Observer Money – Page 56

12 Sep

Tumas getting ready for financing

info_e12wt4csObserver 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

info_e12wt4csObserver 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

info_e12wt4csObserver 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…

12 Sep

Microfinance can shape financial landscape

info_e12wt4csObserver MoneyLara Enslin, TransUnion Namibia

CHAMWE KAIRA Microfinance credit providers have a critical role to play in shaping the financial landscape of Namibia, Lara Enslin, CEO of TransUnion Namibia has said. She said Namibians are navigating an economic environment that is both challenging and filled with opportunities. Enslin said TransUnion works with lenders and regulators around the world to help increase financial inclusion and benefit individuals and their families, while acting as a catalyst for increased economic growth. The recent Namibian census has revealed that the population has surged to 3.02 million. A significant 71% of the citizens of the country are younger than 35.…

05 Sep

Capricorn group spends N$25.8 million on social impact

info_e12wt4csObserver MoneyBank Windhoek, Capricorn Foundation

Martin Endjala Capricorn Group has announced a total spending of N$25.8 million, including contributions from its foundation, towards corporate social responsibility (CSR) initiatives in Namibia and Botswana. This represents a 19.1% increase from the N$21.7 million spent in 2023. Marlize Horn, the group's executive of corporate affairs, made the announcement on Thursday at the launch of the 2024 Social Value Report. “This report details the efforts of Capricorn Group and its subsidiaries—Bank Windhoek, Bank Gaborone, Capricorn Asset Management, Entrepo, and the Capricorn Foundation—to empower and support the citizens of the countries where we operate, namely Namibia and Botswana,” she said.…

05 Sep

Pepkor to sell furniture in Namibia

info_e12wt4csObserver MoneyPepkor Lifestyle

CHAMWE KAIRA Pepkor has entered into an agreement to acquire Shoprite’s furniture business operating more than 400 stores in South Africa, Botswana, Lesotho, Namibia, Eswatini and Zambia. Pepkor is a South African-based investment and holding company focused on the discount and value consumer retail and fintech markets. Pepkor’s JD Group business has recently rebranded to Pepkor Lifestyle and operates more than 900 retail stores in South Africa, Botswana, Lesotho, Namibia and Eswatini. Pepkor said this week that over the years, it has developed leading capabilities in supply chain, logistics, and financial services, all supported by best of breed scalable integrated…

05 Sep

Beef, charcoal exports under threat

info_e12wt4csObserver MoneyEuropean Union (EU)’s Deforestation Regulation, Namibian Agriculture Union

CHAMWE KAIRA The European Union (EU)’s Deforestation Regulation to be effective as of 1 January 2025, is a big threat to Namibia’s beef and charcoal exports, the Namibian Agriculture Union has warned. The expansion of agricultural land is seen as the main driver behind deforestation, desertification and a loss of biodiversity. It is linked to the production of commodities such as cattle, wood, cocoa, soya, palm oil, coffee, rubber, and some of their derivative products, such as leather, chocolate, tires or furniture. The NAU said the EU is a major economy and consumer of commodities linked to these negative practices…

05 Sep

Exports worth N$5.3 billion left by sea in July

info_e12wt4csObserver Money

CHAMWE KAIRA Goods worth of N$5.3 billion, representing 53.3% of total exports left the country by sea in July. The basket of exports via sea comprised mainly of uranium, fish and nickel ores and concentrates. Goods exported via road accounted for 28.6% of total exports, of which its export basket was mainly made up of petroleum oils, fish and live animals. Lastly, air transportation accounted for 18.1% with non-monetary gold and precious stones (diamonds) being the highest valued commodities transported via the respective mode. In terms of volume, a total of 342 476 tons of goods left the country, representing…

05 Sep

International reserves rise to N$60.8 billion

info_e12wt4csObserver MoneyBank of Namibia, Customer Foreign Currency (CFC), Net Foreign Assets

CHAMWE KAIRA The stock of international reserves rose by 5.5% to N$60.8 billion at the end of July, the Bank of Namibia announced. The increase in international reserves was on the back of higher SACU receipts, as well as Customer Foreign Currency (CFC) placements. This level of foreign reserves translated into 4.1 months of import cover, exceeding the international benchmark of 3 months. Notably, the import cover, excluding imports of oil exploration and appraisal activities, stood at 4.9 months at the end of July, relative to 4.6 months recorded at the end of June. Furthermore, the banking industry liquidity position…

05 Sep

Another repo rate cut projected

info_e12wt4csObserver Moneyfinal GC24 switch, Namibian Stock Exchange

CHAMWE KAIRA Namibia experienced a dynamic month in August in the fixed income market, characterised by fluctuating demand levels and interest rate reductions that have influenced yields, latest financial statistics have shown. The Bank of Namibia conducted five treasury bill auctions, two primary bond auctions, and completed the final GC24 switch. Secondary trades on the Namibian Stock Exchange (NSX) saw an overall decline, although there was a notable increase in trading volumes for the GC27 bond. Interest rates, which had been raised from 3.75% during the pandemic to a peak of 7.75% by July 2023, were reduced on August 14th…