{"id":1367,"date":"2022-01-17T15:59:37","date_gmt":"2022-01-17T15:59:37","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries"},"modified":"2022-01-17T16:33:43","modified_gmt":"2022-01-17T16:33:43","slug":"bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries","title":{"rendered":"BDC group posts P63m loss as COVID-19 hits subsidiaries"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>The Botswana Development Corporation (BDC) group incurred a P63.1 million pretax loss for the full year ended June 2021, compared to profits of P151.3 million in the prior corresponding period, due to the impact of COVID-19.<\/p>\n

In results unveiled recently, the group said the weaker performance was due to its subsidiaries\u2019 exposure to sectors hard hit by the pandemic. BDC, a government investment agency charged with economic diversification, has subsidiaries in manufacturing\/industry, property development, agriculture and services.<\/p>\n

For the year to June 2021, most of the BDC group\u2019s major incomes lines, such as interest, dividends, rentals and share of profits from subsidiaries, were down compared to the previous year.<\/p>\n

\u201cA number of group companies operate in industries negatively affected by COVID-19,\u201d directors said in the latest results. \u201cThis had a key adverse impact in income lines such as dividend and rental income. \u201cAside from the impact on rentals and dividend income, valuation of investment properties in the year were noted to have a marginal decline compared to prior periods where fair value gains of P125 million were recorded.\u201d Adverse movements in foreign exchange rates also resulted in an unrealised losses of P24 million, as the dollar gained against the Pula during the year under review.<\/p>\n

Another P141 million was noted as unrealised fair value loss in listed shares, as the pandemic played havoc with the BDC\u2019s investments on the Botswana Stock Exchange. Despite the headwinds, BDC raised new funding to facilitate disbursements into new projects, with total investment assets rising to P3.59 billion from P3.5 billion in June 2020.<\/p>\n

The new disbursements include a strategic investment into an internationally recognised producer of convenience meal solutions for consumers throughout Sub Saharan Africa and global markets.<\/p>\n

In 2021, the Fast Moving Consumer Goods sector comprised 84% of the BDC\u2019s investment disbursements, followed by 13% to the real estate sector, two percent to tourism and hospitality as well as one percent to manufacturing.<\/p>\n

Meanwhile, the group\u2019s total assets remained strong at just under P5 billion as at June 30, 2021. \u201cBDC’s strategic intent is to explore ventures that will further build and enhance Botswana industries, transform the economy and return high yields that contribute towards the Vision 2036 ambition to realise a high-income country standing,\u201d directors said.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. The Botswana Development Corporation (BDC) group incurred a P63.1 million pretax loss for the full year ended June 2021, compared to profits of P151.3 million in the prior corresponding period, due to the impact of COVID-19. In results unveiled recently, the group said the weaker performance was due to its subsidiaries\u2019 exposure […]<\/p>\n","protected":false},"author":84,"featured_media":1366,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,237,234],"class_list":["post-1367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nBDC group posts P63m loss as COVID-19 hits subsidiaries - Botswana<\/title>\n<meta name=\"description\" content=\"The Botswana Development Corporation (BDC) group incurred a P63.1 million pretax loss for the full year ended June 2021, ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BDC group posts P63m loss as COVID-19 hits subsidiaries\" \/>\n<meta property=\"og:description\" content=\"The Botswana Development Corporation (BDC) group incurred a P63.1 million pretax loss for the full year ended June 2021, ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-17T15:59:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-17T16:33:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/01\/img-61e59a1d8e8eb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"532\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BDC group posts P63m loss as COVID-19 hits subsidiaries\",\"datePublished\":\"2022-01-17T15:59:37+00:00\",\"dateModified\":\"2022-01-17T16:33:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries\"},\"wordCount\":393,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/01\/img-61e59a1d8e8eb.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bdc-group-posts-p63m-loss-as-covid-19-hits-subsidiaries\",\"name\":\"BDC group posts P63m loss as COVID-19 hits subsidiaries - 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