NamPower declares dividends of N.dollars 82.6 million

NamPower on Thursday declared a N.dollars 82.6 million dividend to the government, its sole shareholder, for the financial year that ended 30 June 2018.

The dividend in a N.dollars 21.9 million growth from that of the previous financial year, which stood at N.dollars 60.7 million.

Speaking at the official dividend handover held in the capital, Minister of Mines and Energy, Tom Alweendo occurred and said Nampower under difficult circumstances still managed to to declare dividends to the Namibian Government at the end of its financial year.

For example, you know that we have experienced probably the worst drought and most of your power comes from the Ruacana Hydropower station but we were not able to get much from that source and we had to rely on the renewable energy source which added plus we had to continue importing, Alweendo explained.

He added that during this hard economic times it is hard to get consumers to pay for the electricity sold to them.

The environment was as such that we have a number of customers and unfortunately that did not help us or put us in a position to pay all the debt off sand therefore it was not easy for the company, Alweendo added.

He also hopes other State-Owned Enterprises (SOEs) will learn from similar companies who declare dividends.

Board Chairperson Kauna Ndilula said this dividend declaration reflects high performance and good governance despite the dire drought situation Namibia has been faced with.

Balancing stakeholder interest in a fair, transparent and inclusive manner has been core to this board and our way of doing business, has been demonstrative of that, Ndilula said.

The handover took place after Alweendo and the Nampower board as well as executive team had an annual general meeting (AGM).

During the AGM, Nampower informed Alweendo that it has imported 71 per cent of its power so far this year and it was also established that its seven board members received N.dollars 1.9 million for seven scheduled meetings in the 2018/2019 financial year.

That amount also includes 18 sitting by the four sub-committee meetings within the board.

Source: Namibia Press Agency