The national rail services operator, TransNamib, recently successfully hosted its first annual general meeting (AGM) in seven years where it presented the government, as its sole shareholder, with an unqualified audit for the past financial year. The audit confirmed that during the 2019/2020 financial year TransNamib generated revenue of N$517 million, representing a 10.5% year-on-year increase in revenue.
Despite the challenge of rolling stock, the latest results indicate that TransNamib managed to attain its highest percentage increase in revenue in over a decade.
According to TransNamib management these most recent financials mean that the company’s performance is well-aligned to its strategic objective of reaching breakthrough financial performance by 2023.
At the recent AGM TransNamib also received its first unqualified audit in over decade, which is significant for the company as it is expected to open more opportunities for the business from a financing perspective.
Other significant achievements for the parastatal were a reduction in monthly operational loss and re-opening the line between Aus and Lüderitz after 18 years, leading to a significant increase of activity in the towns of Ariamsvlei and Lüderitz. TransNamib also undertook a re-branding exercise to re-energise the TransNamib brand.
During the AGM, chairperson of the TransNamib Board, Sigrid Tjijorokisa, emphasised the importance of the AGM in terms of corporate governance. She also highlighted the company’s achievements during the 2018/2019 financial year, noting that the rebranding exercise was one of the highlights of the past financial period.
Tjijorokisa added that that the new brand excellently positions TransNamib in the market as well as attracts new talent to the company.
TransNamib chief executive officer (CEO) Johny Smith stated that what TransNamib has achieved in the past financial year, including attaining profitability, was absolutely possible. He added: “The business plan is what will take us forward as a company.”
Minister of Public Enterprises, Leon Jooste, who attended the AGM on behalf of the shareholder, congratulated the board, management and employees and reminded them that confidence in the company is key in succeeding.
Jooste added that that during his engagements with TransNamib, as part of his daily duties, he has noticed a new sense of confidence in the company.
“We are not out of the woods yet but we are heading there. I am heading out of this meeting as a proud shareholder representative,” said Jooste.