Govt coffers to receive N$20m from Country Club

The Windhoek Country Club and Resort will be contributing N$20 million to the government’s coffers after making revenue of N$69,2 million in the current financial year.

This was revealed during the company’s dividend declaration in Windhoek yesterday.

Evans Simataa, the chairperson of the Country Club’s board of directors said there has been significant improvement in the company’s financial position in the 2023 fiscal year.

“We have witnessed a surge of N$69,2 million in revenue, and this is despite the challenges posed by the global pandemic. We have navigated through these turbulent times with great fortitude,” he said.

Simataa said the company made a loss of N$17,7 million, followed by another loss of N$4,2 million in 2021, due to the impact of the Covid-19 pandemic.

“I am delighted to report that our efforts and strategic initiatives have borne fruit, leading to a profit of N$15,3 million in the 2023 financial year. This marks the highest profit the business has recorded since 2014,” he said.

The N$20 million includes a dividend of N$10 million and an additional payment of N$10 million through the redemption of preference shares.

“We acknowledge that this amount is just a modest contribution, however, we do recognise that the government shoulders a lot of responsibilities. So we know every drop and contribution matters,” Simataa said.

He said the 2024 forecast already looks promising, with the company already having made revenue of N$14 million by the end of October.

“The net profit before taxation is at N$15,1 million, representing an improvement of N$2,8 million for the same period in the previous year. I am confident that 2024 is set to be the best financial year in the history of our business,” he said.

Additionally, the resort has N$66,5 million in cash reserves and had a valuation of N$38 million in property.

Deputy executive director of finance and public enterprises Louise Shixwameni said public enterprises should follow this example.

“We are proud shareholders to receive N$20 million.

This is proof that with a good quality board and experienced management, backed with commitment and integrity, successfully running a business is possible,” she said.

Shixwameni said public enterprises have been known for underperforming, but have recently been doing well, and the Country Club is evidence of this.

The resort is currently managed by Legacy Management.