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Wildlife Resorts total comprehensive losses in 2018 better by 45%

Wildlife Resorts total comprehensive losses in 2018 better by 45%

Namibia Wildlife Resorts (NWR) held its Annual General Meeting (AGM) last week and the company reported on its performance throughout the 2018 financial year.

At the AGM, the shareholder was represented by the Minister of Environment and Tourism, Hon. Pohamba Shifeta, as well as the Minister of Public Enterprises, Hon. Leon Jooste, and their respective team members in their ministries.

During his statement to the shareholder, NWR Chairman Ambassador Leonard Iipumbu said, “It gives me great pleasure to announce that, with the tabling of the 2018 Annual Financial Statements to the AGM, we are now in statutory compliance with regard to Financial Statements as per the requirements of the Companies Act, 2004, the Public Enterprises Governance Act, Act 2006 (as amended) and the Namibia Wildlife Resorts Company Act, Act 3 of 1998. As per the Namcode, legal compliance is a critical component of good corporate governance. It is therefore pleasing that the Board managed to bring the Annual Financial Statements up to date in compliance with the required statutory provisions”.

He further emphasised that “compared to 2017, the occupancy rates in the Namibian Tourism Industry showed a decrease of about 4% in 2018 In general, the annual national occupancy in 2018 was about 53% compared to almost 57% in 2017. Therefore, the economic contractions that are affecting most of the economic sectors in the world in general and Namibia in particular, are also affecting the tourism sector. However, despite the world economic contractions, we managed to show significant improvements in our financial performance. For instance, the total comprehensive loss in 2017 was N$40 million, and N$ 22 million in 2018 which represents a 45% improvement”.

Dr Matthias Ngwangwama, NWR Acting Managing Director, further highlighted the company’s performance. “We managed to maintain similar revenue levels in 2018 like in the previous 2017 financial year. Revenue in the 2018 financial year stood at N$ 360 million while the average occupancy was 50% at our 26 facilities”.

“Over the years, we have been challenged with our cost of sales which, for instance, stood at 58% in 2014. During the past financial year, we were able to reduce the cost of sales to the industry norm of 35%. These efforts, resulted in us realising an Earnings before interest, tax, depreciation and amortisation (EBITDA) profit of N$30 million compared to that of N$ 18 million in 2017. This improved position is greatly assisting us in repaying our past obligations which had previously made it difficult for us to operate effectively”.

To realise these results, NWR attended some targeted road shows and trade fairs both domestic and international and included two new markets being the Nordics and South East Asia. In some cases, marketing efforts in the SADC region, Europe, North America and the rest of the world were done in conjunction with Namibia Tourism Board (NTB) as well as Air Namibia.

In the same year, the number of absolute guests visiting NWR facilities increased from 370,777 in 2017 to 380 705 in 2018 which represents a 3% growth in absolute guests visiting NWR facilities.


 

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Following reverse listing, public can now acquire shareholding in Paratus Namibia

Promotion

20 February 2020, Windhoek, Namibia: Paratus Namibia Holdings (PNH) was founded as Nimbus Infrastructure Limited (“Nimbus”), Namibia’s first Capital Pool Company listed on the Namibian Stock Exchange (“NSX”).

Although targeting an initial capital raising of N$300 million, Nimbus nonetheless managed to secure funding to the value of N$98 million through its CPC listing. With a mandate to invest in ICT infrastructure in sub-Sahara Africa, it concluded management agreements with financial partner Cirrus and technology partner, Paratus Telecommunications (Pty) Ltd (“Paratus Namibia”).

Paratus Namibia Managing Director, Andrew Hall

Its first investment was placed in Paratus Namibia, a fully licensed communications operator in Namibia under regulation of the Communications Regulatory Authority of Namibia (CRAN). Nimbus has since been able to increase its capital asset base to close to N$500 million over the past two years.

In order to streamline further investment and to avoid duplicating potential ICT projects in the market between Nimbus and Paratus Namibia, it was decided to consolidate the operations.

Publishing various circulars to shareholders, Nimbus took up a 100% shareholding stake in Paratus Namibia in 2019 and proceeded to apply to have its name changed to Paratus Namibia Holdings with a consolidated board structure to ensure streamlined operations between the capital holdings and the operational arm of the business.

This transaction was approved by the Competitions Commission as well as CRAN, following all the relevant regulatory approvals as well as the necessary requirements in terms of corporate governance structures.

Paratus Namibia has evolved as a fully comprehensive communications operator in Namibia and operates as the head office of the Paratus Group in Africa. Paratus has established a pan-African footprint with operations in six African countries, being: Angola, Botswana, Mozambique, Namibia, South Africa and Zambia.

The group has achieved many successes over the years of which more recently includes the building of the Trans-Kalahari Fibre (TKF) project, which connects from the West Africa Cable System (WACS) eastward through Namibia to Botswana and onward to Johannesburg. The TKF also extends northward through Zambia to connect to Dar es Salaam in Tanzania, which made Paratus the first operator to connect the west and east coast of Africa under one Autonomous System Number (ASN).

This means that Paratus is now “exporting” internet capacity to landlocked countries such as Zambia, Botswana, the DRC with more countries to be targeted, and through its extensive African network, Paratus is well-positioned to expand the network even further into emerging ICT territories.

PNH as a fully-listed entity on the NSX, is therefore now the 100% shareholder of Paratus Namibia thereby becoming a public company. PNH is ready to invest in the future of the ICT environment in Namibia. The public is therefore invited and welcome to acquire shares in Paratus Namibia Holdings by speaking to a local stockbroker registered with the NSX. The future is bright, and the opportunities are endless.