By the provisions of the Public Enterprises Governance Act (Act No. 1 of 2019) (PEGA), the NAC leadership hosted its Annual General Meeting (AGM) with the shareholders on 30 September 2024 in Windhoek to report back on the company’s performance for the 2023/2024 financial year.
The AGM was attended by Titus Ndove, the Executive Director of the Ministry of Finance and Public Enterprises, who represented the Minister, the Deputy Minister of Works and Transport Veikko Nekundi, who represented the Minister, Louise Shixwameni, the Deputy Executive Director of the 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 Works and Transport and the Ministry of Finance and Public Enterprises.
The recently concluded AGM marks a significant achievement, that the NAC is now up-to-date and fully compliant with the submission of its audited Annual Financial Statements (AFS). The meeting was chaired by the NAC Board Chairperson, Dr Leake. S Hangala announced that the company had a positive return in the 2023/2024 financial year recording a profit after tax of N$40 million. This demonstrates the shared commitment to the company’s strategic direction. The NAC is currently operating at approximately 92% pre-Covid levels in terms of overall passenger volumes.
The NAC Annual Financial Statements (AFS) highlighted several positives, notably that the company has for three consecutive years received a clean audit (i.e. unqualified opinion). The company continued the positive trajectory of profit-making position recording an increase in profit of N$19,446,446 recorded in 2023 to N$40,845,644 recorded in 2024.
Reflecting on the organization's achievements over the previous year, the CEO Bisey /Uirab remarked that: "NAC demonstrated resilience and determination, navigating challenges while forging a strategic direction,". The financial and performance advancements attained signifies the company’s collective dedication to ethical and sustainable growth. Among these advancements are:
NAC's unwavering dedication to quality service delivery and moral leadership is an inspiration to sectors everywhere as it forges ahead toward a future characterized by sustainability, innovation, and inclusive growth.
NAC Board of Directors Chairperson, Dr Leake Hangala adds that the company has maintained stability, amidst the evolving local and international challenges. The NAC Board underwent a performance evaluation for the 2022/2023 financial year and attained an overall score of 3,9 against the industry best practice target of 4,5.
“Let me thank our shareholders for giving the NAC Board the mandate to lead, counsel, and steer the company in carrying out its mission and vision. The NAC Board is unwavering in its dedication to maintaining and promoting the best practices in corporate governance throughout the whole organization”, Dr Hangala states.
“The reports presented by the NAC provide testament to the journey travelled in the fast five years, the directors, management, and entire staff collective efforts. NAC is one of the few public enterprises who have caught up with the backlog and could be used as an example to help other SOEs.”, states Ms Shixwameni.
Mr Nekundi and Mr Ndove echoed the same sentiments stating, “This achievement is commendable, especially receiving continued unclarified audit opinions. The NAC should maintain this principle and level of improved performance”. Mr Ndove further cautioned the NAC to be vigilant of the increased trend of staff costs vs revenue growth. This should be closely managed.
The NAC is committed to improving its airport infrastructure to support the country’s 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) Establishment of a Solar PV plant at the HKIA, Eros, and Andimba Toivo ya Toivo airports at the cost of N$9,5 million; (b) Develop Master Plans for all Eight (8) airports in the new financial year; (c) furthering discussions with local stakeholders on the establishment of the aviation training school; (d) the finalization of the transfer of land to NAC for the construction of new terminal buildings at Katima Mulilo, Rundu and Lüderitz Airports and upgrading of the Parking Management System at HKIA, Walvis Bay Airport and Andimba Toivo Ya Toivo Airport.
Other significant focus areas include the review of the current Integrated Strategic Business Plan (ISPB) and development of a new 5-year ISBP inclusive of current and future national and global initiatives, full implementation of the Performance Management System (PMS); implementation of the succession plan for executives and strategic staff close to retirement to ensure business continuity, and continued improvement of maintenance and repairs at all the airports to ensure optimal functioning of the infrastructure.
Through these and more the NAC continues to show commitment to deliver on its mandate and attain its strategic objectives.