IDC profits at record high |24 July 2019

The last financial year, ending March 31, was a record year for the Islands Development Company (IDC) with profits before tax in excess of R53 million.

In an interview given to the media on Monday July 22, chairperson of the IDC Board Patrick Berlouis stated that the company’s profitability for the last year has been the highest since its establishment in 1980, with a mandate to manage thirteen outer islands and enable the economy of the outer islands to be developed.

“Since IDC started, this is the best year. And how this happens is that all departments, management, staff and the Board are working together to ensure that we achieve our mission and our strategic objectives and that we materialise our projects,” Mr Berlouis said.

IDC has invested in numerous economic activities and projects over recent years including the rebuilding of the hotel on Desroches island which reopened on March 1, 2018.

“We have difficulties but we work very well together and we have reaped the financial benefits. There are big projects like Desroches that is also finished and is helping towards boosting profits. The company is very satisfied,” Mr Berlouis said.

“Hotels that have been built, Alphonse has also been going at full capacity and we hope that later Platte will materialise. It all adds up because when you have hotels on the outer islands, you also have your aircraft working and staff. And you have a lot of staff who are also involved in those operations so your overheads are high,” Mr Berlouis added.

He commended the previous Board of Directors for taking strategic decisions regarding all the touristic projects. The Board currently in place has been sitting for two-and-a-half years.

It is often said that a company’s greatest assets are its people. However, one of the major challenges IDC is confronted with is the lack of local labour for jobs on the outer islands. A significant proportion of employees based on outer islands are foreigners.

Chief executive of IDC, Glenny Savy, attributes the lack of interest to work on outer islands to availability of employment opportunities on Mahé. As an incentive to retain employees and attract new talent, IDC allocates a share of profits to employees.

“Ten percent of our profits is allocated to staff. I think it is an incentive and the CEO mentioned difficulties to recruit local labour to work on the islands and it is a reality but this is an incentive. We would like Seychellois to consider a job on the islands, in any post and this is part of the incentive to encourage staff to continue with us or to join us. We advertise on jobo.sc and if you qualify, please apply. I ask more young people to join,” Mr Berlouis stated.

“We have a lot of incentives, our staff accommodation on the outer islands is very comfortable, with air-conditioned rooms, a staff canteen but despite our efforts, we have difficulties to recruit. And our salaries are much better than on Mahé and we will continue with our incentives, our training programmes, we will continue to encourage our young professionals in different domains to come and work with us even if part-time but as long as we don’t have employees we will continue to see foreigners on outer islands as we need to continue with our work on the outer islands,” concurred Mr Savy.

As the full shareholder, IDC also pays dividends to the government of Seychelles amounting to around R3 million on a yearly basis. This year however, the sum of R5 million has been requested, and will be decided by the Board of Directors.

With regards to whether allegations about IDC’s management and operations have impacted on profits, Mr Berlouis noted that such publicity helps the organisation to bring in more transparency in its operations and to be more efficient.

Mr Berlouis however advised that any persons who have queries pertaining to IDC, the thirteen islands for which it is responsible and to their operations, may contact public relations manager Patrick Payet to seek accurate information as opposed to speculating.

IDC’s financial report is available on the organisation’s website.