NamibRe declares N.dollars 6.15 million dividend to Government

30 Jul 2019 13:40pm
WINDHOEK, 30 JUL (NAMPA) - The Namibia National Reinsurance Corporation Limited (NamibRe) on Tuesday declared a N.dollars 6.15 million dividend to the government, its sole shareholder, for the financial year that ended 31 March 2018.
The dividend represented a 23 per cent growth from that of the previous financial year, which stood at N.dollars 5 million.
Speaking at the official dividend handover held in the capital, Deputy Minister of Finance, Natangwe Ithete said NamibRe has managed to fulfil its mandate to declare dividends to the Namibian Government at the end of each financial year.
Ithete added that over the past five years, NamibRe had declared a cumulative dividend of N.dollars 16.65 million to the government.
“In the midst of economic challenges, NamibRe has managed to stay true to its mandate and bring returns for the shareholder. NamibRe heeded our call to employ restraint in expenditure and minimise reliance on government funding as this is unsustainable,” he said.
Speaking about reliance on government funding, Ithete said public enterprises were established to assist government in growing the economy and providing affordable services to industry and the public, and not to be liabilities that require constant bailouts.
“Government can no longer afford bailouts,” he added, saying public enterprises should live up to their mandates and deliver on their promises of providing good quality public services, paying dividends and increasing shareholder value and wealth.
“Now is the time for public enterprises to drive the economy by contributing to gross domestic product, fiscus and job creation through taxes and dividends,” he concluded.