iLembe Chamber of Commerce reports strong financial year amid economic challenges
Despite economic hurdles, the Chamber excels with an unqualified audit and an impressive 18% year-on-year revenue surge.
It has been a quietly reassuring year for the iLembe Chamber of Commerce in the midst of national economic headwinds.
The Chamber received an unqualified audit and saw a year-on-year revenue increase of 18%, with membership revenue also seeing an increase of 4%.
An improved cash position will allow for more projects to be taken on, particularly with regards to expansion of the Chamber’s presence across the region.
This was revealed at the Chamber’s annual general meeting (AGM) on February 28.
It was not a year without challenges however, including membership concerns as a result of financial constraints on local business.
Combined with bad and doubtful debts, membership remains the biggest challenge and risk for the Chamber.
“The Chamber needs to ensure it is successful in galvanizing and integrating like-minded businesses from across the district’s economic nodes and across sectors through membership of a unified business collective,” said Chamber CEO, Cobus Oelofse.
“The Chamber’s executive and management continue to approach and navigate these challenges as a social partner, with cool heads and properly structured and considered action.”
Positive sentiment at the Chamber was mostly matched by the iLembe business community in the second half of the year after a difficult first six months.
This followed a series of positive events, including the reopening of the M4 bridge, announcement of Club Med Tinley and the Rugby World Cup win.
Beach closures in eThekwini also boosted local tourism numbers.
Loadshedding remains a massive concern however, as does the fact that the rand lost 8% of its total value in 2023.
Local government performance plays a major role in sentiment, as evidenced by ‘service delivery and infrastructure provision’, ‘regulations and compliance’ and ‘property rates and taxes’ being selected as primary business constraints during the Chamber’s year-end iBCI survey.
“In addition to the iBCI, under the Insight iLembe initiative, the iLembe Chamber produced a 30-page response to the draft KDM medium-term revenue and expenditure framework budget for 2023/24 on behalf of the iLembe business community,” said Chamber President, Andy Horton.
“As a reflection on the commitment to collaborative government, and community/public participation, the submission merely attracted an acknowledgement of receipt.
“It is a sad reality that public participation at local government level has been reduced to a technical exercise, driven to ensure compliance with the requirements of a legislative framework.”
Elsewhere in the Chamber’s activities, 2023 saw the end of the R151-million, six-year Vuthela iLembe Local Economic Development Programme funded by the Swiss Confederation government, for which the Chamber provided steering and oversight.
To find out more about the Chamber or to join as a member, visit ilembechamber.co.za
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