The Chairman’s Statement Profile

The Small Enterprises Development Company Limited (SEDCO) is a category “A” public enterprise under the Ministry of Enterprise and Employment. SEDCO was established in 1970 to awaken, promote and support entrepreneurial talent with a vision and prime focus to create jobs and sustainable employment within the Small, medium-sized and micro enterprises [SMME’s] sector and thus make a meaningful contribution in the larger socio-economic development of the country.

 Performance

The revenue of the company increased by 20% and the year saw a declaration of a profit realization of E1.1 Million. Also, worthy of note is that the company’s balance sheet grew by a 66% during the year under review arising from operational initiatives and asset movements.

Overview

The economy of the country has continued to perform poorly thus the subvention from Government has remained the same as that of last financial year 2004/2005.The year saw an increase in nationwide demand for SEDCO’s business education and training programmes. This came about as part of Government’s job creation initiative that encourages entrepreneurship and creation of employment opportunities through out the country.

Outlook and Developments

The company shall step up its intervention in the development of the SMME sector by encouraging business linkages, designing of website that will host SMMEs, addressing import substitution issues, poverty reduction and employment creation opportunities in the SMME sector.

Acknowledgement

On behalf of the Board, I would like to thank management and the whole team at SEDCO for their effort and contributions during the year. Further, I wish to record my profound appreciation to my colleagues, the directors, who have demonstrated commitment to positive debate in the company’s interests and remained united in all decisions made by the board. This coming year will again challenge each one of us and I’m positive that we will continue to discharge the best of ourselves and deliver to the company’s mandate. Lastly, but not least in appreciation, we are most grateful to our appointing authority, the Hon. Minister for Enterprise and Employment, for his foresight and continuing guidance and support.

M.S.M. Shongwe

Chairman of Board of Directors.