NWR records historic profit of N$46.9 million

Namibia Wildlife Resorts (NWR) has recorded a profit of N$46.9 million, marking the highest profit reported in the history of the company.

NWR MD Dr Matthias Ngwangwama said the magnitude of profit recorded was the highest ever recorded, following years of consistent losses generated by the company.

According to Ngwangwama, revenue increased by 32%, from N$294 million in 2022 to N$387 million. “The overall bottom line was reduced by 231%, from a loss of N$35 million in 2022 to a record profit of N$46.9 million,” Ngwangwama said.

“All of us, internal stakeholders, the board of directors and employees – we came to be the best version of what we can be and that is what makes us happy with ourselves,” he added.

“This is an improvement from the loss the previous year of N$30 million to a profit of N$46.9 million, which, if you add up, it tells you that the profit increased by N$80 million from the previous year,” NWR’s chief financial officer, Brian Masule, said.

“This has been achieved through relentless performance focused on what is important,” he added.

Profitable efforts

NWR also made concerted efforts to cut expenses, which added to its revenues, while also reducing a tax penalty it faced at the Namibia Revenue Agency (NamRA).

“While revenue was going up, NWR was also able to manage our expenses. For example, our operational expenses are lower than last year, our finance costs have also reduced and we have also been able to save on the penalties with the NamRA, which was also a significant amount,” Masule said.

For his part, NWR board chairperson Ambassador Haroldt /Urib said the company was able to settle debts it had with commercial institutions and tax authorities.

“Long-term loans, statutory loans to financial development and commercial institutions and tax authorities, which were long-standing challenges in the past, were fully settled in 2023 and the company attained a long-term debt-free status,” he said.