The Meat Corporation of Namibia (Meatco) made a profit of N$85 million for the 11 months ending December 2024, after having incurred a loss of N$150 million before tax for the financial year ending January 2024.
This was said at a special members’ meeting convened and led by board chairperson Sakaria Nghikembua in Windhoek on 11 February.
The group experienced revenue growth of N$437 million to close at N$1.2 billion as compared to N$765 million realised in 2023.
Meatco paid producers N$964 million for the reporting period compared to N$560 million in 2023, reflecting a 58% increase.
In addition, 29 120 tonnes of beef were sold locally, regionally and internationally.
Addressing about 100 members in attendance, Nghikembua said Meatco plays a critical role as a catalyst for change, stimulating the economy through employment creation and poverty alleviation, and assisting in attaining sustainable food and nutritional security.
“We know that Meatco has gone through a difficult period in recent years, hence the audited results for the financial year ended January 2024 will reflect the difficult period the company underwent,” he said.
He said the board had developed a turnaround plan to get the business to a sustainable trajectory.
Through the plan, the board aims to bring sustainable growth, foster operational efficiency and robust cost management while securing business growth and employing marketing strategies, not only to be in the right markets at the right time but ultimately to also realise the best prices for Meatco products, Nghikembua added.
He said the plan had been endorsed by minister of finance and public enterprises Iipumbu Shiimi, and its implementation had commenced.
Acting chief executive Patrick Liebenberg highlighted seven key focus areas leveraging the turnaround plan.
He said the company will focus on procuring high-quality cattle, developing Meatco feedlots, and ensuring delivery preparedness during the off-season.
Liebenberg said Meatco will also focus on agro-processing and value addition, prioritising efficiency and critical maintenance for the business and having an optimal value chain across the organisation.
“We will better manage logistics costs by frequently shipping products through Walvis Bay rather than Table Bay Cold Storage, closely managing local, regional and international clients and always optimising prices per cuts,” he said.
Liebenberg noted that Meatco had received a 1 200-tonne Norwegian beef quota for 2025, and will prioritise fulfilling the quota with high-value products through timely delivery to derive higher prices.
He also said Meatco will prioritise the robust marketing of products in northern communal areas by servicing government institutions such as schools, hospitals and prisons.
“We will work determinedly for the halal certification of the northern abattoirs, which will open up markets in the Middle East,” he said.
He urged the executive members to lead by example by demonstrating a robust commitment to the organisation and ensuring productive and timely tangible decisions beneficial to the organisation are taken to advance sustainability and innovation.
-This article has been modified to indicate that the actual loss incurred was N$150 million.
– email: matthew@namibian.com.na
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