Business Reporter
THE Namibia Airports Company (NAC), during its Annual General Meeting (AGM) held this past week, announced that the company has made a positive turnaround, recording a profit of N$19 million in 2023, from a loss-making position of N$93,697,664 recorded in 2022.
The NAC has navigated through tough economic headwinds and is gradually returning to normal operations, having achieved 73% of pre-Covid levels as of 31 March 2023. As of October 2023, operations stood at 85% of pre-Covid levels, and the company envisages reaching 90% by the end of the current financial year.
Iipumbu Shiimi, the Minister of Finance and Public Enterprises, Titus Ndove, the Executive Director: Ministry of Finance and Public Enterprises, Louise Shixwameni, the Deputy Executive Director: Ministry of Finance and Public Enterprises, the NAC Board of Directors, NAC Chief Executive Officer, Bisey /Uirab, NAC Management, and various representatives from the Ministry of Works and Transport and the Ministry of Finance and Public Enterprises, attended the AGM meeting.
CEO Bisey /Uirab states that the NAC has celebrated a number of significant events over the 2022/2023 financial year, two of which are that the NAC has been issued with substantive aerodrome certificates valid for the next two (2) years, in respect of Hosea Kutako International Airport (HKIA) and Walvis Bay International Airport, and that in June 2024 the NAC will host the coveted AviaDev Africa Conference, an annual aviation development conference aimed at connecting industry experts to discuss and devise strategies to improve connectivity within the African continent.
NAC Board of Directors Chairperson Dr Leake Hangala adds that the company has maintained stability amidst evolving local and international challenges.
“I would like to express our sincere gratitude and appreciation to our Shareholder for entrusting the NAC Board to lead, guide, and steer the organization in delivering its mandate. The financial support from the government is highly appreciated, and our hope is that this would continue to aid the NAC in realizing the various capital projects,” Dr. Hangala states.
The Finance Minister, Shiimi, added that the reports presented by the NAC provide an overview of the transitional journey and the good efforts employed by the NAC to ensure sustainability and maintain good corporate governance.
The NAC is committed to improving its airport infrastructure to support the country’s national development initiatives and harness the natural resources brought about by the recent oil and gas discovery together with the Green Hydrogen initiatives.
The envisaged airport infrastructure developments include, among others: the Hosea Kutako International Airport congestion alleviation project to extend the VIP/VVIP facilities at the cost of N$18 million; the Apron expansion at Hosea Kutako International Airport at a cost of N$100 million, funded by the Government over a two-year period; the construction of Terminal 3 at Hosea Kutako International Airport, with ongoing discussions with the government to determine the optimal financing structure for the project, and the finalization of the transfer of land to NAC for the construction of new terminal buildings at Katima Mulilo, Rundu, and Lüderitz Airports.
Other significant focus areas include the review of the current Integrated Strategic Business Plan (ISPB) and the development of a new 5-year ISBP inclusive of current and future national and global initiatives, development of Master Plans for all eight (8) airports, and continued collaboration with stakeholders towards the establishment of an aviation training Centre of Excellence in Namibia. This project is being driven by the Namibian-Finnish private and public sectors.
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