2005-12-02Staff Report 2 "By Surihe Gaomas WINDHOEK WITH an investment of N$60 million that boosts Public Private Partnership (PPP) through increasing ship repair capacity at Walvis Bay expected during the first quarter of next year, the Namibia Ports Authority (NamPort) expects a smooth sail performance-wise. This remarkable performance became even more evident when NamPort paid N$3,5 million in dividends to Government. The money was funnelled through the Ministry of Works, Transport and Communication to which NamPort reports. Procedurally, all parastatals are expected to declare an equity value of five percent to Government every year in dividends. However, because of a far much better performance, NamPort has surpassed this mark by paying a 32 percent dividend, worth N$3,5 million after tax. The chairman of NamPort Board, Advocate Shakespeare Masiza said at the recent handing over ceremony that despite the fact that the financial year of 2004/2005 was a challenging one, the company managed to perform well compared to the previous financial year. The challenge comes in light of the ailing fishing sector, which has always made valuable contribution to the country's revenue. However, in order to ensure its effectiveness as a parastatal, NamPort has embarked upon a strategy of lessening its dependency on the fishing industry. With a vision to attract more cargo to its ports of Walvis Bay and LÃÆ'Æ'Æ'ÃÆ''šÃ‚¼deritz, the company remains steadfast on its sustainable strategy of competitiveness. ""Our strategic initiatives are focussed on improving shareholder value, staying ahead of customer expectations, optimizing the cost of doing business and reaching new markets while utilizing technology to improve our processes and systems,"" said Masiza. Upon receiving the dividend, Minister of Works, Transport and Communication JoÃÆ'Æ'Æ'ÃÆ''šÃ‚«l Kaapanda commended NamPort for its ability to meet its share-holder's commitments for the past consecutive financial years. The company is currently ranked on the African Competitiveness Report as one of the most efficient ports of call within the Southern African region. With an investment of more than N$50 million during this financial year, the ship repairing industry facility of NamPort is therefore well on its way, servicing vessels that are heavier than 2 000 tonnes. Plans are afoot for NamPort to also capitalise on Botswana's interest in developing a Dry Dock Facility at the port of Walvis Bay. The minister added that this would ensure Namibia's strategic location would be turned into a bankable and durable asset for the Southern African region. At the same time, the minister appealed to other parastatals to follow suit in paying more than the prescribed five percent dividend expected by the Government every year. ""The reasons for such dividends is that it serves to improve the performance of companies, promote good corporate governance and get rid of corruption and avoid mismanagement of resources,"" he added. The decision for the five percent dividend was made when the ministry met all the parastatals' CEOs and board chairpersons on October 28, 2005." 2005-12-02Staff Report 2
