Namdia recovers after Covid-19 hiatus

• By Erasmus Shalihaxwe

NAMIB Desert Diamond (Namdia) board chairperson, Bryan Eiseb said the 2021/22 financial year was good for the company as it made its highest profit margin since its inception, thus declaring its biggest dividends ever.

Eiseb made the remarks at the company’s official dividend declaration where the latest audited Annual Report for the financial period 2021/2022 were also confirmed.

He said the company made 10 sales in the 2021/22 financial year, which resulted in N$ 144.7 million profit after tax compared to N$ 13.3 million in the previous financial year. While the company purchased sale volumes totaled at 22.978 carats, an increase of 53.8 per cent compared to the previous year.

“Sales revenue increased by 78.7 percent to US$ 128 million (over N$ 2 billion) with the buying average carat price set at US$ 536.55 compared to the selling average carat price of US$ 574.21. While 36 new clients are selected for the period of 2022/23 to 2025/26,” Eiseb said.

He added that Namdia was in a very sound financial position, with cash reserves amounting to N$ 395 million at year end, with reserves maintained for future expansion of activities and as required collateral for banking facilities in the absence of a Government guarantee.

Adding that NAMDIA purchased its 15 percent entitlement from Namibia Diamond Trading Company using a revolving overdraft facility which settles upon the sale of goods.

“Since Namdia’s inception in 2016, the institution has invested over N$30 million on various corporate social responsibility initiatives. The purpose of the NAMDIA Foundation is to alter the very social and economic fabric of our nation through empowering initiatives in the focus areas of Education, Health and Sports. Overview of The Namdia Foundation’s activities during the period under review amounted to N$7.6 million to the Ministry of Health and Social Services for the construction of an oxygen generation plant at Mariental State Hospital and the acquisition of oxygen concentrators and related equipment,” explain Eiseb.

Namibia has to date contributed N$ 320 million to Government coffers since its inception in 2017.