Trustco posts 28% revenue rise - CNBC Africa

Trustco posts 28% revenue rise

Earnings

by Trust Matsilele 0

Trustco Holdings Group posts A 28 per cent revenue rise. PHOTOS: fspinvest

The company reported a revenue rise to 612 million Namibian dollars in 2014 from 475 million Namibian dollars in 2013.

(READ MORENamibia’s Trustco grows revenue)

“Total net profit after tax for the nine months ended 31 December 2014 was 146.6 million Namibian dollars from 96.1 million Namibian dollars in 2013 representing a growth of 52.5 per cent from the prior comparative period,” read the [DATA TTO:Trustco Group Holdings Limited's] statement.

“Total headline earnings for the nine months ended 31 December 2014 was 125.3 million Namibian dollars from 53.9 million Namibian dollars in 2013 representing growth of 132.5 per cent from the prior comparative period.”

The group said this had resulted in headline earnings per share of 17.99 cents and basic earnings per share of 21.06 cents for the nine months to 31 December 2014.

“The comparative nine month period in the 2014 financial year generated HEPS of 7.12 cents and EPS of 12.69 cents,” added the group.

The insurance business in Namibia contributed 9.80 cents per share to EPS for the nine months to 31 December 2014, which represents a 9.7 per cent decrease on the prior comparative period 2013 with 10.85 cents per share.

“The decrease is attributed to a higher insurance claim ratio percentage experienced during the reporting period,” said the group.

(READ MORE: GCR affirms ratings for Namibia’s Trustco)

“The investment portfolio in the Namibian insurance segment contributed 12.65 cents per share to EPS for the period which represents 95.8 per cent growth on the prior comparative period in 2013 of 6.46 cents per share.

The profits derived from this segment’s passive income rely primarily on market forces driven by the segment’s investment strategy.

According to the group, insurance operations in the rest of Africa contributed a loss of 9.07 cents per share to EPS for the period compared to loss of 9.48 cents per share in 2013.

“The loss is due to the on-going operational cost of the insurance business in South Africa with the launch of a new product line and distribution channel in the 2015 financial year.”

The company also reported the group’s banking segment in Namibia as having contributed 7.68 cents per share to EPS for the period which represents 58.4 per cent growth on the prior comparative period of 4.85 cents per share in 2013.

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