Namcor profit hikes by N$46m

12 Sep 2013 09:00

The National Petroleum Corporation of Namibia (Namcor)'s operating profit has increased by 144% to N$116m for the financial year ended March this year from the previous year's figure.

This was revealed by the chairman of the Namcor Holdings Board of Directors, Johannes !Gawaxab in Windhoek today.

“With our partners and the Ministry of Mines and Energy, we have seen the Exploration and Production (E&P) division benefit from the effective marketing of Namibia’s hydrocarbon block,” said !Gawaxab.

He also said this has resulted in significant signature bonuses being received by the group, which has contributed positively to the operating profit.

Furthermore, the fuel trading, as well as the sales revenues have also increased by 86% to N$378.7m and 230% to N$67.3m, respectively, during the period under review.

According to !Gawaxab, the company assets have grown by 37%, capital and reserves have increased by 60% while the current liabilities by 58%. Notably, the group's expenses have decreased by 18%.

The group made an operating profit of N$18.9m within the first four months of the current financial year starting April this year. The fuel trading revenue for the period was N$184.8m while the data sales for the first months of the financial year amounted to N$6.9m.

The company thanks the line ministry for its continuous support, as well as the board members of the group for their dedication.