Ilembe Chamber feels strong

At the recently held Ilembe Chamber AGM, CEO Cobus Oelofse said despite 2017 being a tough year, they managed to keep cool heads.

“The 2017 financial performance of the Chamber was reassuring against the backdrop of a stammering economy and the many minefields which left our business community caught in the proverbial “damned if you do, and damned if you don’t” situation,“ said Oelofse.

The Ilembe Chamber achieved an unqualified audit finding with a revenue increase of 21.5% year-on-year while tight control resulted in a reduction of 12% in expenses.

Retained earnings increased by 33.4%. Membership revenue increased by almost 10%.

Despite this encouraging trend, overall membership levels showed a decline of 32%.

These members were mostly defaulting members from 2016 and were predominantly concentrated in the categories 1 – 3 employees and 4 – 10 employees.

“Irrespective of the financial performance of the Chamber, membership levels, in addition to a contribution to the financial viability of the Chamber, also support our reputational viability.”

Considering the membership statistics above, the AGM ratified a proposal by the Chamber’s Executive Committee that membership fees for category 1 – 10 employees will remain unchanged. Fees in Membership categories 11 employees and above will increase by 5.75% (rounded).

The Chamber Budget for 2018, reflecting an operating loss of R74 142, was ratified by the AGM.

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