NHE declares N$69 million loss
06 December 2016 | Infrastructure
The National Housing Enterprise has reported a comprehensive loss of N$69 million for its financial year ended June 2014.
Total assets amounted to just over N$1.1 billion; total equity amounted to N$779 million while total liabilities were N$310 million.
The total revenue reported for the period amounted to N$237 million.
The NHE did not declare a profit or a loss on the sale of project houses and there was no note to explain the omission in the financial report.
Its balance sheet did report that the value of project houses and work-in-progress amounted to N$334 million as at June 2014.
The NHE’s accounts payable was N$215 million, showing a steep increase of 41% year-on-year.
The report shows that the NHE ran at a loss for four of the six years under review, managing a profit of N$29 million at the start of the review period and a measly profit of N$448 652 recorded at the end of its financial year in 2013.
The NHE acknowledged this week that it had built only 2 711 houses in the period 2009 to 2014, or an average of 542 houses per year. It also released its financial results for the financial year 2008/2009.
Its spokesperson, Eric Libongani, told Namibian Sun that the NHE was working hard to ensure it would release its latest financial statements as per the minister of public enterprises Leon Jooste’s instructions.
Asked why the results could not be released earlier, Libongani said former chief executive officer Vinson Hailulu would be in the best position to respond.
The NHE report shows that only 25, 20, and 11 houses were constructed at Okahao, Oshikuku and Ondangwa respectively, while only 25 houses were built at Omaruru.
Although the NHE was mandated to execute the Mass Housing Programme towards the end of 2013, the report shows that only 568 houses were built in 2014 while 399 houses were built in 2015.
Eenhana received the most houses - 152 in 2014 and 147 in 2015, while 150 houses were built in Oshakati in 2015.
Eenhana was closely followed by Windhoek (317 houses) and Walvis Bay (316). At Swakopmund 262 houses were constructed and at Katima Mulilo 259 over the five-year period. The report showed that 126 houses were built for war veterans.
Towns like Nkurunkuru, Tsumeb, Rundu, Outapi, Keetmanshoop, and Khorixas did not witness the construction of any NHE houses prior to 2014.