Niël Terblanché
A transitional journey of the Namibia Airports Company over the last three years realistically reflects tangible improvements in leadership, management, and governance.
The Namibia Airports Company (NAC) held a successful Annual General Meeting (AGM) on 19 July 2023 for the preceding three financial years, namely 2019/2020, 2020/2021 and 2021/2022 to bring the company in line with compliance and governance requirements as outlined in the Companies Act (Act No. 28 of 2004) and the Public Enterprises Governance Ac (Act No. 1 of 2019).
The AGM was attended by John Mutorwa, the Minister of Works and Transport, Titus Ndove, the Executive Director of the Ministry of Finance and Public Enterprises, the NAC Board of Directors, NAC Chief Executive Officer, Bisey /Uirab, NAC Management and various representatives from the Ministry of Finance and Public Enterprises.
The NAC’s External Auditors, Grand Namibia conducted the audit of the audited consolidated financial statements (AFS), for the 2020/2021 and 2021/2022 financial years. The auditors provided an unqualified opinion on the AFS which included pertinent audit opinions.
“The reports presented by the NAC provide a realistic reflection of the transitional journey of the NAC. It represents visible and concrete improvements in leadership, management, and governance,” Mutorwa said.
The audit indicated a significant transition from the qualified opinion given for the 2019/2020 financial year attributed mainly to impairment of property, plant and equipment (PPE), review of useful lives and residual values of items in PPE and turnover-based revenue and concessions.
Chairperson of the NAC’s Board of Directors, Dr Leake Hangala stated that the company has made significant progress in stabilising its operations and that it is currently operating at about 78 percent of pre COVID-19 level.
“Thanks to the shareholder for the support, confidence and trust shown to the Board and Management. We have achieved the development of the Integrated Strategic Business Plan (ISBP); finalization of the three years AFS, submission to and approval by the shareholder of the company’s Budget and Business Plan for 2022/2023; infrastructural and service improvements at the airports; spearheading aviation connectivity initiatives as well as the introduction of stringent cost-cutting measures that led to the current and improved financial performance and standing of the company”, Dr Hangala explained.
The Ministry of Finance and Public Enterprises’ Executive Director, Titus Ndove acknowledged and applauded the NAC for its improved performance in financial operations, leadership, governance, and compliance.
He said that it is commendable to see a state-owned enterprise (SOE) endeavour to ensure growth whilst being compliant with legislation.
“As the shareholder, we are in support of the presented strategic initiatives and will continue to support the NAC to mobilise the necessary resources for the successful implementation of infrastructural improvements at its various airports,” Ndove said.
The NAC is committed to improving its airport infrastructure to support government national development initiatives and harness the natural resources brought about by the recent oil and gas discovery together with the Green Hydrogen initiatives.
The envisaged airport infrastructure developments include the Hosea Kutako International Airport congestion alleviation project to extend the VIP/VVIP facilities to bring it to adequate standard in terms of facilitation and the size of the Presidential Lounge as well as parking configuration at the cost of N$18 million; the expansion of the apron at the Hosea Kutako International Airport at a cost of N$100 million, funded by Government over a two-year period; the construction of Terminal 3 at the Hosea Kutako International Airport, with discussions ongoing with government to determine the optimal financing structure for the project and the construction of new terminal buildings at Katima Mulilo, Rundu and Lüderitz Airports.
