Namport revenue jumps to N$1,5 billion

The Namibian Ports Authority (Namport) has recorded a 22% increase in revenue for the 2023 financial year, however, there has been a decline in profits both for the group and company.

According to the report, the group, which includes Namport and its subsidiaries, recorded a profit of N$166 985 in 2023, a decrease from N$233 965 recorded in 2022.

Additionally, the company recorded a profit of N$182 786 in 2023 and N$230 483 in 2022.

Namport’s revenue jumped by 22% to N$1,5 billion compared to N$1,2 billion in 2022, surpassing the target of N$1,2 billion.
The group also saw revenue climb to N$2,009 billion from N$1,6 billion the previous year.

According to Namport chief executive Andrew Kanime, Namport was able to expand into new markets surging cargo volumes.

“Cargo volumes increased substantially and were complemented by increased export and import container volumes, and heightened activities in the petroleum products sector. We successfully expanded our footprint into hinterland markets and started handling increased volumes from Botswana and Zambia,” said Kanime.

Total cargo handled by Namport increased by 17% to 7,6 million tonnes (up from 6,576,370 million tonnes in 2022).

This growth is attributed to increased market demand, additional fishing quotas allocated and a regional expansion in mining activity.

Notably, the volume of general cargo jumped by 23% year-on-year.

While the volume of twenty-foot equivalent units (TEUs) handled by Namport decreased by 4%, container import and export volumes displayed positive trends.

Import volumes grew by 0,4%, and export volumes climbed by 9%, indicating a rise in demand from local and regional markets.

Bulk and break-bulk cargo experienced a significant 23% increase, reaching 5 428 543 tonnes (up from 4 404 831 tonnes in 2022).

This growth is attributed to a surge in market demand for commodities like fish and mineral ores.

Cross-border cargo volumes surged by a remarkable 41% to 2 263 362 tonnes, representing nearly 29% of Namport’s total cargo volume.

Key markets like South Africa, Zambia, the Democratic Republic of Congo and Botswana significantly contributed to this growth.

Botswana, in particular, witnessed a substantial rise in coal and copper concentrate exports, along with fuel imports.

However, price fluctuations caused a 70% decline in containerised uranium exports.

“Price improvements and the reopening of mines are expected to positively impact volume performance in 2024,” noted the report.

High demand for Namibian charcoal, particularly in Europe, resulted in a 16% increase in containerised exports.

Similarly, the expansion of local and regional mines led to a significant 73% rise in machinery imports.

While difficulties in sourcing malt due to the conflict in Ukraine resulted in an 8% decline in projected import volume, a notable 25% increase compared to the previous year was still achieved.

Additionally, a shift from containerised to break-bulk packaging for sugar imports led to a 19% decline in sugar imports.
– Email: shania@namibian.com.na; Twitter:@ShaniaLazarus