Tibiyo 2021 Annual Report
Tuesday, 26 July, 2022

The report is a mixed bag of fortunes experienced by the organisation during the reporting period. Critically, according to Chairman of the Main Committee Prince Fipha, is the context of the reporting cycle, which was characterised by turbulence in the global and local economic environment, worsened by the Covid-19 pandemic. Despite these, the organisation recorded a turnover of E331 million, an improvement from the E259 million recorded the previous year. This translates to a 28 percent increase in the turnover mainly due to an increase in dividends received. Some of the key points raised by the report include the following:

• Overall profit increased from E222 million to E288 million, which translates to an increase of 30%. This is mainly due to an increase in dividend income;

• Total assets grew from E2.3 billion to E2.5 billion mainly due to growth in investments and current assets;

• Net income as a percentage of total assets declined from 11.65 percent last year to 7.39 percent the current year;

• A total of E42.8 million was spent on both scholarships and bursaries, compared to E66.4 million spent the previous year. During the reporting period, Tibiyo sponsored 213 students at tertiary level. A total of 46 students completed their studies and Tibiyo wishes them well in finding employment, creating new businesses and pursuing their careers of choice;

• Healthcare expenditure increased by 7.9 percent to 6.2 million from E5.8 million in 2020;

Even as it navigated the murky conditions, the organisation strived to fulfil its business and social development mandate, ensuring, in particular, that scholarships and bursaries were retained, in order to meet the pressing challenges of parents, schools and students. Despite a reduced budget, the organisation increased individual allocations for secondary and high school grants, from E2800 to E4000 per beneficiary per year.

Managing Director Dr Absalom Themba Dlamini praised the organisation for adopting innovative and cost-saving approaches which allowed the organisation to minimise the impact of the harsh economic conditions. He said that the organisation remained committed to supporting the professional and welfare needs of all employees of the organisation.

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