NamPost asset base grows over N$4b
Namibia Postal Services Group (NamPost) asset base has increased from N$69 million to N$4.6 billion in 2017.
The group’s number of post office outlets increased from 84 to 140 and savings bank deposits that were worth N$55m are now over N$4 billion, chairperson of the group Nangula Hamunyela stated.
“We made good progress even though 2016 will be remembered for its significant and to a large extent unexpected economic events. The implementation of our strategic actions is well advanced, and our business model performed well in the face of challenging conditions. Customers continue to look for a greater range of products and services; convenience and speed. Added to this the postal industry has seen ongoing pressure from stagnating volumes and price competition from other competing market segments,” she stated.
She added that NamPost financial inclusion initiatives in line with Vision 2030 remain a high priority although there are hurdles which impede progress and one being to compete on a level playing field with other financial institutions.
Hamunyela also stated that in the long-run NamPost created good value for the shareholder.
“Over ten years that value amounts to N$176 million and currently group retained profit stands at N$263m and no dividend payments in the last five years. Therefore retained income is a fairly good measure of value created. Based on profit before tax the 10-year average return on equity and unrealised fair value adjustment is 15% and 17%, respectively over five years,” she stated.
She added that good governance is vital in any business particularly one such as NamPost which operates in so many diverse and dynamic markets, therefore, ensuring management and high ethical standards remain of the most top priority.