Observer Money

CHAMWE KAIRA Namibia is on list of countries that are expected to depend on maize imports from South Africa due to the impact of the El Nino on other Southern African countries including Zimbabwe, Zambia Botswana, Namibia and Mozambique. The Namibian Agronomic Board said in March that Namibia expects to import 162 000 tonnes of white maize in the 2023/24 season, given that the country expects to produce about 38 000 tonnes in locally. Equity analyst, Vikhyat Sharma said in a report he prepared for the Rainbow Chicken Limited that although the current year’s expected maize crop is estimated to…

CHAMWE KAIRA The Rössing Uranium has allocated funds for upgrades of the Rössing infrastructure and processing plant. These include construction of a 15MWe PV solar power plant, as well as expansion of the tailings storage facility (TSF) to accommodate ten years’ additional tailings from the processing of phase 4 ore. Rössing Uranium’s Managing Director Johan Coetzee announced that contracts were awarded for both projects by the end of 2023, with target completion by the end of 2024 and 2025 respectively. The plant will be built on a 70-hectare site adjacent to the access road between Arandis and the Mine. The…

The total of quota species landed during the first quarter of 2024 amounted to 97 077 metric tons, a decline of 16,7% when compared to 116 471 metric tons recorded in the first quarter of 2023. Horse Mackerel recorded the highest landings of 49 592 metric tons, followed by Hake in second place recording 44 630 metric tons. In third place was Monk that recorded 2 119 metric tons, the Namibia Statistics Agency announced. Export earnings for ‘fish and crustaceans, molluscs and other aquatic invertebrates’ for the quarter under review was valued at N$4,1 billion, an increase when compared to…

Paratus Namibia Holdings Limited has continued raising money on the stock exchange for the expansion of its operation. The Windhoek based company has announced the listing of a new debt instrument with the successful issuing of a N$175 million five-year senior unsecured note. The bond is under Paratus Namibia’s N1 billion approved Domestic Medium Term Note Programme on the Namibian Stock Exchange (NSX). This is the fifth note issued under this programme. The company said bids to the value of U$557 million were received from nine bidders. Paratus Namibia is currently undergoing a righs issue to expand its existing offerings…

The total number of livestock marketed was 146 841 in April this year, reflecting a 6,4% year on year increase compared to April last year which recorded 137 979. This is also the highest record of livestock marketed since June 2019. From January 2024 to April 2024, there was a general upward trend in total livestock marketed, despite some fluctuations, according to a report by Simonis Storm Securities. Breaking down by livestock type, 32 795 cattle were marketed in April 2024, up 31,2% year on year from 25 004 in April 2023. Sheep numbers rose marginally by 0,5% year on…

Vehicle sales in May in Namibia reached 966 units, marking 7,5% month on month increase from the 899 units sold in April 2024. However, this figure represents a slight decline compared to the 982 units sold in May last year. Commercial vehicles continue to drive sales in the market. By the end of April this year, corporate instalment and leasing credit uptake has averaged 24.5% year-to-date, while household instalment and leasing credit uptake has averaged 6,1% year-to-date. Figures released by Simonis Storm Securities in a report showed that out of the 966 vehicles sold in Namibia during May 2024, dealerships…

CHAMWE KAIRA Oceana Group’s horse mackerel sales volumes in Namibia reduced by 20,5% mainly due to a reduction in catch rates. Oceana said firm market demand, together with the benefit of the weaker exchange rate on US dollar export sales, resulted in an improvement in rand prices partially offsetting the volume reduction. The company said an improvement in fishing days and vessel utilisation resulted in hake sales volumes increasing by 20,8%. “Industry wide catch rates remained below historical average for the period with some improvement experienced in the second quarter,” the company said. The total allowable catch for pilchards in…

MICC Properties Namibia (Pty) Ltd, recorded a profit of N$44 million for the year ended 30 March 2024 compared to N$41 million in the previous year. The company controls 269 Independence, Katutura Shopping Centre, and retail centres in Ondangwa, Oshakati and Oshikango. Vukile Property Fund of South Africa has a 36% interest in MICC Properties Namibia. The group said opening balance at carrying value at N$134 million compared to N$119 million in 2023. Rental revenue during the period was N$137 million compared to N$129 million in 2023. MICC said net operating income was N$86 million while profit was N$44 million…

The 2024/25 financial year borrowing plan released by the Bank of Namibia outlines a net financing need of N$15.3 billion for the financial year, including a significant Eurobond maturing in October 2025. The Bank of Namibia plans to source funds primarily through local government debt securities and external debt financing. The strategy includes raising N$12,8 billion from the domestic market, N$8,8 billion from fixed-rate bonds, N$2,9 billion from Treasury Bills (TBs), and N$1,1 billion from inflation-linked bonds. “A new fixed rate bond may be issued later in the year. If the domestic target is not met, a JSE-listed fixed-rate bond…

Germany’s official development assistance since Namibia's independence until 2023 amounts to approximately 1,6 billion Euro (roughly N$32 billion). In per-capita terms, Namibia is thus the largest recipient of German development cooperation in Africa, according to figures released German Embassy Windhoek. Employment creation, poverty reduction and reducing inequality is a central component of the relations between Namibia and Germany. The National Planning Commission and the Federal Republic of Germany, have since signed two government agreements on financial cooperation and technical cooperation between Namibia and Germany. These agreements cover three new programmes to the value of 19 million Euros (currently approximately, N$386…