Zimbabwe struck gold at its dry port facility in Namibia during the first six months of the year. The Walvis Bay operation raked in a massive 6.1 million Namibian dollars in pure profit after careful spending and strong earnings. President Mnangagwa opened the strategic shipping hub back in 2019 after Zimbabwe leased the 19,000 square meter site for 50 years. The port serves as a gateway to the Atlantic Ocean for imports and exports heading to Europe and the Americas. General manager Theodore Chinyanga reported the facility beat its revenue targets during the review period.
An oil and gas company called Afrishore became the port's biggest money maker by renting most of the available space. The firm uses about 15,000 square meters to store drilling equipment and gear for offshore operations. First quarter revenue hit 6.1 million dollars while the second quarter brought in 5.5 million dollars. Total earnings reached 11.7 million dollars against expenses of just 5.5 million dollars during the period. Afrishore asked to extend its lease until December instead of leaving at the end of July.
Port bosses want Zimbabwe's government ministries and state companies to use the facility as their top choice for imports. They are working on a 2 million dollar transit bond using cash reserves to expand operations. The port bought new off-loading equipment that already generates extra income for the business. Officials hope to secure bank funding for more operational equipment after completing their 2024 audit. Private sector partners are knocking on their door seeking collaboration opportunities.
An oil and gas company called Afrishore became the port's biggest money maker by renting most of the available space. The firm uses about 15,000 square meters to store drilling equipment and gear for offshore operations. First quarter revenue hit 6.1 million dollars while the second quarter brought in 5.5 million dollars. Total earnings reached 11.7 million dollars against expenses of just 5.5 million dollars during the period. Afrishore asked to extend its lease until December instead of leaving at the end of July.
Port bosses want Zimbabwe's government ministries and state companies to use the facility as their top choice for imports. They are working on a 2 million dollar transit bond using cash reserves to expand operations. The port bought new off-loading equipment that already generates extra income for the business. Officials hope to secure bank funding for more operational equipment after completing their 2024 audit. Private sector partners are knocking on their door seeking collaboration opportunities.
