Observer – Page 34 – Windhoek Observer

24 Oct

Agra expects profit to drop 23%

ObserverObserver MoneyNamibia Stock Exchange, Namibian agricultural sector

CHAMWE KAIRA Agra Limited has advised shareholders that the company’s profit after tax, basic earnings per share and headline earnings per share for the year ended 31 July 2024 is expected to decrease by between 17% and 23% compared to the previous financial period. Agra said the results reflect a period that was challenging in unprecedented ways but also demonstrate the strength and resilience of both the company and the Namibian agricultural sector. “The severe and ongoing drought has tested Agra’s operations, stakeholders, and the very foundation of agriculture in Namibia. Yet, through these trials, Agra has emerged not just…

24 Oct

Economy will offer construction opportunities

ObserverObserver MoneyBank of Namibia, Simonis Storm

CHAMWE KAIRA Economic research firm Simonis Storm has said while it remains cautious about the overall recovery of the construction sector, it is excited about the opportunities ahead. The recent 25-basis point rate cut by the Bank of Namibia is a welcome step toward creating a more favorable environment for property financing, particularly in the residential sector, the firm said. “Although the current challenges in both corporate and household mortgage lending suggest that deeper structural issues persist, we expect that further rate cuts are on the horizon, offering additional relief and support for the sector,” the firm said. Simonis said…

24 Oct

Otto Shikongo to chair FNB board

ObserverObserver MoneyFirstRand Namibia Ltd, Namibian Stock Exchange

CHAMWE KAIRA FirstRand Namibia Ltd. and First National Bank of Namibia have announced the appointment of former Debmarine Namibia chief executive officer Otto Shikongo as chairman of its boards effective 17 October. FNB said the appointment of Shikongo as board chairperson is in compliance with paragraph 3.59(c) of the listing requirements of the Namibian Stock Exchange. “The company’s shareholders are hereby advised that Otto Nakasole Shikongo, an independent non-executive director and deputy chairperson of the company, is appointed as chairperson of the boards of FirstRand Namibia Ltd. and First National Bank of Namibia effective 17 October ,” the notice said.…

24 Oct

Uranium supply chain face uncertainties

ObserverObserver MoneyDeep Yellow, John Borshoff, Tumas uranium projec

CHAMWE KAIRA Uranium supply uncertainties escalated in the quarter ending 30 September as Kazakhstan’s state uranium production company, Kazatomprom, announced substantial reductions in planned output for 2025. According to Deep Yellow chief executive officer John Borshoff, Kazatomprom revised its production guidance for 2025 to reflect a downgrade of about 15 million pounds due to a variety of production-related issues, including the limited availability of sulphuric acid needed for the in-situ recovery process. Deep Yellow is developing the Tumas uranium project in the Erongo Region. Furthermore, Kazakhstan announced a significant increase in future delivery commitments to the Chinese nuclear utility group,…

24 Oct

Namibian diamonds to be traced

ObserverObserver MoneyDe Beers Group, tracing natural diamonds, Tracr platform

CHAMWE KAIRA De Beers Group has announced that it will provide country of origin data for all newly registered rough diamonds over 1.25 carats sourced from De Beers on the Tracr platform. Tracr is the world’s leading digital platform for tracing natural diamonds from source to scale. The company announced that starting in 2025, it will extend this to rough diamonds larger than 1 carat, which is equivalent to approximately 0.5 carats in polished form, thus aligning with the size threshold for new diamond import requirements for G7 countries. For the first time, this will enable diamond jewelry consumers at…

24 Oct

Oil markets entering period of volatility

ObserverObserver MoneyOPEC, world’s largest oil consumers

Oil prices have been highly volatile in recent months, influenced by a convergence of factors, most notably excess global production and subdued demand from China, one of the world’s largest oil consumers. This has exerted considerable downward pressure on prices. At the same time, geopolitical tensions, particularly escalating conflict between Iran and Israel, have emerged as critical determinants of price movements. Should these tensions intensify, the market faces the potential for significant supply disruptions, which could push prices sharply higher. The outlook for oil prices in 2024 is marked by significant volatility, driven by a confluence of geopolitical tensions, economic…

24 Oct

Tourism continue to show resilience

ObserverObserver MoneyBank of Namibia

CHAMWE KAIRA Namibia's tourism sector continued to demonstrate resilience in September, with a diverse mix of regional and international visitors contributing to the positive outlook, a study has shown. European tourists remained the largest group, increasing their share to 71.8% from 67.3% in September 2023. This growth highlights Namibia’s ongoing appeal as a premier destination for European travellers, reinforcing the need for tailored marketing strategies and services to cater to this key demographic, as Simonis Storm said in a report. Leisure travel continued to dominate the sector, presenting opportunities for further infrastructure development to enhance the visitor experience and sustain…

24 Oct

African CEOs confident about growth

ObserverObserver MoneyKPMG’s 2024 CEO Outlook Survey – Africa

While CEOs remain confident in the future of the global economy, there is a significant consideration for escalating uncertainty and rising global crises. This is according to KPMG’s 2024 CEO Outlook Survey – Africa, the inaugural edition focusing on the African continent. According to Ignatius Sehoole, Chairman and CEO, KPMG in Africa: “It is an exciting time in the history of the African continent to release these results that collectively look at how we, as African colleagues, can together address the key impacts of the global and local economies to gear our businesses for growth. The whole is very much…

24 Oct

Saving strategies after the Income Tax amendment

ObserverObserver MoneyIncome Tax Amendment Act

MIGNON DU PREEZ The most important change introduced by the gazetting of the Income Tax Amendment Act (No. 8442) on 16 September 2024 was that the tax threshold for individual taxpayers increased from N$50 000 to N$100 000, with effect from 1 March 2024. With this, many Namibians will now have some more money at their disposal to manage wisely. But how? First and foremost is to focus on the building of an emergency fund. Having money saved for emergencies such as a medical emergency or home repairs, saves one from further financial stress. If possible, try to build up…

23 Oct

CoW puts Windhoek district hospital land on sale

ObserverMain

Ester Mbathera The City of Windhoek (CoW) has put the land on which the Ministry of Health and Social Services plans to build the Windhoek district hospital on sale for N$18.9 million by way of a private treaty. This is the same piece of land where vice president Netumbo Nandi-Ndaitwah, announced the construction of the new hospital during a groundbreaking ceremony in May. At the time, the event occurred on unpurchased land, raising concerns about the project's timeline and process. The land measuring 151 432 square metres on Farm 508 Havana was approved for sale by the CoW in 2017…