Fishing firm shores up future with vessel stake
Beki Kumata has used income generated from its fishing quota to acquire a stake in a hake liner vessel, a move aimed at securing the company's future beyond the expiry of its current fishing rights in May 2027.
Speaking during a N$500 000 donation handover in Windhoek yesterday, board chairperson Shiwana Ndeunyema said the company was formed in 2021 after five fishing-rights holders were brought together following the 2020 allocation of fishing rights.
Describing Beki Kumata as one of the “forced marriages” common in the fishing industry, Ndeunyema said the company adopted a seven-year strategy focused on building a sustainable business with assets of its own.
“Our ultimate goal was to acquire a vessel so that we can mobilise operations and expand into the fishing value chain, over and above just receiving a quota, disposing of it and getting a dividend,” he said.
The company now holds equity in a hake liner vessel through Castro Kumata, an operating entity established with its long-time partner, Castro Bros.
According to Ndeunyema, the investment was made through what the company termed “deferred gratification”, sacrificing immediate returns in favour of long-term growth.
“We now have a hake liner vessel and we are able to operate beyond the fishing-right ending period that is May 2027,” he said.
The investment gives Beki Kumata a stronger foothold in the hake industry, where vessel ownership provides greater participation in harvesting activities instead of relying entirely on established operators to catch and market quota allocations.
Ndeunyema said the company had recently concluded its first financial year, with audited results showing strong performance. However, he rejected the perception that fishing companies were generating excessive profits.
“There might be that perception that fishing companies are swimming in excess profits, but that is not the case,” he said.
The company also used the occasion to make donations worth N$500 000. Cocoma Primary School in Kavango East received N$380 000, Project Never Walk Alone received N$100 000, while SOS Children's Villages Namibia received N$20 000.
Ndeunyema said Beki Kumata had previously invested N$800 000 in classrooms and a storeroom at Cocoma Primary School, as well as N$500 000 towards two hostel blocks that are now operational.