Business Reporter
THE Chairperson of the Namibia Airports Company (NAC) Board, Dr Leake Hangala, has announced that the company had a positive return in the 2023/2024 financial year, recording a profit after tax of N$40 million.
This is an increase from a profit of N$19.4 million recorded in 2023. This was revealed at the company’s Annual General Meeting (AGM) with the shareholders on 30 September 2024 in Windhoek, to report back on the company’s performance for the 2023/2024 financial year.
The recently concluded AGM marks a significant achievement, as the NAC is now up to date and fully compliant with the submission of its audited Annual Financial Statements (AFS).
The NAC is currently operating at approximately 92% of pre-Covid levels in terms of overall passenger volumes. The NAC recorded an improvement in passenger volumes for the financial year-to-date period April 2024 to June 2024, with 277,636 passengers compared to 249,322 passengers recorded in 2023. Pre-Covid, for the 2019/20 financial year, the company had a passenger volume of 308,652.
The NAC Annual Financial Statements (AFS) highlighted several positives, notably that the company has for three consecutive years received a clean audit (i.e. unqualified opinion).
Reflecting on the organisation’s achievements over the previous year, the CEO Bisey /Uirab remarked that: “NAC demonstrated resilience and determination, navigating challenges while forging a strategic direction.”
He added that the financial and performance advancements attained signify the company’s collective dedication to ethical and sustainable growth. Among these advancements are Hosea Kutako International Airport and Walvis Bay International Airport attaining long-term operating certificates in terms of the Namibian Civil Aviation Regulatory requirements, valid until 05 December 2025.
In addition to this, the Andimba Toivo Ya Toivo Airport was issued with a three-year long-term licence, valid until 1 July 2027. The NAC also announced the introduction of three new routes, which include Discover Airlines (Lufthansa Group), which plans to introduce a new route out of Munich to Windhoek, set for 01 April 2025. This will include three flights per week.
The second route is Air Botswana’s inaugural route between Windhoek and Gaborone, which will commence in October 2024, with the Maun-WHK and Kasane-WHK routes slated to commence in November 2024. All routes will be three times per week.
Lastly, FlySafair will commence twice-weekly operations on 22 October 2024 from Cape Town to Windhoek.
Titus Ndove, the Executive Director of the Ministry of Finance and Public Enterprises, who represented the Minister, and the Deputy Minister of Works and Transport Veikko Nekundi, said that the NAC’s achievement is commendable, especially receiving continued clean audit opinions. “The NAC should maintain this principle and level of improved performance,” Ndove said, and further cautioned the NAC to be vigilant of the increasing trend of staff costs versus revenue growth. This should be closely managed, he said.
The envisaged airport infrastructure developments include, among others: establishment of a Solar PV plant at the HKIA, Eros, and Andimba Toivo ya Toivo airports at the cost of N$9.5 million; development of Master Plans for all eight airports in the new financial year; furthering discussions with local stakeholders on the establishment of an aviation training school; and the finalisation of the transfer of land to NAC for the construction of new terminal buildings at Katima Mulilo, Rundu, and Lüderitz Airports, as well as the upgrading of the Parking Management System at HKIA, Walvis Bay Airport, and Andimba Toivo Ya Toivo Airport.
