Observer Money

CHAMWE KAIRA Total of quota species landings during the third quarter of this year amounted to 76 347 metric tons, a decline of 2,8% when compared to 78 509 metric tons recorded in the third quarter of 2023. Hake recorded the highest landings of 41 678 metric tons, followed by horse mackerel in second place recording 31 366 metric tons and in third place Monk that recorded 2 333 metric tons, according to the Namibia Statistics Agency’s Agriculture and Fishing Indicators Statistical Bulletin. Export earnings for ‘fish and crustaceans, molluscs and other aquatic invertebrates’ for the third quarter was valued…

CHAMWE KAIRA FNB Namibia has said looking ahead, the group expects GDP growth to continue its positive trend observed over the last 14 quarters. FNB Namibia economist Helena Mboti said the group expects improvements in the agriculture, electricity, and water sectors as weather conditions improve. “We also anticipate a modest uptick in oil and gas activity in the fourth quarter with even greater momentum in 2025, alongside continued strong production in uranium, gold, and metal ores. This could lead to a quicker-than-expected recovery in the mining sector, potentially occurring in the fourth quarter of 2024,” she said. She pointed out…

CHAMWE KAIRA NamWater said it supplied water at an average cost of N$14,56 per cubic meter (m³) in the 2024 financial year compared (2023: N$14.51/m³). NamWater said in its 2023/2024 integrated annual report that the slow cost increase from the previous year is a result of prudent cost management against steep inflationary pressure on the cost base. Effective financial management practices were applied to ensure the viability of the business, the company said. NamWater said operating expenses increased compared to the prior year, resulting in the overall profit before tax reduction of 55% from N$220,6 million in the 2023 financial…

CHAMWE KAIRA Trustco Group Holdings Limited has announced the late submission of its annual statements for the financial period ending 31 August. The company advised that the annual financial statements for 2024 would not be published by 31 December. “Shareholders of Trustco are advised that Trustco's annual financial statements for the financial year ending for the period 31 August 2024 were earmarked to be reviewed by 30 November 2024 and completed by 31 December 2024,” the company said. The company advised shareholders that the annual financial statements would not be published by 31 December 2024 due to a number of…

CHAMWE KAIRA The market value of Namibia’s foreign assets rose over in the third quarter ending in September due to an increase observed in portfolio investment, other investment, and reserve assets. At the end of the third quarter, Namibia’s foreign assets stood at N$288 billion, reflecting a 13,8% increase on an annual basis and a 0,9% increase on a quarterly basis, the Bank of Namibia said in its December quarterly bulletin. The market value of portfolio investment rose by 18,4% to N$174,8 billion on an annual basis, due to an increase in portfolio investment outflows in the form of equity…

CHAMWE KAIRA The cloud services, software and applications remain the largest category of digitally delivered services expenditure, with a value of N$165.1 million in 2023. The Bank of Namibia said in its December quarterly bulletin that this translates into a share of 27% of total digitally delivered services. “This indicates the use of storage space from major suppliers of cloud services such as Google, Microsoft, Amazon Web Services, and Apple, as well as the purchase of applications such as ZOOM that picked up due to the remote working following the pandemic, as well as the use of various software. Most…

CHAMWE KAIRA Bannerman Energy Ltd, the mining company listed on the Australian Stock Exchange and the Namibia Stock Exchange, has announced significant recent progress in the construction at its Etango uranium project in the Erongo Region. Bannerman said the key outcomes include key bulk earthworks and construction power contracts on schedule, with the first blast completed on the primary crusher site. The company said the construction of the water supply and ancillary storage dam was completed, delivering seamless continuity for bulk earthworks in progress. The manufacture of high-pressure grinding rolls (HPGR) tertiary crushers, a critical long lead item, is running…

Niël Terblanché Kenneth Simataa Matomola, the chief executive officer of the Namibia Financial Institutions Supervisory Authority (NAMFISA), has been appointed to the Executive Committee (EXCO) of the International Association of Insurance Supervisors (IAIS). Matomol’s appointment was announced during the IAIS Annual General Meeting held on 5 December in Cape Town, South Africa. Victoria Raimond, spokesperson for NAMFISA, reiterated the implication of the IAIS as a global standard-setting body. "The IAIS represents over 200 jurisdictions and accounts for 97% of the world’s insurance premiums. Its mission is to promote effective and globally consistent supervision of the insurance industry, ensuring fair, safe,…

Niël Terblanché The LEWCOR Group has cemented its position as a key player in Namibia’s mining and construction industries with the addition of the 100th articulated dump truck ADT to its fleet. LEWCOR’s chief executive officer, Helmuth Lewis, said the addition of the ADT is a demonstration of the company’s dedication to innovation, economic contribution, and the betterment of Namibia’s future. “This milestone emphasizes the company’s 36-year legacy of contributing to Namibia’s economic development through cutting-edge equipment and operational excellence,” Lewis said. Articulated Dump Trucks, known for their superior traction and stability, are critical to Namibia's challenging terrains, facilitating the…

CHAMWE KAIRA RMB Namibia acted as arranger to First National Bank of Namibia Ltd. (FNB Namibia) for the issuance of N$500 million Tier 2 Capital Notes off their NSX-listed Domestic Medium-Term Note (DMTN) Programme. This issuance represents the first Basel III-compliant notes to be placed in the Namibian market, and the successful outcome sets a precedent for future issuances, RMB said. Leading the process end to end, RMB said it provided advice with regards to the establishment of the underlying terms of the notes, the DMTN Programme, the arrangement, as well as the facilitation and listing of the bonds in…