Airports Company Namibia Reports Record Financial Gains and Strategic Advances for 2023/2024
Airports Company Namibia (NAC) has announced robust financial results for the 2023/2024 financial year, with a significant leap in profitability and strategic progress. The company recorded a post-tax profit of N$40 million, more than doubling the N$19.4 million profit from the previous year. This announcement was made by NAC Board Chairperson, Dr. Leake S. Hangala, during a recent meeting.
Operating at about 92% of its pre-COVID-19 passenger capacity, NAC demonstrated resilience as it steadily recovers from the pandemic. Passenger volumes between April and June 2024 reached 277,636, signaling a return to pre-pandemic figures. In addition to financial growth, NAC has maintained a clean audit for the third consecutive year, showcasing its commitment to transparency and accountability.
Chief Executive Bisey /Uirab praised the company’s efforts, stating, “NAC has shown resilience and determination, overcoming challenges while steering a strategic course. The financial and operational milestones reached reflect our collective commitment to ethical and sustainable growth.”
Key Achievements in 2023/2024:
- Airport Certifications: Hosea Kutako International Airport and Walvis Bay International Airport were awarded long-term operating certificates, valid until December 2025. Meanwhile, Andimba Toivo ya Toivo Airport received a three-year operating license, valid until July 2027.
- International Audit Success: Namibia’s aviation safety standards saw a boost, with the country’s effective implementation score in the ICAO USOAP-CMA audit rising to 72.31% from 57.39% in 2016.
- Expansion Projects: NAC secured cabinet approval to hire consultants for the construction of Terminal 3 at Hosea Kutako International Airport, underscoring its commitment to infrastructure growth.
- New Flight Routes: Air Botswana and FlySafair are set to launch new routes connecting Windhoek to Gaborone, Cape Town, Maun, and Kasane. Discover Airlines (Lufthansa Group) will introduce a Windhoek-Munich route by April 2025.
The company also hosted the AVIADEV Africa Conference in June 2024, which drew over 400 delegates, contributing USD 886,736 in direct expenditure to Namibia’s economy.
Looking ahead, NAC is focused on enhancing infrastructure and sustainability. Upcoming projects include solar power plants at Hosea Kutako, Eros, and Andimba Toivo ya Toivo airports, as well as master plans for all eight of Namibia’s airports. Discussions are also underway for an aviation training school, and plans for new terminals at Katima Mulilo, Rundu, and Lüderitz Airports are progressing with land transfers nearing completion.
Dr. Hangala affirmed NAC’s commitment to corporate governance and its role in driving Namibia’s national development, especially in light of the country’s burgeoning oil, gas, and Green Hydrogen initiatives.
Despite ongoing challenges, NAC’s financial and strategic achievements position it as a vital player in Namibia’s economic growth trajectory.
Source: Namibia Economist
