- NWR announces improvements in its 2021 financial performance.
- Announces dawn of new strategy through innovative ideas and new
- Shareholder expresses appreciation to the NWR board for setting an
example by being selfless in cutting board fees
Windhoek, 18 May 2022 – Namibia Wildlife Resorts Limited (NWR) announced improvements in its financial performance at the recently concluded Annual General Meeting (AGM) that took place on 17 May 2022 in Windhoek.
While announcing the importance of compliance with the Public Enterprise Act 2019 (Act 1 of 2019), through timely production of Annual reports and the publishing of Annual Audited Financial Statements, the Managing Director of the Namibia Wildlife Resorts, Dr. Matthias Ngwangwama announced that the Namibia Wildlife Resorts reduced its losses from N$ 174 million in the year 2020 to N$ 97 million in the financial year 2021, an improvement of 44% or N$ 77 million.
“We have devised a strategy that will allow us to return to profitability. The strategy involves moving beyond just providing facilities. The launch of our NWR camera at the waterhole has created a huge interest in our resorts. We hope with the new innovative ideas and customer experience initiatives that we aim to implement, such as enhanced digital and online presence, group packages for families and runners’ clubs, and other planned activities at our resorts, will enable us to increase our occupancies and enable us to make greater revenue than currently” Dr. Ngwangwama said.
The improved performance is attributed to, amongst others, the reduction in staff complement through voluntary separation exercise and having the senior management and board members to take a 25% cut on their salaries and board fees respectively.
“From a cost-cutting perspective, we continued to implement various cost-cutting measures in 2021, including a reduction in employee costs through voluntary separation. I am in no doubt that the company is now in a position of generating a larger profit than that recorded in 2019” said Ms. Janet Wilson- Moore, Vice-Chairperson of the NWR Board.
On the same occasion, the Deputy Minister of Finance, Honourable Maureen Hinda-Mbuende expressed her appreciation to the NWR board for setting an example by being selfless in cutting their board fees and for seeing through their two three-year terms which comes an end in June 2022.