NAC records N$19m profit

The Namibia Airports Company (NAC) hosted its annual general meeting (AGM) recently, during which it announced a N$19 million profit for the 2022/2023 financial year.According to the company, its financial statements highlighted several positives, such as that it turned around from a loss-making position of N$93.6 million recorded in 2022 to a profit-making position of N$19.4 million last year.“The NAC has navigated tough economic headwinds and is gradually returning to normal operations, having achieved 73% of pre-Covid levels as at 31 March 2023.”As at October 2023, operations stood at 85% of pre-Covid levels and the company envisages to achieve 90% by the end of the current financial year, it said.Passenger volumes for the financial year ended 31 March 2023 were 854 808, which is 199% of the 2022/23 financial year (429 745). Compared to peak pre-Covid 2019/20 passenger volumes (1 165 592), this represents 73% during this period.Meanwhile, aircraft volumes for the financial year ended March 2023 totalled 43 505, which represents a 123% improvement over the previous year.Infrastructure developmentThe NAC said it is committed to improve its airport infrastructure to support the country’s national development initiatives and harness the natural resources brought about by recent oil and gas discoveries, along with green hydrogen initiatives. The envisaged airport infrastructure developments include congestion alleviation at the Hosea Kutako International Airport (HKIA), which will see VIP/VVIP facilities extended to the tune of N$18 million. An apron expansion at the same airport is set to cost N$100 million and will be funded by government over a two-year period, while discussions are ongoing to determine the optimal financing structure for the construction of Terminal 3.Furthermore, the finalisation of the transfer of land to the NAC for the construction of new terminal buildings at Katima Mulilo, Rundu and Lüderitz airports is underway.“The NAC has celebrated a number of significant events over the 2022/2023 financial year, two of which were that the NAC has been issued with substantive aerodrome certificates valid for the next two years in respect of HKIA and Walvis Bay International Airport, and that in June, 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 CEO Bisey /Uirab said. Maintained stabilityAccording to board of directors chairperson Dr Leake Hangala, 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 organisation in delivering its mandate. The financial support from government is highly appreciated and our hope is that this will continue to aid the NAC in realising its various capital projects.”The NAC said other significant focus areas include the review of its current integrated strategic business plan and the development of a new five-year plan, inclusive of current and future national and global initiatives. The development of master plans for all eight airports and continued collaboration with stakeholders towards the establishment of an aviation training centre of excellence in Namibia is also on the cards, and will be driven by the private and public sectors of Namibia and Finland.

NAC records N$19m profit

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Namibian Sun 2025-04-14

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NAC records N$19m profit

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Namibian Sun 2025-04-14

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