NAC Holds Successful AGM Covering Three Financial Years

20 Jul 2023

The Namibia Airports Company (NAC)  held a successful Annual General Meeting (AGM) on 19 July 2023 for the preceding three financial year, namely 2019/2020, 2020/2021 and 2021/2022 bringing the entity in line with compliance and governance requirements as outlined in the Companies Act (Act No. 28 of 2004) and the Public Enterprises Governance Ac (Act No. 1 of 2019).


The AGM was attended by Honourable John Mutorwa, the Minister of Works and Transport, Mr Titus Ndove, the Executive Director: Ministry of Finance and Public Enterprises ,  the NAC Board of Directors, NAC Chief Executive Officer, Bisey /Uirab, NAC Management and various representatives from the Ministry of Finance and Public Enterprises.


The NAC’s External Auditors, Grand Namibia conducted the audit of the audited consolidated financial statements ("AFS"), for the 2020/2021 and 20212022 financial years. These auditors provided an unqualified opinion on the AFS. These AFS includes the pertinent audit opinions.


This is a significant transition from the qualified opinion given for the 2019/2020 financial year mainly attributed to impairment of property, plant and equipment (PPE), review of useful lives and residual values of items in PPE and turnover based revenue and concessions.


The reports presented by the NAC provides a realistic reflection of the transitional journey of the NAC. It represents visible and concrete improvements in leadership, management, and governance”, states Minister Mutorwa.


NAC Board of Directors Chairperson Dr Leake Hangala states that the company has made significant progress in stabilising the company operations, currently operating at about 78% of pre COVID-19 level.


“ Thanks to the shareholde for the support, confidence and trust shown to the Board and Management.  We have  achieved the development of Integrated Strategic Business Plan (ISBP); finalization of the three years AFS, submission to and approval by the shareholder of the company’s Budget and Business Plan for 2022/2023; infrastructural and service improvements at the airports; spearheading aviation connectivity initiatives as well as introduction of stringent cost-cutting measures that led to the current and improved financial performance and standing of the company”, Dr Hangala explains.


Ministry of Finance and Public Enterprises’  ED Ndove says the Ministry acknowledges and applauds the NAC for its improved performance in financial operations, leadership, governance, and compliance. It is commendable to see a state own enterprise (SOE) endeavour to ensure growth whilst being compliant to legislation.


“As the shareholder we are in support of the presented strategic initiatives and will continue to support the NAC to mobilise the necessary resources for the successful implementation of infrastructural improvements at its various airports”, Ndove states.


The NAC is committed to improve its airport infrastructure to support government national development initiatives and harness the natural resources brought about by the recent oil and gas discovery together with the Green Hydrogen initiatives.


The envisaged airport infrastructure developments include among others: (a) The Hosea Kutako International Airport congestion alleviation project to extend the VIP/VVIP facilities to bring it to adequate standard in terms of facilitation and the size of the Presidential Lounge as well as parking configuration at the cost of N$18 million; (b) the Apron expansion at Hosea Kutako International Airport at a cost of N$100 million, funded by Government over a two-year period;  (c)  the construction of Terminal 3 at Hosea Kutako International Airport, with discussions ongoing with government to determine the optimal financing structure for the project and (d) the construction of new terminal buildings at Katima Mulilo, Rundu and Lüderitz Airports.