The Minister of Works and Transport, Veikko Nekundi, said Namport has sufficient funds to carry out its operations after declaring hefty dividends to the government. This is as Namport declared dividends of N$130 million to the government following its annual general meeting, which took place on Monday in Windhoek.
Speaking at the occasion, Nekundi clarified that Namport's dividend declaration does not mean its funds will run dry or that it will need a government bailout. He emphasised that the company is subject to strict performance requirements and has major projects on its agenda that it still needs to undertake.
"These are massive projects, and in terms of the organisation's performance, all risks are considered to undertake them without any bailouts from the State. We took a fraction as a dividend without undermining the organisation's overall mandate to invest in infrastructure, which would drive the organisation to grow much bigger.
We have no doubt that, within their parameters, they will be able to use the resources at their disposal. It is not adequate, but it is enough for them to sustain and grow their operations," said the minister. Some infrastructure projects have already started, as procurement advertisements are now running. Other projects are waiting for clearances from the Environmental Commissioner before they are undertaken.
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"We have also taken into consideration the oil and gas industry with other mineral discoveries which are also found in Namibia. We are happy as a shareholder that the company is in a better shape and that the management is in better hands," the minister added.
Good performance
Namport board chairperson Jerome Mouton stated that the company has significant reserves to fund major projects, infrastructure upgrades, and maintenance.
"We consider what is required to continue our extension projects at the port as well as pay dividends to our shareholders," said Mouton.
Of the N$130 million in dividends declared to the government as a shareholder, N$100 million was handed over on Monday, with the remaining N$30 million to be handed over at a later stage.
Mouton added that the dividend was considered in light of the company's financial and operational performance across the ports of Walvis Bay and Lüderitz.
"We have considered after the AGM all the requirements in terms of governance to declare this dividend," he noted.
During the AGM, Nekundi and the Namport board of directors reviewed the port authority's performance for the 2025/2026 financial year (FY).
The organisation's profit rose from N$492 million in 2024/2025 to N$579 million in 2025/2026. Over the same period, Namport's profit increased from N$503 million to N$614 million.
The ports authority procured goods and services worth N$589 million. Of this amount, 57% (N$375 million) went to Namibian enterprises, while 20% (N$116 million) went to small and medium enterprises (SMEs).
"This is something that we encourage all Namibian SOEs to support and procure with Namibian SMEs," said Nekundi.
TEUs (twenty-foot equivalent units) increased by 44% in the 2025 /2026 financial year.
TEU is a general unit of cargo capacity, often used for container ships and container ports.
It is based on the volume of a 20-foot-long (6.1 m) intermodal container, a standard-sized metal box that can be easily transferred between different modes of transportation, such as ships, trains, and trucks.
"As much as we have seen a decline in the number of vessels at our ports, the volume is higher. That shows the investment Namport and the government is making to create the required depth at the port enables us to bring in larger vessels. Larger vessels enable us to benefit from economies of scale, meaning if a ship comes once, it carries more volume," the minister highlighted.
Performance bonuses
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Due to Namport's strong performance over the 2025/2026 financial year, Nekundi announced that the ports authority's staff members are eligible for a performance bonus.
"Every single Namibian will benefits from Namport, the way they are performing. I have given my concurrence for the employees of Namport to receive performance bonuses because you have indeed performed. Let them continue with that service and let them continue with that end that makes Namport a better performing entity," stated the minister. Nekundi further urged other state entities that are not performing optimally to work harder so their staff can also earn a bonus in addition to their salaries.
Founded in 1994, Namport is a state-owned enterprise established by an act of Parliament as Namibia's national port authority. It manages the ports of Walvis Bay and Lüderitz, as well as the Syncrolift dry dock facility in Walvis Bay.
