Isai Sipunga
Namibia Wildlife Resorts (NWR) has reported a profit of N$46 million for the fiscal year 2023.
This announcement was made during the annual report presentation to the Ministry of Finance and Public Enterprises, attended by finance minister Iipumbu Shiimi and his environment equivalent, Pohamba Shifeta.
Matthias Ngwangwama, NWR’s managing director, commented on the company’s financial performance, stating, “NWR continued to make good progress on its strategic value drivers of occupancy growth, revenue, expense management, profitability, and improvements on the balance-sheet. Our financial performance in 2023 demonstrates our commitment to providing tourism-related services
in Namibia’s national parks and supporting national tourism objectives.” The company experienced a significant financial turnaround, moving from a N$35 million loss in 2022 to a record profit in 2023.
NWR’s revenue increased by 32%, from N$294 million in 2022 to N$387 million in 2023 in the face of economic challenges such as rising inflation, fuel costs, and volatile repo rates.
NWR managed to control operational expenses, which increased by only 7%.
The resort attributed this to strategic investments in repairs, renovations and maintenance, totalling N$27 million, up from N$23 million in 2022, which they said are investments aimed at enhancing customer experience and service delivery across NWR’s resorts and camps.
NWR also achieved clean audit reports for two consecutive years, reflecting its focus on governance, transparency and accountability.
On the day, board chairperson Haroldt /Urib credited the recent successes to resilience and strategic management at NWR.
“Our financial performance continued to show resilience in 2023. Long-term loans and statutory debts, which were longstanding challenges, were fully settled in 2023. We demonstrated that positive results are possible in the public enterprise domain,” he said. NWR believes the transition to a long-term debt-free company marks a new chapter of financial stability and growth. It added that the unqualified audit opinions for both 2022 and 2023 further indicate the company’s adherence to governance standards and proactive financial management. NWR furthermore stated that it will remain focused on service delivery and corporate responsibility, adding that the company’s strategic emphasis on enhancing the visitor experience while maintaining financial health positions is a key player in Namibia’s tourism sector.
It further aims to continue its growth and success, setting a benchmark for public enterprises in Namibia and beyond.