Namibian Ports Authority CEO Andrew Kanime indicated that the organisation would now focus on strategic planning and market response to properly position the company as a major catalyst for Namibia’s development.
This is especially crucial, given the exciting and transformative advancements in green hydrogen, as well as oil and gas industries.
“This will require us to work in unison towards strengthening Namibia’s capability to compete with other ports in the region, support the developments of the new industries and ultimately attain our goal to be the logistics hub for the region,” said the CEO in the 2023 annual report. Namport is a State-owned enterprise established to manage Namibia’s ports, namely the Port of Walvis Bay and the Port of Lüderitz.
Its mandate is to manage and exercise control over port operations, lighthouses and other navigational aids in Namibia and its territorial waters.
Namport earlier this year stated it plans to invest N$30 million this year to expand the Walvis Bay port’s entrance gate to five lanes from the current two lanes.
This will significantly improve the flow of goods into the world-class harbour, which has already announced key infrastructure expansion that includes new berths and quay walls.
These and other developments aim to enhance Namibia’s international trade – and as a result, drive regional economic growth.
Furthermore, the report stated that cross-border volumes grew 41% to 2 263 362 tonnes (2022: 1 606 984 tonnes).
“The total cross-border volumes comprised 782 184 tonnes, destined for the hinterland, and 1 481 178 tonnes from the hinterland. Key markets such as South Africa, Zambia, the Democratic Republic of Congo (DRC) and Botswana contributed to the phenomenal growth in cross-border volumes. Botswana, in particular, experienced a significant increase – and this was driven by coal and copper concentrate exports and fuel imports, highlighting the importance of the logistics hub concept for sustained growth,” reads the report.
Revenue for the year amounted to N$1.503 billion (2022: N$1.234 billion).
This represents year-on-year growth of N$268 million or 22%.
Operating profit increased by N$36 million or 10% to N$411 million (2022: N$374 million).
Profit before tax for the year amounted to N$258 million (2022: N$254 million), while profit after tax for the year amounted to N$183 million, representing a 21% decrease from the 2022 financial year.
Overall, the authority delivered a positive financial performance, supported by the increased flow of both imports and exports for the local and regional markets.
The focus going forward will be to consolidate and cement these critical cargo streams for the continued sustainability of the business. -mndjavera@nepc.com.na