Meatco Reports Profit After Years of Losses

Analysts say Meatco must prove how profit was made in a transparent and accountable manner.

Published on Feb. 20, 2026

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The Meat Corporation of Namibia (Meatco) has announced that it recorded a profit for the financial year ended 31 January 2025, ending five consecutive years of losses. The state entity's revenue increased by N$662 million to N$1.865 billion, and it reported an operating profit before tax of about N$106 million. However, political analyst Ndumba Kamwanyah says Meatco must demonstrate that the profit was made in a transparent and accountable manner, as the company has long been described as "bleeding" and has received significant government bailouts in recent years.

Why it matters

Meatco's turnaround is significant, as the company has faced production setbacks, leadership instability, and questions over whether it was earning enough from exports. The government has injected about N$730 million in public funds into Meatco over the past four years. The company's ability to return to profitability is important for the Namibian economy and the public's trust in the state-owned enterprise.

The details

For the financial year ended 31 January 2025, Meatco's revenue increased by N$662 million, rising to N$1.865 billion from N$1.203 billion the previous year. The company recorded an operating profit before tax of about N$106 million, compared to a N$150 million loss in the previous period. This marks the end of five consecutive years of losses between 2020 and 2024. Meatco faced production setbacks when substandard plastic vacuum bags affected meat quality, forcing the company to sell products at non-profitable rates and leading to an estimated N$50 million in revenue losses. The government has stepped in repeatedly, with about N$730 million in public funds injected into Meatco over the past four years.

  • Meatco recorded a reduced net loss of N$67 million for the year ended 31 January 2024.
  • Between 2020 and 2022, cattle slaughter numbers fell by 68% and revenue dropped by 58%.
  • In 2024, a partial recovery came when 65,427 cattle were slaughtered, generating N$1.2 billion in revenue.
  • In the 2022/23 financial year, Meatco recorded a N$118 million loss.
  • For the financial year ended 31 January 2025, Meatco recorded a profit.

The players

Ndumba Kamwanyah

A political analyst who says Meatco must demonstrate that its reported profit was made in a transparent and accountable manner.

Meatco

The Meat Corporation of Namibia, a state-owned enterprise that has reported a profit after years of losses and government bailouts.

Patrick Liebenberg

The former acting chief executive officer of Meatco who was suspended pending an investigation.

Mwilima Mushokabanji

The former chief executive officer of Meatco whose contract was not renewed.

Albertus !Aochamub

The current chief executive officer of Meatco, who was appointed after the previous leadership changes.

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What they’re saying

“Well, we must look at everything with scrutiny, so we don't know what actually transpired that they made such a profit in one year, especially since it was struggling. But profit is good for the country, but we must always be vigilant and look at it with scrutiny, I think.”

— Ndumba Kamwanyah, Political analyst (observer24.com.na)

“Transparency and accountability show us that the profit was made in a more transparent way. Those are the key issues that we have to look for when they report.”

— Ndumba Kamwanyah, Political analyst (observer24.com.na)

“The results we are presenting reflect more than an improvement in numbers; they demonstrate a fundamental shift in how Meatco is governed, managed, and held accountable.”

— Albertus !Aochamub, Chief Executive Officer, Meatco (observer24.com.na)

“While important work remains, the Corporation has decisively moved away from a cycle of recurring losses and is now on a clear, credible recovery path.”

— Albertus !Aochamub, Chief Executive Officer, Meatco (observer24.com.na)

What’s next

The upcoming Meatco annual general meeting on Friday will present the audited financial results for the year ended 31 January 2025 and outline the next phase of the recovery plan.

The takeaway

Meatco's return to profitability is a significant milestone, but the company must prove that the profit was made in a transparent and accountable manner to regain public trust after years of losses and government bailouts. The focus will be on how Meatco has improved its governance, management, and financial controls to achieve this turnaround.