Namibia Wildlife Resorts (NWR) recorded a 32% surge in revenue to N$387 million in 2023 compared to N$294 million recorded in 2022 and a profit of N$46 million for the 2023 financial year , which ended on 31 October.
This comes after a loss of N$35 million in 2022 representing a reduction of losses to 231%.
NWR’s Managing Director Matthias Ngwangwama said optional expenses such as repairs, renovations and maintenance of the facilities increased by 7%.
“Repairs and maintenance were N$27 million [2022: N$23 million]. Maintaining our resorts and camps to improve customer experience and service delivery is one of NWR’s strategic intent,” he said.
The company aims to continue investing profits into the capital infrastructure.
“NWR continued to make good progress on its strategic value drivers of occupancy growth, revenue, expenses management, profitability and improvements on the balance sheet,” Ngwangwama said.
“The solid financial performance in 2023 and ever-improving profit and balance sheet metrics is a demonstration of our commitment to our national mandate of providing tourism-related services in national parks of Namibia and being an important government arm through which the tourism national objectives are to be met.”
According to NWR, its financial performance continued to show resilience in 2023. In particular, long-term loans, statutory loans to financial development and commercial institutions and tax authorities, which were long-standing challenges in the past.
“We were fully settled in 2023, and the company attained a long-term debt-free status. We demonstrated that it is possible to achieve positive results in the public enterprises domain,” the company noted.
Meanwhile, NWR and the Namibia Public Workers Union (NAPWU) have inked an agreement to improve the salary structure and housing allowance for employees.
The Memorandum of Understanding (MoU) states that all employees in job grades A1 to D3 who are currently below the minimum salary scale will be aligned to the new minimum percentile of the new salary scale.
The adjustment ensures fair compensation for employees in the bargaining unit and recognises their valuable contributions to the organisation.
According to the MoU, a total adjustment of N$5,500.00 on housing allowance will be implemented over a three-year period.”
“This phased approach aims to provide sustainable support to employees, enhancing their living conditions and overall well-being,” the MoU states.
The adjustment will commence in the 2023 financial year and continue through the 2025/2026 financial year.
NWR and NAPWU are committed to fostering a positive and equitable work environment, ensuring that all employees receive fair and competitive compensation.
According to the 2022/2023 financial year and agreement between NWR and NAPWU employees in the A grade category will receive a 13% increment followed by B grade with 7%, C grade 4.6% and D grade 2.5%.
The two parties further agreed to increase the housing allowance for the qualifying job grades A-C in the bargaining unit by between N$35 to N$42.
