Illovo Sugar Africa positive economic impact estimated at ZAR23.8 billion

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Illovo Sugar Africa today, 21 February 2018, announced that during the 2016/17 financial year, the company’s total economic impact across its six countries of operation has been estimated at ZAR23.8 billion, comprising ZAR5.0 billion in direct impacts with the balance resulting from the multiplier effects of its business operations within the supply chain and wider country economies. 

This is a 29% increase in the company’s total contribution to African economies in a period of only four years and is revealed in a report undertaken by Corporate Citizenship, an independent, global management consultancy specialising in social impact assessment, sustainability and corporate responsibility.

“As a business, we endeavour at all times to deliver on our shared value mandate, while actively supporting the governments’ social and economic development agendas. We are committed to the transformation of our business in Africa, but recognise that to keep ourselves focused and on track, we need an independent benchmark against which to measure our real contribution.  The last report was completed in 2012/13 and we have assessed our progress against this to ensure we identify gaps – or areas of improvement – early as well as take the time to celebrate achievements,” says Gavin Dalgleish, Illovo Sugar Africa Managing Director. 

For example, spending on local suppliers has increased commensurately to ZAR11.9 billion in 2016/17, payments to employees in the form of salaries, benefits and wages has increased by 50% to ZAR3.0 billion compared to 2012/13 and during the period, the group continued to reinvest in the business, spending ZAR2.7 billion on capital investments.

Total direct tax paid in 2016/17 amounted to ZAR311 million, while indirect taxes totalling ZAR1.1 billion were collected on behalf of governments.

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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