NamibRe reports good profitsNamibRe delivers on dividend promise NamibRe this week paid N$3.5 million in dividends to the government. The Namibia Reinsurance Corporation, NamibRe, this week handed over a cheque of N$3.5 million, making good on its promise to increase its dividends to the Ministry of Finance. This was revealed by its board vice-chairperson, Libertha Kapere.Kapere expressed satisfaction at the reinsurer''s good run.
“I recall last year that we handed over a cheque to the honourable minister. You might recall that last year when we handed over the dividend cheque, the corporation made a public commitment to continue to work hard to ensure that we meet our financial obligations to our shareholder.
“I am delighted to inform the ministry and public at large that our hard work has paid off once again as the corporation had a profitable year and is once again able to declare a dividend to the shareholder,” said Kapere.
NamibRe''s dividend increased by N$1.5 million while the corporation reported net profit after tax of N$17.5 million for the financial year ended 31 March 2016.
Said Kapere: “I am giving you the assurance that NamibRe will continue to work hard to enhance the performance of the corporation and declare dividends annually. This commitment is made with the full knowledge of the current economic situation of the country which has adversely affected public finances. Against this background, it is only befitting that state-owned enterprises fulfil our obligation and support the government by declaring dividends and paying taxes, which are key government revenue sources required to fund national projects.”
Receiving the cheque on behalf of the Ministry of Finance, deputy minister Natangwe Iithete applauded NamibRe, saying, “I would like to express our sincere gratitude to NamibRe for once again paying a dividend to treasury. As we are all aware, it is a tough year for the global and regional markets, especially the financial markets where the insurance and re-insurance is operating and derives its returns.
“Despite such challenges, the corporation was still able to optimise returns.
“The corporation continues to be exemplary among state-owned entities and more importantly, in delivering on its key mandate and ensuring that the reinsurance industry remains sound in terms of risk coverage and capital retention.”
Iithete said NamibRe had added N$61 million to state coffers via tax payments in addition to paying dividends of approximately N$12.6 million since its establishment in 2002.
“I hope this becomes an example to other state-owned enterprises to follow,” Ithete said.
OGONE TLHAGE