Namib Mills announces price hike on majority products
Namib Mills announced that there will be a price increase on all it’s maize meal, wheat flour (Bakpro), complete mix, rice, pasta, yeast, instant maize porridge and mahangu products effective, 31 July.
This comes a month after the company announced a decrease in all it’s Sugar King products. In a press statement released this week, the company said that costs to its business have increased over the last 24 months, irrespective of the fact that Inflation has increased by 10% over the last 24 months.
The price increase is as follows; maize meal (+/- 3.2%), wheat flour (+/- 3.2%), complete mix (+/-3.2%), rice (+/- 4.4%), pasta (+/- 3.3%), yeast (+/- 1.0%), instant maize porridge (+/- 3.0%) and mahangu ( +/- 2.0%).
Namib Mills spokesperson, Ashanti Manetti said that although costs to the company’s business have followed inflationary increases, its direct input cost, which comprises the bulk of its cost structure, have increased in excess of inflationary figures.
According to her, electricity costs have increased by 12% and 6% respectively over the last two financial periods with an expected further 8% increase during the current year, effectively accounting for a 28% increase over the period. This, while fuel costs have increased by 13% over the last two years.
“Namib Mills is committed to Namibia. The company highly values its customers, suppliers, and all other stakeholders. It is important to Namib Mills to not only focus on great quality, excellent customer service and meeting consumer needs but also to live in accordance with our values of being transparent with our customers and consumers,” Manetti said.