Integrated Report 2025
INVESTING IN SOUTH AFRICA'S INDUSTRIAL FUTURE
Reflecting on 2024/25:
A year of resilience, recalibration and renewed purpose
Our Suite of Reports
The Corporation continues to deepen transparency through our integrated reports.
Audited in accordance with IFRS, showcasing financial resilience.
A comprehensive view of strategy, impact, risk and performance.
Additional online information
A detailed view of IDC’s human capital and partnerships.
ESRG Report
Our ESRG journey provides a comprehensive overview of IDC’s ESRG programme and its related performance, as guided by various frameworks.
Annual Results Powerpoint presentation
A comprehensive report of the IDC’s 2025 Annual Results.
Sustainable Bond Framework booklet
This Sustainability Bond Report of the Industrial Development Corporation (IDC).
Report Presentation Video
– Chairperson, Busi Mabuza
Guided by its founding mandate and refined by a sharper focus on value-chain development, the IDC took bold steps to support businesses across sectors — from early-stage entrepreneurs to large-scale manufacturers. This included disbursing R16.3 billion in funding (an increase from R15.9 billion in 2023/24), supporting more than 16,000 jobs and deepening impact through targeted interventions in agriculture, critical minerals, renewable energy and township economies.
It was also a year of meaningful transition. In February 2025, the Corporation welcomed Mmakgoshi Lekhethe as its first female CEO, marking a historic leadership moment for the IDC. Under her direction, the organisation reaffirmed its commitment to future-forward transformation, inclusive growth and greater sustainability alignment across all investments.
Financial Overview
While economic conditions placed pressure on performance, the IDC maintained financial resilience.
REVENUE
↓ from R23.4 bn
PROFIT AFTEr TAX
↓ from R7.5 bn
IMPAIRMENTS
↑ from R19.5 bn
IMPAIRMENT RATIO
DISBURSEMENTS
TRANSFORMATION FUNDING
TOTAL INVESTMENT FACILITATED
Driving Performance Amidst Complexity
Despite significant headwinds - including a weaker rand, sluggish global demand, and high input costs - the IDC remained operationally strong and developmentally focused.
While net profit declined to R1.8 billion (from R7 billion in 2023/24), total funding approved reached R13.4 billion, and the IDC’s commitment to transformation grew to R26.6 billion. The Corporation’s total assets stood at R144.3 billion, underscoring a stable platform for long-term growth despite volatility in investment returns.
Efforts to strengthen the quality of the loan book continued, with impairments and non-performing loans actively managed through enhanced oversight and tailored support to distressed partners. The year’s performance reflects not just financial recalibration, but a redoubling of developmental intent.
NET PROFIT
↓ from R7 bn
TOTAL FUNDING APPROVED
TRANSFORMATION FUNDING
TOTAL ASSETS
CO-INVESTMENT MOBILISED
Recognition of Excellence
Refining Strategy, Unlocking Opportunity
As global and domestic challenges evolve, so too does the IDC’s strategy. In 2024/25, the organisation sharpened its focus on value-chain development, deepened its commitment to industrial diversification and recommitted to transformation at scale.
Five core priorities shape IDC’s strategic outlook:
01
02
03
04
05
Sectoral Impact in a Changing Economy
Economic growth in FY2024/25 remained muted at just 0.4%, with structural challenges evident in reduced fixed investment (-3.9%) and persistent unemployment (32.9%). Within this context, IDC support was especially critical.
AGRICULTURE
Agriculture faced setbacks from drought and disease but recovered in H2.
IDC funding (R6.3bn) helped stabilise this vital sector.
MINING
Mining, particularly PGMs, contracted amid declining global demand.
IDC responded with focused support to safeguard local operations.
MANUFACTURING
Manufacturing declined by 1.2%, reflecting weak demand and high import competition.
Investments in localisation and downstream value chains aimed to counteract this trend.
Township Economies
Over R2.2 billion was allocated to 450 township businesses, driving grassroots job creation and strengthening local value chains.
Transforming through the ESRG and Impact Framework
IDC's ESRG and Impact Framework now guides all of IDC's investment cycle.
Key highlights include:
Four co-funded utility-scale renewable projects contributing 219MW to the grid.
Ongoing development of 17 projects targeting 2.1GW.
R22 billion cumulative investment in renewables to date.
R400 million launched via the Junior Mining Exploration Fund for critical minerals.
GREEN HYDROGEN HUB
IDC’s R500 million seed funding unlocked R2 billion in co-investment, establishing Africa’s first large-scale green hydrogen plant, expected to create 3,000 jobs and position SA as a net exporter by 2030.
Partnerships that Power Progress
Across 2024/25, the IDC hosted 81 formal stakeholder engagements, maintaining a collaborative approach across government, industry, and development finance institutions (DFIs).
Our People,
Our Foundation
As of March 2025, the IDC’s team included 1,127 trained employees, 84 internship and learnership participants, and a strengthened leadership core. Staff turnover rose to 9.2%, prompting a review of culture, succession planning and retention.
The permanent appointment of executives — a shift from traditional fixed-term roles — reflects a deeper investment in institutional knowledge and continuity.
Internally, efforts are underway to modernise systems and streamline operations. A digital transformation programme has been prioritised to reduce manual processing and enhance client experience.
Governance that
Builds Trust
The IDC Board concludes its term on 31 July 2025, having steered the organisation with diligence and foresight.
Key governance milestones include:
- A clean audit outcome
- Revised policies on procurement, debt funding and risk appetite
- Strengthened combined assurance across risk, compliance and finance
- Continued alignment with King IV and the Public Audit Act
The Board’s commitment to continuity during the transition to the 7th administration and the appointment of a new CEO has ensured strategic consistency and institutional stability.
Closing Reflections:
Looking Forward
The IDC’s story in 2024/25 is one of steadiness in complexity.
In the face of an uncertain global environment and a slowly recovering domestic economy, the Corporation reaffirmed its purpose, redefined its strategy, and reignited its developmental ambition.
As it enters the next chapter, the IDC remains committed to building a more inclusive, resilient and future-focused economy – driven by catalytic investments, grounded in transformation, and elevated by partnerships that expand possibilities.
“Every investment we make is a deliberate step toward a more inclusive, resilient, and sustainable South African economy – creating value today, and laying foundations for generations to come.”