Observer Money – Page 22 – Windhoek Observer

19 Sep

Vehicle sales drop in August

ObserverObserver Money

The total vehicle sales in Namibia decreased to 995 units in August falling below the 1000-unit threshold. This represents a decline from 1,172 units in July and 1,101 units in August 2023, marking contractions of 15.1% month on month and 9.6% year on year. The overall downturn was driven by decreases in both the passenger and commercial vehicle segments. Passenger vehicle sales dropped by 21.8% month on month, from 564 units in July 2024 to 441 units in August 2024. Meanwhile, commercial vehicle sales decreased by 8.9% month on month, from 608 units to 554 units over the same period.…

16 Sep

PAYE tax refunds represent respite for many Namibians

ObserverObserver MoneyNamRA, Pay-As-You-Earn (PAYE)

Niël Terblanché Many low-income earning Namibians are preparing to benefit from tax refunds following a recent announcement by Iipumbu Shiimi, the minister of finance and public enterprises. Over the weekend, Shiimi declared that employers across the country must adjust Pay-As-You-Earn (PAYE) deductions to ensure that employees who were over-taxed are reimbursed. On Monday, the Ministry of Finance confirmed the new measures through the publication of the revised tax schedule in the Government Gazette, detailing the updated tax thresholds and rates. The new schedule exempts individuals earning below N$100 000 annually from PAYE, a move aimed at easing the financial burden…

12 Sep

NamPower to add renewables into the grid

ObserverObserver MoneyIntegrated Strategic Business Plan, Simson Haulofu

CHAMWE KAIRA Power utility, NamPower is expecting to add 250 MW to the power grid when all the projects under its 2020-25 Integrated Strategic Business Plan are completed, Managing Director Simson Haulofu told Observer Money this week. Haulofu furthermore disclosed that a new plan is expected to be completed in June 2025 and will speak to a number of things including addressing bottle necks in the transmission and many other things. “We are already in our planning phase. We need to hire out a consultant to help us with a new plan, with the approval of the board.” Of the…

12 Sep

FirstRand profit hit N$1,7 billion

ObserverObserver MoneyFNB Namibia

CHAMWE KAIRA The FirstRand Namibia group, which includes FNB Namibia recorded a net profit after tax of N$ 1,704 billion million in the financial year ended 30 June 2024, compared to N$ 1, 561 billion million), in the previous period, a 9.1% improvement on the previous year. Financial results showed that the groups return on equity (ROE) also improved to 27.8% (2023: 25.5%). Headline earnings increased by 10.1% to N$ 1, 716 billion. FirstRand said the main drivers of the increase in earnings are largely due to an improved trading environment, increased credit extended and base growth. This coupled with…

12 Sep

Capricorn delivers strong performance

ObserverObserver MoneyCapricorn Asset Management, Return on equity

CHAMWE KAIRA Capricorn Group delivered a strong financial performance for the year ended 30 June 2024 with a growth of 17.7% in profit after tax to N$1.74 billion over the N$1.48 billion previously reported in 2023. The group said Return on equity (ROE) increased to 17.9% from the 17.6% reported in the previous financial year. “This can be attributed to excellent results and solid all-round performances across our portfolio of businesses, which includes the banking subsidiaries, Bank Windhoek and Bank Gaborone, as well as Capricorn Asset Management, Entrepo Group, Peo Finance and our associates,” the group said. The group implemented…

12 Sep

Food prices continue to increase

ObserverObserver MoneyFirst Capital Namibia

CHAMWE KAIRA The average cost of the First Capital Namibia food basket consistently rose from N$2,029.21 in the first quarter of 2022 to N$2,390.88 in the third quarter of 2022, with the third quarter of 2022 having the highest cost and a significant increase of 10.05%. In 2023, the cost fluctuated, reaching its peak at N$2, 302.71 in the second quarter before slightly decreasing and then rising again to N$ 2,380.90 in the third quarter. The percentage change in 2022 showed moderate increases in the first and second quarter, while 2023 experienced more volatility, with a notable decrease of 7.25%…

12 Sep

Females trade most cross borders

ObserverObserver MoneyInformal Cross Border Trade Survey, Namibian Statistics Agency

CHAMWE KAIRA The age group 27 to 36 was the most active among females in both exports and imports, among cross border informal traders between Namibia and Angola and Zambia, a recent survey has shown. This age group among females accounted for a substantial share of 16.8% in exports and a leading 23.1% in imports. The Informal Cross Border Trade Survey conducted by the Namibian Statistics Agency conducted in November 2023 revealed that women in this age group are the primary drivers of trade among females, engaging heavily in both exporting goods and importing products. Females aged 17-26 are significantly…

12 Sep

Tumas getting ready for financing

ObserverObserver MoneyDeep Yellow Limited, Mineral Resource Estimate

CHAMWE KAIRA Deep Yellow Limited has announced an updated Mineral Resource Estimate (MRE) for the Tumas 1, 1 East, 2 and 3 Deposits located in the Erongo Region of Namibia. The deposit is held by Deep Yellow through its wholly owned subsidiary Reptile Uranium Namibia (Pty) Ltd. The mineral resource status upgrade is required to enable the definition of sufficient proven mineral reserves for the first six years of operation and to support project financing. The company said the three deposits have mineral resources of 102.1 million pounds, 16.1 million pounds and 118.2 million pounds of uranium oxide. “A reserve…

12 Sep

Nictus projects higher earnings

ObserverObserver MoneyEarnings Per Share

CHAMWE KAIRA Nictus Holdings Limited has advised shareholders that for the year ended 30 June 2024, the group expects to report Earnings Per Share (EPS) of between 99.54 cents and 114.04 cents. This result will be an increase of between 37.26% and 57.26% compared to the EPS for the year ended 30 June 2023, (Previous Corresponding Period) of 72.52 cents and Headline Earnings Per Share (HEPS) of between 94.42 cents and 108.96 cents, being an increase of between 29.88% and 49.88% compared to the HEPS for the previous corresponding period of 72.70 cents. Nictus said the group has restated the…

12 Sep

Oryx profit expected to be 30% higher

ObserverObserver MoneyOryx Properties Limited

CHAMWE KAIRA Oryx Properties Limited anticipates profit for the year ended 30 June 2024 and earnings per share to be substantially higher (more than 30%) than the corresponding period, whilst headline earnings and distributable income is expected to be materially higher (between 10% and 30%) than the corresponding period. The company’s premium retail properties include the regional centre Maerual Mall Retail and Gustav Voigts Retail Centre. The company aims to attract and retain quality tenants with a vacancy rate of 5.91% across commercial properties and 11.19% for residential complexes. In a trading statement, Oryx said distribution per linked unit is…