Country Club to pay N$20 million dividend

Chamwe Kaira

The Windhoek Country Club and Casino is expected to pay a N$20 million dividend cheque to the Ministry of Finance and Public Enterprises next week.

“We all know that the last years have been challenging for the hospitality industry and we are gratefully noticing the steady improvement in our circumstances since last year. It is therefore a great pleasure to be able to hand over an amount of N$20 million to the Ministry of Finance and Public Enterprises,” said, Tony Boucher, general manager of the WCCR.

The dividend cheque handover to the Minister of Finance and Public Enterprises, Iipumbu Shiimi is expected to take place on Monday, 4 December.

In some of the recent financial results, the Windhoek Country Club’s revenue grew to N$158 million for the 2019 financial year, and 52 percent (N$82 million) of it came from the casino and gaming operations. The company made a N$7,4 million profit for the financial year ending April 2019.

The Windhoek Country Club Resort is a multi-use resort outside of Windhoek, Namibia owned by the government and managed by Legacy Hotels and Resorts International. The resort was opened in May 1995.

The Hotel consists of 152 rooms, of which 18 are family rooms, 39 are luxury, 87 are twin, seven suites and one paraplegic room. The resort also includes a casino.

The Country Club is one of the few public enterprises that regularly pays dividends to the government.

The government is currently reforming public enterprise as part of a broader agenda of transformation in the country.

The government currently owns 81 public enterprises consisting of commercial, non-commercial and extra budgetary funds.

The total asset value of the all public enterprises stands at around N$119 billion and liabilities at N$60 billion, giving a portfolio net asset value of N$50 billion. Employment count stands at approximately 25 000 employees.

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