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Saturday, January 25, 2020

“IDC positive about SOEs’ transformation ” Kaluba

Economy “IDC positive about SOEs’ transformation ” Kaluba

Industrial Development Corporation (IDC) Group Chief Executive Officer Mr Mateyo Kaluba addressing the third Chief Finance Officers’ (CFO) Forum in State Owned Enterprises (SOEs)
Industrial Development Corporation (IDC) Group Chief Executive Officer Mr Mateyo Kaluba addressing the third Chief Finance Officers’ (CFO) Forum in State Owned Enterprises (SOEs)

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.

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  1. Are the companies really making money or just pretending by paying dividends because people what to keep jobs?
    Zampost was busy paying dividends but not paying salaries!

    • IDC Ltd in Zambia is a corrupted idea the same way the presidential system of democracy has been corrupted. They’re not a catalyst to the industrialisation of the country as they are quite ready to allow duplication of effort and therefore wasting scarce capital.

  2. Mr.Kaluba… The problem with SOEs is their lack of having Business and Planning Departments( and/or Research and Development Departments).SOEs are still run in a colonial setup where everything is centred within the Finance Deparments. Until recently,SOEs could not even appreciate the role of ICT and thus create an ICT department but would prefer an ICT section under Finance Department..really? I dont know how many SOEs if any,has a Business and Planning Department.Truth is,the way an accountant and a planner will view an income statement is never the same.Accountants deal exclusively with explicit costs while a planner will add implicit costs in top of explicit costs thus where an accountant will report a profit,a planner will report reduced or zero profits.So IDC must start…

    • So IDC must start appreciating the role of Business and Planning as well as Research and Development Departments so that these SOEs can evolve and be fully corporatized because currently there is too much hegemony and patronage.

      Should read…’a planner will add implicit costs on top of explicit costs’…

  3. Business managers always market themselves to their employers. We have to skeptical to avoid being cheated. We will wait and see.

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