Industrial Development Corporation (IDC) Group Chief Executive Officer Mr. Mateyo Kaluba says positive transformation in State-Owned Enterprises (SOEs) has been taking place.
He said the IDC had moved from being a Group worth US$ 4.2 billion to one worth US$ 7.7 billion, representing not just growth but the value IDC represents in the country.
Mr. Kaluba noted that the transformation in SOE’s was evidenced by the movement from a single dividend in 2015 to a total of 19 dividends received in the last two years.
He said dividends had grown from K43 million in 2015 to K123 million this year.
Mr. Kaluba further noted that other indicators of transformation included companies moving from being 10 years behind in their financial reporting, to up to 90 percent of companies being current in 2019 and that they had moved from being predominantly dependent on the national treasury to companies seeking to deliver returns to the treasury.
He this when he officially opened the third Chief Finance Officers’ (CFO) Forum and the first-ever IDC CFO academy themed as “Accelerating Group Transformation: Pushing the Frontiers” in Chisamba recently.
Mr. Kaluba said there has been significant change in not just the people in SOEs, but also the calibre of Finance Managers and CFOs overseeing the companies.
Meanwhile, Mr. Kaluba cautioned that the biggest danger in transformation is to celebrate prematurely and emphasised the need to acquire knowledge and consistently upskill the technical competencies of members of staff, hence the introduction of the CFO Academy for Finance professionals within the IDC Group.