- Group, Company income stands at P260m, P163m
- Overall, 11% impressive growth in group income
Botswana Development Corporation (BDC), the government investment arm, has seen robust
income growth, with total income reaching P260 million for the group and P163 million for the
company.
In its six months interim financial results for the period ended 31 December 2023, BDC
highlighted that in relation to the group results, income from the period grew by an impressive 11
percent from the comparative figure of P234 million.
BDC attributed the strong results during the period to the positive performance of its underlying
investee companies, which experienced revenue growth exceeding inflation for the review
period.
“These results are also positively impacted by the Company’s growth in interest income of 18
percent which arose from deployments in new investments over the period,” BDC asserted
“Income for the Company, however was subdued from the expected position due to delayed
declarations of dividends that are ordinarily earned in the first half of the year.
It is said the company is looking forward to healthy dividends during the latter half of the
financial year.
Delving into borrowings and shareholders’ net worth, BDC said during the period, the
Corporation successfully raised a P75 million Debenture facility with one of the local fund
managers.
It also successfully closed and commenced drawdown on a new EURO-based facility that is set
to see the Corporation play a more active role in the Clean Energy/Green Projects sphere.
BDC also said these new facilities coupled with the strengthening of the dollar saw the overall
borrowings book increase by 4 percent.
In addition, it highlighted that the Corporation is well positioned to continue timely servicing its
debts and looks forward to further collaboration with the debt markets for further expansion.
Growth in net worth stood at 1 percent for the period.
“The Corporation is set to receive a capital injection from the Government as announced in the
recent budget speech.”
“This will further strengthen the financial position of the company and improve on its ability to
grow further through the debt and other capital markets.”
Additionally, BDC reported that its total assets base for the group and company amounted to P6 billion and P5.3 billion, respectively. The group’s assets surpassed the P6 billion threshold, fueled by a 2 percent increase in investment assets.
However, despite the strong income growth trajectory, BDC said there were no dividends
declared or paid.
