TransNamib can look its shareholder in the eye again
TransNamib Chief Executive, Johny Smith, is confident that the once-bleeding company can return to profitability if they stick to their business plan. “The business plan is what will take us forward as a company,” he told the board of directors last week at the company’s first annual general meeting in seven years.
Despite its years of decline, TransNamib is not an insignificant company. Under Smith’s leadership, the state-owned transporter managed to generate very respectable revenues of N$517 million for the 2019/20 financial year. This constituted a 10.5% increase over the previous year. It is the management goal to reach break-even by the end of the 2023 financial year.
Other significant achievements were a reduction in the monthly operational loss and re-opening the line between Aus and Lüderitz after 18 years leading to a significant increase of activity in Ariamsvlei and Lüderitz.
TransNamib also received its first unqualified audit in over a decade. Smith sees this as very important as it will open more opportunities for the business from a financing perspective.
Board Chair, Adv Sigrid Tjijorokisa, said that the annual general meeting was important from a corporate governance point of view, adding that last year’s rebranding has helped to improve perceptions.
Representing the shareholder, the Minister of Public Enterprises, Hon Leon Jooste said that there is renewed confidence in TransNamib as a state-owned company. The minister congratulated the board, management and employees for their dedication and accomplishments.
Caption: Minister of Public Enterprises, Hon Leon Jooste (left), Chairman of the Board, Adv Sigrid Tjijorokisa (centre) and TransNamib Chief Executive, Johny Smith.