The Coega Development Corporation (Coega), a Schedule 3(d) public entity in terms of the Public Finance Management Act, 1999 (Act No. 1 of 1999), is pleased to announce the publication of its Integrated Annual Report for the 2023/2024 (IAR 2023/24), as authorised by the Eastern Cape Department of Economic Development, Environmental Affairs and Tourism and adopted by the Provincial Legislature. The IAR provides a comprehensive overview of Coega’s performance during the 2023/2024 financial year (FY), including financial performance, strategic achievements, sustainability initiatives, and stakeholder engagement.
“Coega achieved significant milestones over the reporting period, including a revenue of R642.1 million across its operating activities, while 60 operational investors have to date contributed a combined investment value of R12.3 billion. Notably, Coega contributed to the creation of over 14,280 cumulative jobs and provided training to over 4,374 individuals during the financial year,” shared Coega Chief Financial Officer, Mr. Rodger Hill.
Coega experienced significant growth across key sectors, including automotive, manufacturing, agro-processing, logistics, and business process outsourcing. This momentum resulted in the signing of 11 new investors during the 2023/24 FY. These investors pledged a combined investment value of R840.39 million, demonstrating Coega’s continued success in attracting and securing significant investments.
Notable project developments during the 2023/2024 FY included the R3 billion Stellantis Group investment announcement (which is currently under construction), the completion of the Orion Engineered Carbons Tank Farm, the Benteler Extension in the Nelson Mandela Bay Logistics Park, and the 542m² expansion of the Discovery Health facility at the Business Process Outsourcing Park in Zone 4 of the Coega Special Economic Zone.
Coega also significantly exceeded its SMME procurement target, achieving a 69.41% spend to SMME’s with a total value of R1.027 billion. This includes R364.587 million spent with black women-owned businesses, R97.929 million with youth-owned businesses, and R501.848 million with black men-owned businesses.
“These achievements underscore Coega’s commitment to excellence, as evidenced by the retention of its Level 1 B-BBEE Certificate and the receipt of a 5th consecutive clean audit report from the Auditor-General of South Africa,” concluded Hill.
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Gqeberha (Port Elizabeth) is a beautiful city located on the coast in the Eastern Cape Province and is known as the “Friendly City”, with other towns in this district including Kariega (Uitenage) and Despatch. Forming part of the Nelson Mandela Bay Metro, Gqeberha has stunning beaches, historical museums and memorials, award-winning wildlife sanctuaries and super friendly people, making it a spectacular holiday destination.
Watch a Random Port Elizabeth video:
mule skinner
Harry Oppenheimer – Harry Oppenheimer led South Africa’s two biggest companies (De Beers and Anglo America) through their most successful years and created more jobs than any other South African businessman in history. Harry Oppenheimer and his wife Bridget were also keen horse breeders. They bred Horse Chestnut, which is arguably the most exceptional race horse ever bred in South Africa. Chestnut was known for winning races by large margins – he won the J&B Met by over 8 lengths.