Our Star of the Week award goes to the Windhoek Country Club Resort and Casino (WCCR) which this week handed over a dividend cheque pay-out of N$6 million to government for the 2017/18 financial year. An integral part of the WCCR’s turnaround was the appointment of its Board Chairman, Sven Thieme (left), who took over the reigns of the ailing institution when it was on the verge of bankruptcy. According to Thieme, the most recent dividends were made possible by the resort’s healthy cash flow position as well as the absence of any loans taken out by the establishment. The dividend cheque was handed over to Pohamba Shifeta, the Minister of Environment and Tourism (middle) while Leon Jooste, Minister of Public Enterprises, was also in attendance. It is estimated that before recent renovations the WCCR held a cash flow reserve of about N$70 million. Even after the dividends were paid and the extensive renovations the resort still holds about N$20 million in cash reserves. Another significant aspect of the turnaround is that the WCCR has increased its asset base from about N$74 million in 2009 to close to N$330 million today.
2018-10-26 09:15:10 4 months ago