NAC gets an unqualified audit opinion

•  BY Confidente Reporter

THE Namibia Airports Company (NAC) received an unqualified opinion from External Auditors, Grand Namibia, who audited their consolidated financial statements for 2020/2021 and 20212022.

This was revealed at an Annual General Meeting (AGM) held on July 19 for the preceding three fiscal years, namely 2019/2020, 2020/2021, and 2021/2022, bringing the entity in line with compliance and governance requirements outlined in the Companies Act (Act No. 28 of 2004) and the Public Enterprises Governance Act (Act No. 1 of 2019).

Minister of Works and Transport John Mutorwa, Ministry of Finance Executive Director Titus Ndove, NAC Board of Directors, NAC Chief Executive Officer (CEO), Bisey /Uirab, NAC Management, and various Ministry of Finance and Public Enterprises representatives attended the AGM.

The unqualified opinion represents a considerable departure from the qualified opinion issued for the 2019/2020 fiscal year, which was primarily related to the impairment of property, plant, and equipment (PPE), a review of valuable lifetimes and residual values of items in PPE, and turnover-based income and concessions.

Minister Mutorwa said the reports provide a realistic reflection of the NAC’s transitional journey.

“This is a visible and concrete improvement in leadership, management, and governance,” he said.

NAC Board of Directors Chairperson Dr Leake Hangala said the corporation had made tremendous headway in stabilising its operations, with the company currently running at around 78 per cent of its pre-COVID-19 level.

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