The Namibia Airports Company (NAC) recently held a successful Annual General Meeting (AGM) encompassing the last three financial years, namely 2019/2020, 2020/2021 and 2021/2022. The AGM, held on 19 July, brings the airports company in line with compliance and governance requirements, as outlined in the Companies Act (Act No. 28 of 2004) and the Public Enterprises Governance Ac (Act No. 1 of 2019).
The AGM was attended by works and transport minister John Mutorwa, finance and public enterprises executive director Titus Ndove, the NAC board of directors, NAC CEO Bisey /Uirab, NAC management and various ministerial representatives.
The NAC’s External Auditors, Grand Namibia, audited their consolidated financial statements for the 2020/2021 and 2021/2022 financial years. The auditors provided an unqualified opinion on the audited financial statements (AFS). These AFS include the pertinent audit opinions.
“This is a significant transition from the qualified opinion given for the 2019/2020 financial year mainly attributed to impairment of property, plant and equipment (PPE), review of useful lives and residual values of items in PPE and turnover-based revenue and concessions,” reads an NAC statement issued yesterday.
“The reports presented by the NAC provide a realistic reflection of the transitional journey of the NAC. It represents visible and concrete improvements in leadership, management and governance”, said Mutorwa.
NAC board chairperson Leake Hangala noted that the company has made significant progress in stabilising the operations, currently operating at about 78% of pre COVID-19 levels.
“Thanks to the shareholder for the support, confidence and trust shown to the board and management. We have achieved the development of an Integrated Strategic Business Plan (ISBP); finalisation of the three years’ AFS, submission to and approval by the shareholder of the company’s budget and business plan for 2022/2023; infrastructural and service improvements at the airports; spearheading aviation connectivity initiatives as well as introduction of stringent cost-cutting measures that led to the current and improved financial performance and standing of the company”, Hangala noted.
Meanwhile, Ndove said the ministry acknowledges and applauds the NAC for improved performance in financial operations, leadership, governance and compliance. It is commendable to see a state-owned enterprise (SOE) endeavour to ensure growth whilst being compliant to legislation.
“As the shareholder, we are in support of the presented strategic initiatives, and will continue to support the NAC to mobilise the necessary resources for the successful implementation of infrastructural improvements at its various airports”, Ndove stated.
“The NAC is committed to improving airport infrastructure to support national development initiatives, and harness the natural resources brought about by the recent oil and gas discovery, together with the Green Hydrogen initiatives,” the NAC statement added.
Meanwhile, envisaged airport infrastructure developments include:
the Hosea Kutako International Airport congestion alleviation project to extend the VIP/VVIP facilities to bring it to adequate standards in terms of facilitation and the size of the Presidential Lounge as well as parking configuration at the cost of N$18 million;
the apron expansion at Hosea Kutako International Airport at a cost of N$100 million, funded by government over a two-year period;
the construction of Terminal 3 at Hosea Kutako International Airport, with discussions ongoing with government to determine an optimal financing structure for the project;
and the construction of new terminal buildings at the Katima Mulilo, Rundu and Lüderitz airports.