CHAMWE KAIRA
Mobile Telecommunications Limited (MTC) retained its position as Namibia’s most profitable public enterprise in the 2026 IJG Public Enterprise Governance Ranking, with profits rising to N$1.45 billion in the 2025 financial year.
According to IJG Securities’ analysis of annual reports from public enterprises, MTC recorded a profit of N$1.44 billion for the year ended September 30, 2025, up from N$1.09 billion in the previous financial year.
NamPort emerged as one of the strongest turnaround performers, increasing its profit to N$864.5 million for the year ended 31 March 2025, from N$584.5 million in 2024.
The port operator has steadily improved its financial performance after reporting a loss of N$44.6 million in 2021.
NamPower remained among the country’s largest profit-generating state-owned enterprises despite reporting lower earnings.
The national power utility posted a profit of N$788 million for the year ended 30 June 2025, down from N$1.96 billion in 2024. The result follows significant losses of N$1.83 billion in 2022 and N$1.41 billion in 2023.
NamibRe also strengthened its profitability, reporting earnings of N$130.5 million in the 2025 financial year, an improvement from N$102.1 million in 2024 after recovering from a N$66.6 million loss in 2023.
The Development Bank of Namibia continued its recovery, increasing profits to N$88.3 million in 2025 from N$62 million a year earlier, reversing losses recorded in both 2022 and 2023.
Agribank maintained modest but consistent profitability, recording N$1.2 million in profit in 2025, slightly above the N$1.1 million reported in both 2023 and 2024.
Among the enterprises that returned to profitability, Meatco reported a profit of N$105.7 million for the year ended 31 January 2025, following losses of N$150 million in 2024, N$117.8 million in 2023 and N$206.3 million in 2022.
By contrast, Namibia Airports Company slipped back into a loss-making position, recording a N$28.3 million loss in 2025 after posting a profit of N$10.6 million in 2024. The company had reported losses of N$216.4 million, N$155.4 million and N$35.9 million between 2021 and 2023.
The figures also show several enterprises with incomplete or unavailable financial information. NamWater did not have 2025 results available, while NAMDIA’s latest published figures were for the 2024 financial year, when it reported a profit of N$152.8 million after reaching N$612.1 million in 2023.
NamPost and Telecom Namibia similarly had no reported results beyond their latest available financial years, while financial information for the National Fishing Corporation of Namibia, Roads Contractor Company and several other state-owned enterprises remained unavailable for recent years.
The profitability table forms part of the 2026 IJG Public Enterprise Governance Ranking and is based on audited annual reports covering the 2021 to 2025 financial years.
The ranking compares the financial performance of Namibia’s commercial public enterprises, with profits and losses reported in millions of Namibia dollars.
