Erongo Regional Electricity Distributor has declared dividends of N$10,2 million.

The announcement was made by Erongo Red's Chief Executive, Immanuel !Hanabeb, in Walvis Bay.

!Hanabeb stated that during the period under review, the company provided subsidies totaling N$24 million to pensioners and vulnerable individuals. Additionally, nearly N$500,000 was spent on various corporate social responsibility activities, including graduate programs and job attachment opportunities. 

NAMDIA has achieved record growth of 63% in revenue for the 2022–23 financial year, which amounted to over N$3 billion, compared to N$1.9 billion achieved in the previous year.

More than 200 employees of Erongo Marine Enterprises (EME) and Commercial Cold Storage Namibia (CCS) have each received N$65,000 in dividends.

The Walvis Bay-based fishing company has paid out more than N$13 million to all permanent employees.

Erongo Marine Enterprises and Commercial Cold Storage Namibia are the first companies in the fishing sector to empower workers through profit sharing.

This is the sixth time dividends have been paid out, and it is the highest amount ever given to the workers.

Fisheries and Marine Resources Minister Derek Klazen has denounced the practice of unfair dividend distribution in joint ventures. 

Klazen has called on the fishing industry to cease the practice.

The Fisheries and Marine Resources Minister made the remarks when he delivered his annual address at Walvis Bay.

Derek Klazen revealed that the unfair distribution of dividends causes conflicts within joint ventures.