The Namibia Airports Company (NAC) reported a profit after tax of N$40 million for the 2023-2024 financial year, marking a major achievement in the company’s ongoing efforts toward growth and sustainability.
The profit is a significant increase from the N$19.4 million recorded in the previous comparable year. The company recently held its Annual General Meeting (AGM), chaired by NAC Board Chairperson Leake Hangala.
NAC also celebrated being fully compliant and up-to-date with the submission of its audited Annual Financial Statements. For the third consecutive year, NAC received a clean audit.
“NAC demonstrated resilience and determination, navigating challenges while forging a strategic direction,” said NAC CEO Bisey /Uirab.
Moreover, the company is now operating at approximately 92% of pre-COVID passenger volumes, with 277,636 passengers recorded between April and June 2024.
In addition to financial success, several operational achievements were highlighted. Hosea Kutako International Airport and Walvis Bay International Airport have secured long-term operating certificates valid until December 2025, while Andimba Toivo Ya Toivo Airport received a three-year licence, valid until July 2027.
Further accomplishments include Namibia’s improved score in the ICAO USOAP-CMA audit, rising from 57.39% in 2016 to 72.31% in 2024, and the reduction of active legal cases from thirteen to seven.
NAC also successfully hosted the AVIADEV Africa Conference, attracting over 400 delegates and generating nearly N$15 million (US$886,736) in direct expenditure for Namibia.
It was also reported that 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 organisation,” Hangala said.
