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Wildlife Resorts records historic profit and clean audit for second consecutive year

Wildlife Resorts records historic profit and clean audit for second consecutive year

Namibia Wildlife Resorts announced a historic profit of N$46 million this week, marking a significant turnaround from the previous year’s loss.

The announcement came during the presentation of their annual report to the Ministry of Finance and Public Enterprises.

The resorts also presented clean audit reports for two consecutive years, a testament to the company’s unwavering dedication to effective governance and statutory compliance.

The financial performance of NWR in 2023 was solid, with revenue soaring by 32% to N$387 million compared to N$294 million in 2022. This robust growth translated into a noteworthy bottom-line improvement, with the company flipping from a loss of (N$35) million in 2022 to a record profit of N$46 million in 2023.

Despite facing challenges such as increasing inflation, fuel costs, and repo rates, NWR managed to keep operational expenses in check, with only a 7% increase. This rise was primarily attributed to heightened spending on repairs, renovations, and maintenance of facilities, reflecting the company’s commitment to enhancing customer experience and service delivery.

Dr Matthias Ngwangwama, the Managing Director, expressed his delight at the positive outcome, emphasizing NWR’s continued progress on strategic value drivers such as occupancy growth, revenue, expense management, and profitability.

He underscored the company’s role in fulfilling its national mandate of providing tourism-related services in Namibia’s national parks, in alignment with its founding Act.

The Chairperson of the Board echoed Ngwangwama’s sentiments, highlighting NWR’s resilience and success in overcoming long-standing challenges.

Notably, the company achieved a long-term debt-free status by fully settling long-term loans and statutory obligations to financial institutions and tax authorities.

With up-to-date Annual Financial Statements and an unqualified audit opinion for the 2023 statements, NWR demonstrated its unwavering commitment to improved governance, transparency, and accountability. This achievement reflects the collective effort and dedication of the entire NWR team, reinforcing the company’s pursuit of excellence across all operational facets.


 

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