Observer Money

Namfisa mediation sees N$5.6 million paid to complainants……. long-term insurance industry biggest culprit
28 Sep

Namfisa mediation sees N$5.6 million paid to complainants……. long-term insurance industry biggest culprit

Observer Money
Chamwe Kaira The Namibia Financial Institutions Supervisory Authority (Namfisa)’s intervention saw institutions under supervision paying back N$5.6 million to complainants as at 31 December 2022. Namfisa said in the 2023 annual report that the total amount paid to complainants decreased significantly by 52.1 percent to N$5.6 million as at 31 December 2022, compared with 2021. The N$5.6 million was paid out to 149 complainants with the highest amount, N$2.6 million, recovered from the long-term insurance industry, followed by N$1.5 million from the pension fund industry, N$1.2 million from the long-term insurance industry, N$270,041 from the micro lending and credit agreement…
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De Beers’ campaign to help local diamonds
28 Sep

De Beers’ campaign to help local diamonds

Observer Money
Chamwe Kaira The recently announcement by the De Beers Group that it will reintroduce its ‘A Diamond is Forever’ tagline with an additional US$20 million investment to support consumer demand in natural diamonds for the 2023 holiday season in the US and China will benefit Namibia at a time when the diamond industry is going through a tough time. Namibia production increased by 37% to 600 000 carats in the first quarter of this year, primarily driven by the contribution from the Benguela Gem vessel, which commenced production in March 2022. “This marketing campaign will help support demand for natural…
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Choppies record N$615m revenue
28 Sep

Choppies record N$615m revenue

Observer Money
Chamwe Kaira Retailer, Choppies Namibia recorded revenue of 443 million Botswana Pula (N$615 million) for the year ended 30 June 2023. Choppies runs 14 stores in Namibia. Choppies was established in the town of Lobatse in Botswana in 1986 and a massive expansion effort was begun in 2003. Choppies said retail sales in Namibia reached 440 million Botswana Pula (N$611 million). Choppies said Botswana and Namibia marginally grew gross profit rates while rates in Zambia and Zimbabwe declined. The retailer said Namibia has successfully turned around with sales growth of 60.0% and like-for-like sales growth of 14.4%. Five new stores…
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NAMFISA posts revenue of N$247 million
28 Sep

NAMFISA posts revenue of N$247 million

Observer Money,
Martin Endjala The Namibia Financial Institutions Supervisory Authority (NAMFISA) disclosed a total income of N$246.7 million for the financial year ending 31 March 2023. This came with a total expenditure of N$260.6 million, marking a 4.3 percent (N$10.8 million) rise compared to the previous financial year. Kenneth Matomola, the Authority's Chief Executive Officer, revealed this financial snapshot yesterday during the unveiling of its annual report. Matomola said that despite facing significant challenges, notably the COVID-19 pandemic, Russia’s invasion of Ukraine, and surging commodity prices, the Authority sustained its mandate delivery. NAMFISA, he asserted, is concentrated on maintaining the financial stability…
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ErongoRED announced steep tariff hike
26 Sep

ErongoRED announced steep tariff hike

Observer Money
Niël Terblanché Residents of the Erongo Region in Namibia will have to embrace an enhanced financial strain as the regional electricity distributor announced a significant 8.97 percent hike in electricity tariffs. The increase comes in the wake of the Electricity Control Board (ECB) declaration regarding a rise in NamPower’s average tariff from N$1.82 to N$2.12 per kilowatt-hour for the fiscal year 2023/2024. Acting CEO of Erongo RED, Nico Niemand, confirmed that the revised tariffs are not confined to the Erongo Region but are slated to have a nationwide implementation. “The impact of the increase on customers will vary, depending on…
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Paragon Premium Lounge joins Priority Pass and Key Lounges
26 Sep

Paragon Premium Lounge joins Priority Pass and Key Lounges

Observer Money
Paragon Premium Lounge, operated by Paragon Investments, has recently become a member of both Priority Pass and Lounge Key. These two programs offer access to a global network of airport lounges in over 148 countries. Priority Pass, established in 1992, has been providing frequent travelers with independent lounge access at airports worldwide. Over the years, the network of lounges has expanded significantly, catering to the growing needs of travelers seeking comfort and convenience during their journeys. Paragon Premium Lounge is a sophisticated facility designed to accommodate both business and leisure travelers. Located in the departure hall of Hosea Kutako International…
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Almost half of Namibians unable to pay bills, loans
22 Sep

Almost half of Namibians unable to pay bills, loans

Observer Money
A new TransUnion survey, presented at the inaugural Financial Services Summit in Namibia this week, has revealed a challenging financial outlook for Namibian consumers. While two in 10 (20%) said their income increased in the last three months, close to four in 10 (36%) reported a decrease, and 45% anticipate being unable to pay their current bills and loans in full. According to TransUnion’s third quarter Consumer Pulse Study, one of the significant factors contributing to the decrease in household income was job loss, with 27% of consumers reporting that someone in their household lost their job over the past…
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NamPower to inaugurate N$741m substations
22 Sep

NamPower to inaugurate N$741m substations

Observer Money
Chamwe Kaira NamPower will on 6 October inaugurate its Kunene and Omatando substations, built at an estimated cost of N$741 million. The power utility announced that the inauguration will take place at the Kunene substation 30km south of Ruacana. For the 330 (400) kV Kunene and Omatando Substations line to commercially operate, the two substations have been built at each end of the line, one at Kunene near Ruacana and another at Omatando near Ongwediva. The inauguration follows the construction of the substations and the completion of the 400 kV line from the Kunene Substation site to the 400 kV…
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Trans-Zambezi Railway Extension cheers Canadian miner
22 Sep

Trans-Zambezi Railway Extension cheers Canadian miner

Observer Money
Tsodilo Resources Limited, the Canadian mining company, which has projects in northern Botswana is pleased that cabinet has approved the Final Feasibility Study for the Trans-Zambezi Railway Extension Grootfontein-Rundu-Katima Mulilo. Tsodilo Resources Limited is a resource exploration company engaged in the search for economic metal and diamond deposits in Botswana. Minister of Works and Transport Minister John Mutorwa announced that Namibia is at the forefront of coordinating the extension of the Grootfontein-Katima Mulilo railway project. “We are now at the stage where the finance ministry is in the lead to see how we can fund this, because it’s not only…
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Capricorn Group grows to N$8.21b in ten years …… N$3 billion paid in dividends to shareholders
22 Sep

Capricorn Group grows to N$8.21b in ten years …… N$3 billion paid in dividends to shareholders

Observer Money
Chamwe Kaira The capitalisation of the Capricorn Group Limited in 2020 has grown from N$5 billion at the time of listing on the Namibia Stock Exchange in 2013 to N$8.21 billion, the group said in 2023 annual report. The share price at the time of listing was N$8.75 at the time of listing. As at 12 September the share price was N$15.81 resulting in a market capitalisation of N$8.21 billion. When the Group was listed 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…
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