The South African Forestry Company Limited (Safcol) has made a remarkable turnaround into profit and is now looking to diversify its revenue streams with new activities. The company turned a R50m net loss recorded in 2015-16 into a R107m profit. Of this, R51m was operational profit and the remainder resulted from the revaluation of assets. Cost savings also contributed significantly to the turnaround, acting chief financial officer Gabriel Theron told Parliament’s public enterprises committee last week. Revenue reached R1bn, up from the previous year’s R903m. The new board, which was appointed in August 2015, has had to undertake a clean-up of corruption and theft that had plagued the organisation and led to the departure under various circumstances of key executives. These matters are under investigation by the Hawks. Theron and Safcol chairman Lungile Mabece outlined their vision for Safcol to be the driver of forestry industrialisation in the country and to promote the use of woo...
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