Namcor spent N$118m on 189 employees’ salaries

THE National Petroleum Corporation of Namibia (Namcor) spent more than N$118 million on salaries for its 189 employees in the 2021/2022 financial year.

This is an average of over N$620 000 per employee. This is contained in Namcor’s 2021/2022 annual report released early this year.

According to the report, the entity paid managing director Immanuel Mulunga, as part of its key management, N$2,2 million in the financial year under review.

The group, according to the report, also spent N$1,6 million on board members’ fees.

The public enterprise has been in the spotlight recently concerning its board and management issues.

Namcor earned a total revenue of N$2,88 billion compared to N$1,33 billion in the previous financial year, representing an increase of 115%.

According to its chief executive, the financial position of the group continues to strengthen, with the total asset base increasing by 60% from the 2020/2021 to 2021/2022 financial year.

The entity has 53% male employees compared to 47% female employees.

Twenty-four percent of Namcor’s employees have been with the company for more than five years, while 76% were appointed during the past five years.

Namcor spokesperson Utaara Hoveka says the annual report is an official document and all information contained in it is official.

“I am not at liberty to shed any light on remuneration related issues, as salary issues are confidential in terms of our policies. However, rest assured that salary structures are approved by the board and the minister of finance, where appropriate. We have been compliant when it comes to getting these relevant approvals,” Hoveka said.

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