SEDCO REVENUE DOWN 40%

MBABANE – SEDCO has recorded a notable decline in revenue in the quarter ending in June this year.

The Small Enterprises Development Company (SEDCO) is a category ‘A’ public enterprise under the Ministry of Commerce, Industry and Trade. The Government of Eswatini established SEDCO for the purpose of developing and promoting Eswatini entrepreneurs. The revenue was about 40 per cent less when compared to that of the previous quarter.

Abridged

The abridged income statement for the period ending June 30, 2021 showed that total revenue was recorded at around E4.23 million. In the previous quarter the figures were around E7.12 million. The revenue comprised quarterly subvention from government of around E2.9 million. Expenses for the period under review, on the other hand, shot up. This resulted in deficit of around E218 215. The company’s assets also recorded a slight decline from around E91 million to about E89 million.  Total property investments in areas that include Mbabane, Manzini and Pigg’s Peak, among other places, were recorded at over E70 million.

Trade receivables dropped to nearly E2 million from around E2.2 million. Trade receivables can be defined as the amount owed to a business by its customers following the sale of goods or services on credit. The report highlighted that the lockdown restrictions resulted in a decrease in the number of emaSwati receiving business support services from key departments. The company reached a total of 188 clients (278 in the previous quarter) out of which 95 were serviced as clients and 93 were attended as contacts. Due to COVID-19 lockdown restrictions at the start of this quarter, clients serviced decreased by 32 per cent as compared to the previous quarter.

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