By Hilary Mare
ACCORDING to its summarised group results for the year ended 31 March 2016 Trustco Group Holdings Ltd (TGH) attained revenue of N$ 1 150 286 000 in comparison to last year’s revenue of N$1 017 073 000 with the board declaring a final dividend of 5 cents per ordinary share (2015: 4 cents), which, when added to the interim dividend of 3.4 cents (2015: 3 cents), resulted in an annual dividend of 8.4 cents per ordinary share (2015: 7 cents).
The group announced that revenues grew substantially from previous years due predominantly to a surge in revenue from investments, whilst steady growth has been achieved in insurance premiums, interest income and other financial services related income the rapid growth continues to arise from property related activities.
“Just as the people of Namibia remain committed to their principles as enshrined in our Constitution, I too remain committed to Trustco and its continuous growth. Whilst the road behind was rocky and the path we now travel is smooth and even, I am poignantly aware that we should never be satisfied with the status quo. Together we’ve laid the groundwork for truly exceptional growth and I intend to turn that possibility into a reality. Let’s make that journey together,” Dr Quinton Van Rooyen Group Managing Director said.
Earnings per share achieved a result of 55 cents (2015: 44 cents), representing a 27 percent growth from the prior year. Net profit after tax rose 38 percent to N$420 million which represented a growth in all areas of the business.
During the 2016 financial year growth in PPE, advances, investment properties and other receivables dominated the increases in the balance sheet and consistent with earnings, are largely attributable to investment activities. The banking and finance sector experienced growth of 47 percent in advances compared to the previous years’ growth of 15 percent.
In relation to the HUSO transaction, as announced to shareholders in November 2015 and group said that it is not yet fully completed as the diamond mine awaits final Government go-ahead.
Confidente. Lifting the Lid. Copyright © 2015