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 previous corresponding period figures as a result of the adoption of International Financial Reporting Standards (IFRS).
The group said a detailed assessment and impact of the adoption of IFRS 17 will be included in the financial results for the year ended 30 June, which are expected to be published on 27 September.
In the 2023, Nictus said the results were affected by significant interest rate hikes and the world macroeconomic environment, which significantly impacted the Namibian market. The company recorded a N$1 billion turnover in 2023 and came within 96% of the profit achieved in the 2022. Profit was N$41.2 million, a decrease of 4% to N$41,2 million. Total assets increased by 25% to N$2,6 billion in 2023.
The Nictus Group of Companies was founded in 1945 and was listed on the JSE in 1969. The company’s main business operations were based in Namibia. The main reason for the listing was to build equity to expand its operations into Southern Africa. During 2012, Nictus Holdings Limited was unbundled from the JSE listed company, and on 21 September 2012 was primary listed on the Namibian Stock Exchange (NSX).
Nictus is the holding company of a Group of companies, which retail motor vehicles, tyres, automotive glass, furniture and provides financial and insurance services in Namibia. The group operates in three segments, namely retail, properties as well as insurance and finance.
International Financial Reporting Standards were created to bring consistency and integrity to accounting standards and practices, regardless of the company or the country.
They were issued by the London-based Accounting Standards Board (IASB) and address record keeping, account reporting, and other aspects of financial reporting. The IFRS system replaced the International Accounting Standards (IAS) in 2001. IFRS fosters greater corporate transparency. IFRS are not used by all countries; for example, the US uses generally accepted accounting principles (GAAP).
