Blog – Page 730 – Windhoek Observer

28 Sep

Simonis sees GDP growing at 3.7%

Observer Money

Chamwe Kaira Simonis Storm has maintained that Namibia’s GDP will grow at 3.7% for 2023 which ranks higher than other forecasts on the economy. Simonis said sentiment has shown an upward shift, notably driven by the promising prospects offered by Namibia's green hydrogen and oil and gas sectors. “Nevertheless, amidst the multitude of information in the media, there remains an expectation to witness the actual realisation of these developments,” it said. The research firm said the strong momentum post the pandemic can only carry the economy for so long. “Positive sentiment and mindsets have the power to turn things around,…

28 Sep

NBL used FNB bridging finance to acquire Distell

Observer Money

Chamwe Kaira Namibia Breweries Limited secured bridge financing to acquire the shareholding as part of its acquisition of Distell under the Bridge Facility Agreement worth N$850 million, the company said in the annual report for the financial year that ended 30 June. “The group does not intend to utilise any portion of the N$850 million cash balance to fund normal operations,” NBL said. Bridge financing, often in the form of a bridge loan, is an interim financing option used by companies and other entities to solidify their short-term position until a long-term financing option can be arranged. Various facilities have…

28 Sep

White maize, pearl millet production to decrease

Observer Money

The Namibian Agronomic Board CEO, Dr Fidelis Mwazi speaks to the Windhoek Observer about crop production, Namibia starting to produce its own seeds and maize production. Windhoek Observer (WO): It was reported that the Namibia Agronomic Board (NAB) aims to capacitate local farmers to increase their yields and realise Namibia's food self-sufficiency. Could you elaborate on this? Fidelis Mwazi (FM); The NAB has multiple mechanisms in place focused on capacitating Namibian producers to further increase their crop yields and realise Namibia’s food self-sufficiency. Here are some of the most notable initiatives. Horticulture Market Share Promotion (MSP) scheme is a growth-at-home…

28 Sep

Namdia board members sitting pretty

Observer Money

Namdia paid N$1,28 million to its board members, according to the 2022/2023 Annual Report. The board fees increased slightly from just over N$1 million in the previous financial year. Chairperson Bryan Eiseb was paid N$247 606 in board fees during the period. Another board member, Justus Hausiku was paid N$325 209 while Selma Shimutwikeni was paid N$287 754. The highest paid board member was Liina Muatunga, who was paid N$423 440. The total sitting fees was N$1 million while the total expense allowance was N$273 431. By comparison in 2022, the total sitting allowances was N$887 367 while total expense…

28 Sep

Dates exports reach N$25.8 million

Observer Money

Dates were the main export earnings of horticultural products at N$25.8 million, followed by tomatoes and vegetable seeds reporting N$3.3 million and N$1.4 million, respectively during the second quarter of this year. In terms of imports, potatoes dominated the horticultural products, claiming a bill of N$17.2 million during the second quarter. Apples and onions followed in second and third positions registering import bills of N$8.7 million and N$7 million, respectively, the Namibia Statistics Agency. Total agronomy production declined by 60.1 percent from 55 036 tons recorded in the second quarter of 2022 to 21 953 tons registered in the second…

28 Sep

Namfisa mediation sees N$5.6 million paid to complainants……. long-term insurance industry biggest culprit

Observer Money

Chamwe Kaira The Namibia Financial Institutions Supervisory Authority (Namfisa)’s intervention saw institutions under supervision paying back N$5.6 million to complainants as at 31 December 2022. Namfisa said in the 2023 annual report that the total amount paid to complainants decreased significantly by 52.1 percent to N$5.6 million as at 31 December 2022, compared with 2021. The N$5.6 million was paid out to 149 complainants with the highest amount, N$2.6 million, recovered from the long-term insurance industry, followed by N$1.5 million from the pension fund industry, N$1.2 million from the long-term insurance industry, N$270,041 from the micro lending and credit agreement…

28 Sep

De Beers’ campaign to help local diamonds

Observer Money

Chamwe Kaira The recently announcement by the De Beers Group that it will reintroduce its ‘A Diamond is Forever’ tagline with an additional US$20 million investment to support consumer demand in natural diamonds for the 2023 holiday season in the US and China will benefit Namibia at a time when the diamond industry is going through a tough time. Namibia production increased by 37% to 600 000 carats in the first quarter of this year, primarily driven by the contribution from the Benguela Gem vessel, which commenced production in March 2022. “This marketing campaign will help support demand for natural…

28 Sep

Choppies record N$615m revenue

Observer Money

Chamwe Kaira Retailer, Choppies Namibia recorded revenue of 443 million Botswana Pula (N$615 million) for the year ended 30 June 2023. Choppies runs 14 stores in Namibia. Choppies was established in the town of Lobatse in Botswana in 1986 and a massive expansion effort was begun in 2003. Choppies said retail sales in Namibia reached 440 million Botswana Pula (N$611 million). Choppies said Botswana and Namibia marginally grew gross profit rates while rates in Zambia and Zimbabwe declined. The retailer said Namibia has successfully turned around with sales growth of 60.0% and like-for-like sales growth of 14.4%. Five new stores…

28 Sep

PM advocates for stronger Public-Private Partnerships

National News

Niël Terblanché Prime Minister Saara Kuugongelwa-Amadhila championed innovation, synergy, and collaborative growth among local authorities at the official opening of the Investment Seminar during the Amalgamated Rotational Annual Festival (ARAF) 2023. She spoke during the official opening of ARAF 2023 on Wednesday in Omaruru and said the seminar is focused on promoting mutual development between the local authorities of Omaruru, Karibib, and Usakos in the Erongo Region. Kuugongelwa-Amadhila commended the innovative efforts of the Mayors and Local Authority Councils for organizing ARAF to jointly foster development and avoid duplication of efforts. “When local authorities hold events together, it promotes mutual…

28 Sep

NAMDIA declares a record dividend of N$300 million to the government

MainNAMDIA declares a record dividend of N$300 million to the government

Martin Endjala The Namib Desert Company (NAMDIA) has declared a record dividend of N$300 million to the government for the 2022/23 financial year, marking a continual increase from the dividends declared in the previous years, including N$50 million for 2018/19, N$80 million for 2019/20, N$40 million for 2020/21, and N$150 million in 2021/22. Bryan Eiseb, Board Chairperson of NAMDIA, announced this milestone at the 2022/23 annual report launch in Windhoek. This declaration, he noted, is unprecedented in the history of the state-owned entity since its inception. Eiseb emphasized NAMDIA’s commitment to establishing itself as an institution guided by robust governance…