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  • NamPost records operating income of over N$ 30 million

NamPost records operating income of over N$ 30 million

WebDesk
July 31, 2012August 4, 2012 No Comments

WINDHOEK: Namibia Post Limited (Nampost) has recorded an operating income of N.dollars 30,4 million in the last financial year, compared to N.dollars 336 000 recorded in September 1993.

Nampost turned 20 years on Thursday, after it was established on 31 July 1992.

“We have gone through ups and downs, which is normal for the type of business we are in, but we are holding strong, said Nampost’s Chief Executive Officer Festus Hangula during the company’s 20th anniversary that took place in the capital.

“We have expanded the postal network by 47 per cent over the past 20 years,” he stated further.

Nampost assets have grown from N.dollars 69 million to N.dollars 2,51 billion during the past years, he highlighted, explaining that, that is over 3,500 per cent growth, which means the assets grew on average more than 100 per cent per year.

Capital has grown from N.dollars 5,07 million initially invested to N.dollars 102 million mostly made of retained income.

“That is, about N.dollars five million added to capital as retained earnings for each of the last 20 years,” he explained.

Over the past two years, the company invested about N.dollars 20 million in operational efficiencies through system and other innovative activities.

He noted that the mail volumes have not changed significantly as individual to individual mail has been mostly replaced by business to consumer and business to business mail.

“We have however, grown the Courier business substantially to be the single biggest courier operation in Namibia. We have a sizable portfolio of savings accounts than we had 20 years ago (N.dollars in investments to over N.dollars two billion today),” Hangula noted.

A few years ago, the World bank rated Nampost as one of the most productive postal operations in sub-Saharan Africa and one of the few profitable postal operators.

In addition, Hangula said Nampost intends to focus on delivering its mandate of providing postal services while gradually transforming itself by positioning the post office to remain a beneficial presence in all Namibian communities in which it operates.

“We intend to continue to lead financial inclusion by putting our foot print to full use to benefit of this initiative. We will do that alone where appropriate and with partners as the need on the ground may dictate,” he stated.

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