CHAMWE KAIRA
Alpha Namibia Industries Renewable Power Limited (ANIREP) recorded its first positive operating cash flow for the financial year ended 28 February, marking what the company described as a transition from its capital investment phase to full-scale operations as an independent power producer.
According to the company’s audited financial statements released on the Namibian Stock Exchange (NSX), operating cash flow improved to a positive N$15.1 million from an outflow of N$38.1 million in the previous financial year.
ANIREP said the improvement reflects the operational leverage of its expanded renewable energy generation portfolio, with contracted revenue streams extending to 2051.
Group revenue increased by 36.3% to N$95.4 million from N$70 million in the previous year.
Despite the revenue growth, the company reported a loss after tax of N$52.2 million, compared to a loss of N$39.8 million a year earlier. The loss attributable to ordinary shareholders widened to N$43.4 million from N$36.1 million.
Reported operating loss increased to N$46 million from N$42.8 million, while profit before tax showed a loss of N$65.1 million compared to sN$42.9 million in the previous year.
ANIREP attributed part of the reported loss to non-cash impairment charges amounting to N$40.2 million, comprising N$9 million relating to goodwill and N$31.2 million on property, plant and equipment following its annual impairment assessment under International Financial Reporting Standards (IFRS).
The company said the impairments were linked to anticipated revenue arrangements that had not commenced by the assessment date and stressed that the adjustments were non-cash in nature and did not affect operating cash flows, debt servicing capacity or the operational performance of its renewable energy assets.
Headline earnings attributable to ordinary shareholders improved significantly to a loss of N$12.6 million from a loss of N$36.1 million in the previous year after adjusting for the impairment charges.
Normalised EBITDA increased to N$15.1 million from N$9.0 million, although reported EBITDA remained negative at N$25.2 million.
On the balance sheet, property, plant and equipment increased to N$631.7 million, reflecting continued investment in renewable energy infrastructure.
Net investing cash outflows totalled N$108.9 million during the year, largely related to the completion of the Otjiwarongo refurbishment project and the commencement of the Otjiwarongo expansion, including a 10-MWh battery energy storage system.
Cash and cash equivalents declined to N$50 million at year-end from N$160.2 million in 2025 as capital expenditure on generation assets continued. The company did not declare a dividend for the financial year, unchanged from the previous year.
Net asset value per share declined to 717 cents from 812 cents, while the basic loss per share increased to 58 cents from 50 cents. Headline loss per share improved to 17 cents from 50 cents in the prior year.
