Namport doubles operating profit

The Namibian Port Authority (Namport) is showing resilience as a business despite the economic headwinds imposed by a challenging operating environment."Our revenue continues to grow, and please, I must highlight that here I am talking of organic growth and not tariff adjustment-driven growth," the CEO of Namport, Andrew Kanime, told stakeholders attending the port users&#039; breakfast on Friday in Walvis Bay.Kanime said that the operating profit for Namport for the year increased more than twofold, from N$121 million to N$375 million, year on year."Revenue for the seven months to 31st of October 2022 is up 20% from N$666 million to N$796 million," Kanime told stakeholders during an overview of the operational and financial performance of the port authority for the financial year ended 31 March 2022 and year to date.Higher operating profitKanime said operating expenditure has also increased in line with increased business activity but at a lower rate."Expenditure for the period to date amounts to N$594 million in comparison to the previous year’s expenditure (for the period from 1 April 2021 to 31 October 2021) of N$542 million, representing an increase of 10%."He pointed out that as a result of the increase in revenue, which surpasses the increase in costs, Namport reported a 63% increase in operating profit from N$123 million in the seven-month period ended 31 October 2021 to N$202 million for the period ended 31 October 2022."Revenue for the year ended the 31st of March 2022 amounted to N$1.234 billion in comparison to the revenue generated over the previous financial year (i.e. 2021) of N$1.112 billion, representing an increase of 11% year on year. Operating expenditure for the year remained generally stable and amounted to N$1.007 billion in comparison to the N$1.006 billion incurred in the year ended the 31st of March 2021. This represents a nominal increase of 0.1% year on year."WelcomeHe also highlighted that Namport had welcomed vast new business from both new and old customers over the past year."We started handling new commodities from new markets which we did not handle before. We remain very much aware that there is a ceiling to our pricing, both in terms of ensuring that we don’t kill the goose that lays the golden egg, being yourselves our valued customers, and to ensure that we remain competitive in comparison to other alternative logistics channels."He further reported that vessel calls at the ports of Walvis Bay and Lüderitz increased by 289 vessels, or 22%, year on year.In addition, the overall vessel gross tonnage also increased by 3.4 million tonnes, or 21.6%.Container volumes increased by 12 298 TEUs or 8% on a year-on-year basis.This increase was mainly attributable to the increased import and export containers of 15% and 3%, respectively.CustomersBulk and breakbulk volumes increased by 360 189 tonnes, or 9%, year on year on the back of increased exports of various mining commodities.Kanime concluded by saying Namport&#039;s cost containment efforts have been very effective."The port authority has managed to, in most cases, cushion customers against some steep increases in inputs such as fuel and the unfavourable exchange rate for the imported equipment and spares."

Namport doubles operating profit

Comments

Namibian Sun 2025-06-09

Please login to leave a comment

Namport doubles operating profit

Comments

Namibian Sun 2025-06-09

Please login to leave a comment

Login