Airports Company Declares a Dividend

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By Petronella Sibeene WINDHOEK Namibia Airports Company (NAC) last week handed over N$1.4 million as dividends to the Ministry of Finance. The declaration of dividends in 2002/3 amounted to N$2.5 million while in 2003/4 it summed N$2.4 million. In an interview with New Era, Chief Executive Officer of NAC Vemunjengua Kavari indicated that the yearly reduction in the amount of dividends paid is due to the maintenance operations the company is currently involved in. “The company has other projects to finance such as maintenance,” he stated. However, Kavari described the financial year 2004/5 as “a year of good performance”. During the 2004/5 financial year, NAC made a net profit of N$11.5 million and had written gross premiums of N$91 million. The declaration of dividends, according to the NAC Board of Directors, has been made possible by the continued profitability of the organisation since its inception in 1998. Chairperson of the NAC’s Board of Directors Deon Obbes handed over the dividend cheques to the Minister of Finance Saara Kuugongelwa-Amadhila during the company’s annual general meeting held last week Monday. Receiving the cheque, Finance Minister Kuugongelwa-Amadhila commended the company for contributing towards the Government’s revenue base. She urged the company to continue contributing to the Government’s revenue so that the Government could further assist citizens.ÃÆ’Æ‘ÀÃ…ÃÆ”šÃ‚º The minister then urged other state-owned institutions to emulate NAC, and be contributors towards state revenue. The Namibia Airports Company was established in terms of the Airports Company Act 25 of 1998 to develop, operate and manage eight airports in Namibia.