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Namport revenues jump by 20% in just seven months

Namport revenues jump by 20% in just seven months

By Adolf Kaure.

The Chief Executive of the Namibian Ports Authority, Andrew Kamine, recently announced that the state owned enterprise’s revenue has increased by 20% in the last seven month’s from N$666 million to N$796 million, when he spoke at a stakeholder breakfast in Walvis Bay.

The event was hosted to share Namport’s operational and financial performance from 01 April to 31 October 2022.

The authority’s Chief Executive voiced his appreciation to the stakeholders for their continued support of the business community which contributed to the their success. “We are humbled by the immense support you continue to extend to us as evident in our operational performance, more so, in spite of the current generally depressed macro-economic environment,” he said.

“We therefore extend our deepest appreciation for your valued business, and we commit to continue giving you our best and value for money,” he said.

Operating expenditure has also increased in line with increased business activity but at a lower rate. Expenditure for the period to date amounts to N$594 million in comparison to the previous year’s expenditure (for the period from 01 April 2021 to 31 October 2021) of N$542 million, representing an increase of 10%.

“As a result of the increase in revenue, which surpasses the increase in costs, we are humbled to report a 63% increase in operating profit from N$123 million in the 7 months period ended 31 October 2021 to N$202 million for the period ended 31 October 2022.

Kanime reassured the stakeholders and harbour clients that despite gaps in certain areas of service delivery, their expectations will not only be met but exceeded.

“It has been a hectic and tough year as I indicated earlier and let us take the festive period to retreat, reflect, reorganize and reenergize ahead of what, without doubt, will be another exciting year next year,” he said.

Another key performance indicator includes vessel calls at the ports of Walvis Bay and Lüderitz. This metric has increased by 289 vessels or 22% year on year. The overall vessel gross tonnage also increased by 3.4 million tonnes or 21.6%.

Container volumes increased by 12,298 TEUs or 8% on a year-on-year basis. This increase is mainly attributed to the increased import and export containers of 15% and 3% respectively.

Bulk and break-bulk volumes increased by 360,189 tonnes or 9%, year-on-year on the back of increased exports of various mining commodities.

Revenue for the year ended the 31 March 2022 amounted to N$1.234 billion in comparison to the revenue of the previous financial year of N$1.112 billion, representing an increase of 11% year on year.

Operating expenditure for the year remained generally stable and amounted to N$1.007 billion in comparison to the N$1.006 billion incurred in the year ended the 31 March 2021. This represents a nominal increase of 0.1% year on year.

Operating profit for the year increased more than twofold from N$121 million to N$375 million.


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