Our Star of the Week is the national rail services operator, TransNamib, whose unqualified audit for the past financial year confirmed that during the 2019/2020 the state-owned enterprise generated revenue of N$517 million, representing a 10.5 percent year-on-year increase.
Despite the challenge of rolling stock, the latest results show that TransNamib managed to attain its highest percentage increase in revenue in over a decade. The unqualified audit is significant for the company as it is expected to open more opportunities for the business from a financing perspective.
According to TransNamib the most recent financials mean its performance is well-aligned to its strategic objective of reaching breakthrough financial performance by 2023. 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.
TransNamib recently successfully hosted its first annual general meeting (AGM) in seven years.