Niël Terblanché
The Namibia Airports Company (NAC) has reported a profit after tax of N$40 million for the 2023/2024 financial year.
This breakthrough for the state-owned enterprise was announced by the NAC Board Chairperson Dr Leake Hangala at the company’s annual general meeting (AGM) on 30 September.
The AGM was held in accordance with the Public Enterprises Governance Act (PEGA) of 2019 during which the NAC leadership presented the audited financial statements to shareholders.
Hangala highlighted the organisation’s financial growth, which saw a substantial increase in profits from N$19.4 million in the previous year to N$40.8 million in 2024.
The NAC has also maintained compliance with its audit requirements, achieving a clean audit for the third consecutive year, a testament to its sound governance and financial management.
NAC Chief Executive Officer Bisey /Uirab credited the company’s success to its resilience and strategic focus, despite challenging local and international conditions.
“NAC demonstrated resilience and determination, navigating challenges while forging a strategic direction,” he said.
He also noted that the NAC is operating at about 92% of pre-Covid passenger volumes which points to a strong recovery for Namibia’s aviation sector.
The company also celebrated key achievements at its major airports.
Hosea Kutako International Airport (HKIA) and Walvis Bay International Airport received long-term operating certificates valid until December 2025, while Andimba Toivo ya Toivo Airport was issued a three-year operating licence, valid until July 2027.
These certifications reflect NAC’s compliance with Namibia’s Civil Aviation Regulatory requirements, reinforcing its commitment to safety and operational excellence.
Passenger volumes for the 2023/2024 financial year also showed improvement, with a total of 277,636 passengers recorded between April and June 2024.
This is a notable increase from the 249,322 passengers recorded during the same period in 2023. Additionally, Namibia’s performance in the International Civil Aviation Organization (ICAO) audit improved significantly, with an effective implementation score of 72.31%, up from 57.39% in 2016.
One of the most significant announcements made at the AGM was the receipt of a Cabinet action letter approving the appointment of consultants for the construction of Terminal 3 at Hosea Kutako International Airport, which is expected to improve capacity and service delivery at the country’s busiest airport.
During the meeting, the NAC also announced new routes that will boost air travel to Namibia.
Discover Airlines, part of the Lufthansa Group, will introduce a new route from Munich to Windhoek starting in April 2025, with three flights per week.
Air Botswana will commence flights from Gaborone to Windhoek in October 2024, with additional routes to Maun and Kasane launching in November.
FlySafair is also set to begin twice-weekly flights from Cape Town to Windhoek later this month.
Hangala said the NAC is also preparing for major infrastructure developments.
He indicated that the plans include the establishment of solar power plants at key airports, the development of master plans for all eight airports, and upgrades to terminal buildings at Katima Mulilo, Rundu, and Lüderitz airports.
“These upgrades are designed to support Namibia’s broader national development goals, particularly in light of the recent oil and gas discoveries and the country’s ambitious Green Hydrogen initiative,” he said.
Hangala stressed the importance of sustainable growth, ethical leadership, and quality service delivery.
He praised the collective efforts of the NAC Board, management, and staff, which have positioned the company as a leader among state-owned enterprises.
“The NAC Board is unwavering in its dedication to maintaining and promoting the best practices in corporate governance throughout the whole organisation,” he said.
According to Hangala, continuous investments in key projects along with keeping an eye on sustainability, the NAC will remain positioned to continuously play a vital role in Namibia’s economic development.
