Observer Money – Page 41

19 Sep

NBL profit to drop by 90%

info_e12wt4csObserver MoneyHeineken South Africa, Namibian Stock Exchange

CHAMWE KAIRA Namibia Breweries Limited expects profit after tax and basic earnings per share are expected to decrease by more than 90% for the twelve months ended 30 June 2024. The company said in a trading statement that the decrease is attributable to the once-off extraordinary gains related to the profit realised on the sale of the shares held in Heineken South Africa (RF) Proprietary Limited in the comparative year. Namibia Breweries said headline earnings per share from continuing operations for the twelve months ended 30 June 2024 are expected to decrease by less than 5% compared to the comparative…

19 Sep

Namibia becoming major oil and gas player

info_e12wt4csObserver MoneyGalp, Graff and Jonker fields, Shell and TotalEnergies

Namibia’s upstream oil and gas sector has become a focus of intense interest in recent years. The Orange Basin, off the country’s west coast, captured the energy sector’s imagination in 2022, when Shell and TotalEnergies announced the discovery of light oil and natural gas there, in the Graff and Jonker fields. In 2023, Galp joined the party, announcing their Mopane discovery, and enthusiasm soared. Until now, the Namibian upstream has been focused on exploration, and the country has yet to achieve any commercial production. However, the giant discoveries made since 2022 have changed the game and made Namibia a global…

19 Sep

Oceana’s hit by lower horse mackerel sales

info_e12wt4csObserver MoneyCommercial Cold Storage Logistics Group Limited, Wild Caught Seafood

CHAMWE KAIRA Oceana Group Limited said in results for 11 months ended 25 August 2024 that horse mackerel performance in Namibia was negatively impacted by a combination of lower sales volumes, resulting from decreased catch rates, and weaker market prices. In addition, vessel operating costs rose by 19% due to the lower catch rates impacting cost recovery and higher fuel costs stemming from the use of higher priced intermediate fuel oil for the entire period. The group disposed of its interest in Commercial Cold Storage Logistics Group Limited (CCS) and realised a profit of N$477 million before taxation and N$381…

19 Sep

Oryx expects to reach N$459m revenue

info_e12wt4csObserver MoneyBen Jooste Jooste, Dunes Mall, Oryx Properties

CHAMWE KAIRA Oryx Properties remains optimistic about the country’s growth prospects and the company’s ability to meet its target of achieving a fund size of N$4.5 billion and annual revenue of N$450 million by 2025. The company said despite anticipating short-term challenges, including national elections and global economic uncertainties, Oryx’s robust strategy positions the group for continued success. “We are well on track to meet our long-term goals,” CEO Ben Jooste Jooste added. “With a solid foundation in place and favourable market sentiment, we are confident in our ability to drive future growth and deliver value to our unitholders.” For…

19 Sep

Drilling encouraging at Andrada Mining

info_e12wt4csObserver MoneyAnthony Viljoen, Brandberg West mine

CHAMWE KAIRA Andrada Mining Limited, a critical raw materials producer with mining and exploration assets in the Erongo Region has provided results from its inaugural drilling programme undertaken at the historical Brandberg West mine, situated within the EPL5445 exploration licence. Andrada Mining said the objective of the drilling programme is to provide an initial indication of the grade potential and geology of the historical open pit area and to investigate the potential mineralisation of the northern extensions. Anthony Viljoen, Chief Executive Officer said Brandberg West project's initial drilling results are highly encouraging featuring significant high-grade intersections of tin, tungsten and…

19 Sep

Osino requires 1,1 million cubic meters of water

info_e12wt4csObserver MoneyDefinitive Feasibility Study (DFS), Kranzberg Aquifer, SLR Environmental Consulting

CHAMWE KAIRA The planned gold mine near Karibib will consumer over 1,1 million cubic meters of water, a report on the proposed abstraction of groundwater from the Kranzberg Aquifer in the Erongo Region. The proposed project is situated in close proximity to Usakos town. The report conducted by SLR Environmental Consulting said the current Definitive Feasibility Study (DFS) mine infrastructure and plant designs at Osino Resources’s Twin Hills has indicated a daily water demand of 3 300 million cubic meters (m3) of water per day or 1,1 Million m3/annum catering for five million tonnes per annum (Mtpa) throughput and sustain…

19 Sep

Vehicle sales drop in August

info_e12wt4csObserver 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

info_e12wt4csObserver 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

info_e12wt4csObserver 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

info_e12wt4csObserver 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…