Air Namibia is set to release audited financial statements for the period between 1998 and 2014, Acting Managing Director, Ellaine Samson, said in Windhoek on Wednesday.
Samson said the reports were tabled at the airline’s Annual General Meeting held in May, and are currently with the minister of transport, who is expected to table them in Cabinet anytime and later in Parliament.
The financial statements for the period 2015 to 2018, which have also been compiled, will be released in the fourth quarter of this year.
Samson said the airline has set a target to break even by 2021, but said the current economic slowdown in the country presents a challenge.
Air Namibia’s fleet is made up of two Airbus A330s, four Airbus A319s and four Embraer ERJ 135s, which Samson said are now on the company’s balance sheet.
Commenting on calls for Air Namibia to reduce the price of its tickets, Samson said passengers must realise that the flag carrier is a full service airline.
She added that the airline has in the past entertained the idea of having a low cost subsidiary, but nothing came to fruition.
The airline is increasingly facing competition from Qatar Airways, KLM, Ethiopian Airways and Euro Wings, which have all introduced flights to Namibia in recent years.
Samson said it could be about time that government introduces economic regulations to curb excess in the market, implying that Air Namibia may need some protection from competition.
Air Namibia’s dominance of the Windhoek-Frankfurt Route reduced from 70 percent in 2016 to 59 percent or 221,409 passengers in 2017.
Outlining some of the challenges facing the airline, Samson cited rising fuel costs, aircraft leasing expenses and the Namibia dollar/US dollar currency fluctuations.
“We did not hedge, so we feel the impact of currency fluctuations,” she said.
Air Namibia is planning to add more routes in Maputo, Brazzaville, Kinshasa and Libreville after it recently introduced flights to Durban, Accra, Gaborone and Lagos.
“The first flight to Lagos had a 100 percent load factor, with religious tourists going to West Africa,” the Air Namibia Acting MD said.
Talking about future plans to run sustainably, Samson said plans include increasing the utilisation of the A330 planes and setting up a hangar at the Hosea Kutako International Airport to service its bigger planes and others from southern Africa.
The airline has already started servicing smaller planes at Eros Airport.