Observer Money – Page 59

08 Mar

Letshego borrowing reaches N$3.1 Billion

info_e12wt4csObserver MoneyLetshego borrowing reaches N$3.1 Billion

Local borrowing by Letshego Holdings (Namibia) increased to N$ 3.1 billion in the year ended 31 December 2023 as the company undertook to finance growth and decrease reliance on parent funding. The company said in its financial results that it has been progressively implementing its digitalisation strategy in line with our ambition to grow market share. These sentiments were expressed by Chief Executive Officer, Ester Kali and Chairperson, Mansueta-Maria Nakale. Further, customer deposit mobilization continued in 2023 with growth from N$536 million at the end of 2022 to N$828 million at the end of 2023. The group remains optimistic about…

08 Mar

Namibia Dairies taking steps to conserve water

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The City of Windhoek recently said the current estimates indicate that the Central Area of Namibia (CAN) will not have an adequate water supply to bridge the next two rainy seasons. Observer Money asked Namibia Dairies how it plans to cope with the situation. Observer Money (OM): What has Namibia Dairies done since the last drought to conserve water? Namibia Dairies (ND): Considering the challenges posed by recurrent drought conditions in our region, Namibia Dairies, a subsidiary of the Ohlthaver & List (O&L) group, has been unwavering in our commitment to water conservation. This dedication is not only a reflection…

08 Mar

Namibia had positive impact on Santam earnings

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South Africa remains Santam Limited most significant contributor to Gross Written Premium (GWP) at 84% (2022: 85%), with GWP from this market increasing in line with inflation by 5% to R31.5 billion (2022: R30 billion). GWP from outside South Africa, written on the Santam Ltd and Santam Namibia Ltd licences, made up 16% (2022: 15%) of total GWP and grew by 7% to N$5.8 billion (2022: N$5.5 billion). Santam said growth in the proportion of business written outside of South Africa was hampered by the cancelled business at Santam Re. Santam said it once again demonstrated its resilience, achieving strong…

08 Mar

Guarantees to public enterprises reach N$9.3 billion

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Government guarantees extended to public enterprises are expected to increase slightly to N$9.3 billion in the 2024/25 financial year compared to the revised estimate of N$9.1 billion in the 2023/24 financial year. Of these guarantees, N$2.2 billion was issued to domestic financial institutions while N$7.1 billion is issued to foreign lenders. For the subsequent years of the Medium Term Expenditure Framework (MTEF), total government guarantees are expected to rise to N$9.8 billion. The newly issued guarantees in the 2023/24 financial year were in support of entities such as Meatco and Namcor for business rescue and recapitalisation, and the Namibia Student…

08 Mar

Extra 110MW for power grid

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CHAMWE KAIRA Namibia’s electricity’s supply is expected to have an additional 110MW locally generated supply by 2025. “This will be supported by more than three renewable energy power project expected to come-on stream by the end of 2025 with a combined power supply of around 110MW,” budget documents showed. The water and electricity sector is set to grow in 2024 and 2025. There are some developments around the solar powered storage-battery system pilot project to cater for the intensity of the UV rays in Namibia, as the current battery systems are not suitable to the Namibian climate as well as…

08 Mar

Oryx’s asset base increases to N$3.78 billion

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Following the successful capital raise in July 2023 and the completion of the Dunes Mall acquisition, Oryx Properties’s total asset base has increased to N$3.78 billion. Despite the challenging micro- and macroeconomic conditions, Oryx Properties have maintained its optimism regarding Namibia’s future and are unwaveringly advancing toward fulfilling its strategy to expand the Oryx property portfolio. Ben Jooste, CEO of Oryx Properties Limited said that the group believes that the strategy and expansion of the Oryx portfolio will lead to increased shareholder value and distributions over the medium to long term. Profit for the period ending 31 December 2023 increased…

08 Mar

Fingerings tallying 1,2 million distributed

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CHAMWE KAIRA The aquaculture sector produced about 1,253,807 in 2023 as compared to 1,355,000 target and distributed about 779,359 compared to 931,000 target of fingerlings of both distribution catfish and tilapia fish species at five aquaculture centres, according to the 24/25 – 2026/27 fiscal strategy for the medium term expenditure framework. The number of fish farmers and students supported was 257 fish farmers compared to the target of 100 target through training, advisory and extension services, provision of fish feed and fingerlings distribution. In terms of fingerling production and distribution, the programme met 94%, and 84% of the planned targets…

07 Mar

Revised resettlement policy aimed at improved agricultural productivity

info_e12wt4csObserver MoneyRevised resettlement policy aimed at improved agricultural productivity

Niël Terblanché In a significant stride towards rectifying past injustices and fostering equitable land distribution, the Minister of Agriculture, Water and Land Reform, Calle Schlettwein, presented the revised national resettlement policy to Parliament on Tuesday. Set to come into effect in April 2024, the new policy will span the next decade and aims to ensure that land acquired by the government is allocated equitably and utilized sustainably to enhance livelihoods across Namibia. Schlettwein articulated that the policy specifically targets Namibians devoid of agricultural land, including those historically disadvantaged by discriminatory laws and practices. The revised policy categorizes potential beneficiaries into…

07 Mar

Namfisa’s reform strategy will spearhead financial sector evolution

info_e12wt4csObserver MoneyNamfisa’s reform strategy will spearhead financial sector evolution

Niël Terblanché The Namibia Financial Institutions Supervisory Authority (Namfisa) will undergo a critical transformation aimed at revamping its regulatory and supervisory framework to foster innovation, enhance service delivery, and ensure a robust financial sector. Namfisa’s Chief Executive Officer Kenneth Matomola, Namfisa’s stated that the reform strategy is multifaceted, focusing on institutional, legislative, and supervisory changes. Namfisa, tasked with overseeing non-banking financial institutions, has identified outdated laws as significant impediments to innovation and efficient implementation. The existing regulatory framework, based on a compliance-driven approach, contrasts sharply with the global shift towards risk-based supervision. To address these challenges, according to Matomola, Namfisa…

01 Mar

Govt to settle UNAM’s N$605m debt

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CHAMWE KAIRA The government has announced plans to settle the legacy debts of state-owned companies, including Air Namibia, the National Fishing Corporation of Namibia (FishCor), the Namibia Broadcasting Corporation (NBC), New Era, Roads Contractors Company (RCC), TransNamib, and the University of Namibia (UNAM), as disclosed by the Ministry of Finance and Public Enterprises this week. The total outstanding amounts owed by these entities are as follows: N$858 million for PAYE, N$140 million for income tax, N$338 million for VAT, and N$19 million for import VAT, with the total debts amounting to N$1.35 billion. Air Namibia’s debts total N$49 million, FishCor,…