did this by pivoting our business practices, transforming operations and reigniting our passion for innovation. And with the support of our various partners, we are cautiously optimistic. We are all going through a very tough time, but we are hopeful that brighter days are coming."
Lockdown Level 5, which was implemented in March 2020, caused the closure of CTICC, thus having a significant impact on the performance, resulting in revenue falling to R220.7m, 23% below the initial target. As a result of this, an EBITDA loss of R23.6m was anticipated. However, with careful management of costs, the deficit was reduced to R12.5m (a 46.8% improvement on the revised target).
„CTICC adapted to the challenges like a chameleon responding to its changing environment,“
The CTICC also reported that 87.5% of total procurement spend was with locally based service partners, while 86% of its spend was placed with B-BBEE service partners. In addition, 42% of the total service partner base were women-owned enterprises, up 3% on the previous financial year.