South African Forestry Company SOC Limited (SAFCOL) today released its financial results for the financial year end 2022.
According to SAFCOL, they have delivered record earnings going from a loss of R45 million last year, to a profit after tax of R84 million.
One of the very few SOEs that has actually been profitable this year, SAFCOL announced that its operating profit increased from R40 million to R387 million.
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SAFCOL also shared that its bio assets increased by 6% to R4 billion. Its regular expenditure for the year also reduced by 48% to R60 million.
As a result of the good performance, SAFCOL was able to introduce medical aid for its staff this year and invested R20 million for the advanced training of its employees. It also spent R4 million on bursaries.
SAFCOL reported zero fatalities in the work place as well for the financial year. But in terms of challenges it experienced, executives said that they were limited in their access to land and also had to deal with aging infrastructure. They were also experiencing an increase in timber theft.
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SAFCOL is the third largest state-owned forestry company in South Africa, under the department of Public Enterprises (DPE), primarily involved in the forestry industry with operations in Limpopo, Mpumalanga, KwaZulu-Natal as well as in the southern half of Mozambique.
