Air Namibia to release financials

Air Namibia acting managing director Mandi Sampson says the airline would like to follow good corporate governance standards and will release a ten-year financial statement in due course. The airline has not made its financial statements public since 2003. “We are releasing the results to ensure full compliance with good corporate governance standards. We would like the airline to be like any other company and should be submitting our financial statements to parliament by June,” said Sampson. According to her, management has also completed the airline's narrative that will accompany the financial statements. The minister of works and transport, Alpheus !Naruseb, assured Sampson and the airline management that the government would not interfere in the operations of Air Namibia. “We have no intention to mingle in Air Namibia operations. You have my commitment on that. Stop asking for subsidies, [because] for as long as you are asking for subsidies, your government will also want to know what the funds will be used for… that is the only time we can be viewed as interfering,” said !Naruseb. “We know that it is not insurmountable for Air Namibia to achieve self-sufficiency. You can count on the support of government,” he added. Sampson said the airline would be looking at improving efficiencies to reduce costs. “We are reviewing our fuel-efficiency patterns in order to complement the fuel-efficient fleet in use, so that we optimise and save on fuel costs. “Air Namibia today uses in excess of 150 million litres of jet fuel per annum. If we manage to save by N$1 per litre from these initiatives, this will translate to an annual saving of N$150 million per year. We are confident that a lot will be achieved through this initiative,” she said. In April Air Namibia received United States Department of Transport approval to fly to and from the US via a codeshare or wet lease arrangement with an authorised US or foreign carrier, according to Sampson. “This approval will be used for revenue generation out of the USA in collaboration with our codeshare partners, and this brings to an end the days when Air Namibia could not book and issue tickets for flights to and from the USA. “Other areas of focus aimed at improving our financial performance include assessments to restructure our aircraft lease agreements, with the possibility of converting some into ownership, as well as re-looking at our aircraft maintenance and technical staff training costs. “Overall, our target is to reduce losses year-on-year in a sustainable manner, while expanding the size of our operation to reach break even by 2020,” she said of Air Namibia's ambitions. Meanwhile, University of Oxford researcher Ian Mulneirn has said that Air Namibia draws great benefit from servicing international routes. According to him, 480 000 of the 560 000 passengers carried in the 2015/16 financial year were all internationally bound travellers. He has also said that the tourism sector was reaping the benefits as an estimated 4 400 jobs were created in the sector in the same financial year.OGONE TLHAGE

Air Namibia to release financials

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Namibian Sun 2025-07-21

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Air Namibia to release financials

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Namibian Sun 2025-07-21

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