CHAMWE KAIRA
Capricorn Group’s expects profit after tax and earnings per share for the year ended 30 June to be materially higher by between 15% and 20% compared to what was reported in the prior period.
Additionally, headline earnings per share for the year ended 30 June 2024 is expected to be materially higher than what was reported in the prior period by between 13% and 18%, the group said.
Capricorn added that during the year ended 30 June, Capricorn Group implemented IFRS 17 – “Insurance Contracts”, which requires full retrospective application for disclosure purposes.
FRS 17 is an International Financial Reporting Standard that was issued by the International Accounting Standards Board in May 2017. Under the IFRS 17 general model, insurance contract liabilities will be calculated as the expected present value of future insurance cash flows with a provision for non-financial risk.
Capricorn said Consequently, comparative figures for the preceding period ended 30 June 2023 will be restated on publication of the 30 June 2024 annual results.
“Following these restatements, shareholders are advised that Capricorn Group’s profit after tax and earnings per share for the year ended 30 June 2024 are expected to be higher by between 8% and 13% when compared to the restated prior period. Similarly, headline earnings per share for the year ended 30 June 2024 are expected to be higher by between 5% and 10% compared to the restated prior period.”
The audited financial results for the year ended 30 June 2024 are expected to be published on or about 12 September 2024, Capricorn said.
In the 2023, annual report, Capricorn said its profit after tax increased by 28.7% to N$1.48 billion (2022: N$1.15 billion), while its annualised Return on Equity (ROE) also increased to 17.6%.
Both Bank Windhoek and Bank Gaborone reported marked improvements in their results. Bank Windhoek’s profit after tax increased 34.1% year-on-year to N$1.09 billion (2022: N$813.2 million).
Capricorn said this improvement in profitability was mainly due to an increase in net interest income due to the bank’s strong balance sheet.
When the Group was listed on the Namibia Stock Exchange in 2013, it generated a revenue of N$1.4 billion, compared to N$4.6 billion for 2023. At the time of listing, it had total assets of N$21 billion and net assets of N$2.6 billion compared to N$63 billion total assets and N$8.3 billion net assets in 2023. The group employs over 1600 people.
