BY MBONO MDLULI
MBABANE – The Industrial Development Corporation of Eswatini (IDCE) keeps growing, as its asset base is now at E1.2 billion.
According to a statement sent to this publication, this is one of the highlights that have been achieved by the company, since it was formed in 1987. The asset base has grown by E268 965 000 since 2019 up to 2023, when it recorded the asset base of E1.2 billion.
In 2019, the company had an asset base of E931 035 000. In 2020, the asset base for the company grew to E936 376 000, while in 2021, the company’s asset base reached the E1 billion mark. It grew to E1 035 484. In 2022, IDCE’s asset base grew to E1 073 902, and last year, it grew to E1 200 000 000.
Another major achievement for the company is the increased shareholding in Pigg’s Peak Plaza and Eswatini Insurance Brokers. Pigg’s Peak Plaza since become a subsidiary that is fully owned by IDCE, while the company has shares of 45 percent of the Eswatini Insurance Brokers.
The company has also come through for 15 farmer companies under the LUSIP II project, as it funded the companies for over E170 million. The company also signed a Memorandum of Understanding (MOU) with the National Maize Corporation (NMC) to support grain farmers financially.
Looking ahead, IDCE is committed to sustainable growth and profitability, whilst fostering the industrialisation of the economy. The company will also continue to invest in key sectors to create jobs and improve the lives of Eswatini’s youth.
Last month, IDCE dished out E25 857 044.54 in dividends to its shareholders. At event, IDCE distributed dividends to its shareholders as follows:
- Eswatini Government: E9 037 037.07
- Eswatini National Provident Fund: E16 018 439.10
- Standard Bank Eswatini Limited: E400 784.19
- Nedbank Eswatini Limited: E400 784.19
According to the statement, IDCE acknowledges the unwavering support of its shareholders, particularly during challenging times. This loyalty has been instrumental in fueling the company’s long-term growth prospects.
This dividend distribution also serves as a testament to the dedication and hard work of the IDCE team. The company remains optimistic about its future as it strives to deliver exceptional value to its shareholders.
The road to this milestone has not been easy and the Board applauds its shareholders for their confidence and unwavering support in all strategic initiatives implemented by IDCE. The company has been working diligently to strengthen its financial position and ensure long-term growth prospects through the highlights mentioned above.
About IDCE
The company offers a comprehensive range of financial products and services, catering to various sectors within the Eswatini economy. IDCE is committed to supporting the growth and development of Eswatini.
This commitment to growth is further emphasized by IDCE’s diverse portfolio, encompassing:
- Wholly-Owned Subsidiaries:
- Swazi Plaza Properties (100%)
- Pigg’s Peak Plaza (100%)
- Strategic Shareholdings:
- Simunye Plaza (50%)
- Eswatini Insurance Brokers (45%)
- SWAPROP (20%)
- Eswatini Mobile (2%)
IDCE Products and Services:
IDCE is a comprehensive financial solutions provider, offering a wide range of products to support businesses of all sizes:
- Corporate Loans & Equity
- Asset Lease
- Agricultural Loans
- SME Loans
- Order Finance
- Working Capital
