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Namibia Wildlife Resorts' saw a revenue increase of 32 percent in 2022.

The state-owned enterprise's revenue jumped from N$294 million in 2022 to N$387 million last year, resulting in a profit of N$46 million.

Presenting the company's 2023 annual financial report, NWR Chief Financial Officer Brian Masule highlighted significant progress in terms of its strategic objective of financial sustenance.

The aim was to reduce its loss by 231 percent from a loss of N$35 million to N$46 million in profit.

“We have the financial statement of NWR here for the year ended October 31, 2023. According to the income statement projected on the board, NWR recorded a record performance, the revenue line improved from last year by 90 million, that is, from a best of 294 million to 387 Namibian dollars.”

NWR Managing Director, Dr. Mathias Ngwangwama, mentioned that issues of profitability and financial sustainability have always been a challenge, adding that it has been a strategic objective that the management wanted to achieve but that was disrupted by the outbreak of the COVID-19 pandemic.

“The magnitude of the profit that we achieved last year didn't yet happen in the history of the company. It is the first time, which is why it is so historic and has a favourable figure. All internal stakeholders—the board, management, and employees—are happy that we came close to being the best version of ourselves.”

NWR also signed a salary increment MoU with the employees as well as housing allowance adjustments.

The agreement came into effect on November 1st last year.

“If you are aligning people to the market considering the resources available, at times you decide how you implement it, and this one is put into stages. The purpose is to align people with the market within a required market-level range. So as of November 1, 2023, we are having that recognition to benchmark people to the market and want to ensure that this is effective this year,” says NAPWU HoD for Education, Strategic Planning, and Support Services, Gideon Thomas.

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NBC Digital News

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Martha Mwafangeyo