NAMDIA records over N$200 million profit before tax


Namibia Desert Diamonds Limited (NAMDIA) has recorded a total amount of N$206.7 million profit before tax in 2017.


The company has had ten sales during the 2017 financial year and is in good standing with fiscus, chairman of NAMDIA board, Adv. Shakespeare Masiza said when he tabled the company’s report in parliament this week.


“NAMDIA remains well positioned to continue to deliver sustainable and superior selling process to its shareholders. The board is particularly pleased that the principles of good governance, ethical conduct and accountability, risk management and compliance both within NAMDIA and in our interaction with service providers continue to be maintained without compromise.”


“During the year under review the two board subcommittees, the Audit, Risk and Compliance Committee, and Human Resources and Remuneration  Committee were created to assist the board in discharging some of its responsibilities and to ensure that robust governance processes are complied with,” he stated.


The chief executive officer of NAMDIA, Kennedy Hamutenya in the reported said, the company’s total revenue was N$1.9 billion and it paid a total of N$79.9 million in taxes and export duties.


“This financial performance is stellar and outstanding by any standard. We hope and are continuously optimistic that this full year’s performance is an indicator of great things to come in the medium and long-term. As we improve our business processes, as we are strengthening our governance process and as we exploit synergies and leverage the strengths of our business units,” Hamutenya said.


He added that the company has plans to maximize shareholder value in line with the ideas of the Harambee Prosperity Plan, the NDPs and Vision 2030.


“At the apex of our success and challenges is the fact that without doubt, the lack of sovereign guarantees has proved challenging. NAMDIA is also cognizant of the fact that Namibia is going through a fiscal consolidation period and that it is prudent that we tighten our belts. Short term pain long-term gain,” he said.