NAC turns N$40 million profit
The Namibia Airports Company (NAC) had a positive return in the 2023/2024 financial year, recording a profit after tax of N$40 million.
Spokesperson of the NAC, Dan Kamati, said the recently concluded AGM marked a significant achievement for the company as it is now up to date and fully compliant with the submission of its audited annual financial statements.
In a statement issued by the NAC, Kamati said the company is currently operating at approximately 92% of pre-Covid levels in terms of overall passenger volumes.
He said the NAC annual financial statements (AFS) highlighted several positives, notably that the company has for three consecutive years received a clean audit known as an unqualified opinion.
“The company continued the positive trajectory of profit-making position, recording an increase in profit of N$19.4 million recorded in 2023 to N$40.8 million recorded in 2024.”
Reflecting on the organisation's achievements over the previous year, NAC CEO Bisey/Uirab said that the NAC demonstrated resilience and determination, navigating challenges while forging a strategic direction.
The financial and performance advancements attained signifies the company’s collective dedication to ethical and sustainable growth, said Kamati.
Maintaining stability
Among these advancements are that Hosea Kutako International Airport and Walvis Bay International Airport attained long-term operating certificates in terms of the Namibian civil aviation regulatory requirements, valid until 5 December 2025.
Furthermore, the Andimba Toivo Ya Toivo Airport was issued with a three-year long-term licence, valid until 1 July 2027, while passenger volumes for the financial year-to-date period April 2024 to June 2024 were 277 636 in comparison to 249 322 in 2023.
The universal safety oversight audit by the International Civil Aviation Organisation (ICAO) took place from 6 to 18 March this year, while Namibia attained an overall effective implementation (EI) score of 72.31% compared to 57.39% achieved in the last ICAO audit in 2016.
Kamati said legal cases have also been reduced from 13 to seven active cases.
NAC board of directors chairperson Dr Leake Hangala added that the company has maintained stability, amidst evolving local and international challenges.
Infrastructure plans
Kamati said 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 establishment of a solar PV plant at the Hosea Kutako, Eros and Andimba Toivo ya Toivo airports at a cost of N$9.5 million.
The NAC also plans to develop master plans for all eight airports in the new financial year, furthering discussions with local stakeholders on the establishment of the aviation training school and finalising the transfer of land to NAC for the construction of new terminal buildings at Katima Mulilo, Rundu and Lüderitz airports.
It also plans on upgrading the parking management system at Hosea Kutako, Walvis Bay and Andimba Toivo Ya Toivo airports.
Spokesperson of the NAC, Dan Kamati, said the recently concluded AGM marked a significant achievement for the company as it is now up to date and fully compliant with the submission of its audited annual financial statements.
In a statement issued by the NAC, Kamati said the company is currently operating at approximately 92% of pre-Covid levels in terms of overall passenger volumes.
He said the NAC annual financial statements (AFS) highlighted several positives, notably that the company has for three consecutive years received a clean audit known as an unqualified opinion.
“The company continued the positive trajectory of profit-making position, recording an increase in profit of N$19.4 million recorded in 2023 to N$40.8 million recorded in 2024.”
Reflecting on the organisation's achievements over the previous year, NAC CEO Bisey/Uirab said that the NAC demonstrated resilience and determination, navigating challenges while forging a strategic direction.
The financial and performance advancements attained signifies the company’s collective dedication to ethical and sustainable growth, said Kamati.
Maintaining stability
Among these advancements are that Hosea Kutako International Airport and Walvis Bay International Airport attained long-term operating certificates in terms of the Namibian civil aviation regulatory requirements, valid until 5 December 2025.
Furthermore, the Andimba Toivo Ya Toivo Airport was issued with a three-year long-term licence, valid until 1 July 2027, while passenger volumes for the financial year-to-date period April 2024 to June 2024 were 277 636 in comparison to 249 322 in 2023.
The universal safety oversight audit by the International Civil Aviation Organisation (ICAO) took place from 6 to 18 March this year, while Namibia attained an overall effective implementation (EI) score of 72.31% compared to 57.39% achieved in the last ICAO audit in 2016.
Kamati said legal cases have also been reduced from 13 to seven active cases.
NAC board of directors chairperson Dr Leake Hangala added that the company has maintained stability, amidst evolving local and international challenges.
Infrastructure plans
Kamati said 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 establishment of a solar PV plant at the Hosea Kutako, Eros and Andimba Toivo ya Toivo airports at a cost of N$9.5 million.
The NAC also plans to develop master plans for all eight airports in the new financial year, furthering discussions with local stakeholders on the establishment of the aviation training school and finalising the transfer of land to NAC for the construction of new terminal buildings at Katima Mulilo, Rundu and Lüderitz airports.
It also plans on upgrading the parking management system at Hosea Kutako, Walvis Bay and Andimba Toivo Ya Toivo airports.
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