Observer – Page 192 – Windhoek Observer

05 Oct

Nictus hit N$1 billion turnover target

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Chamwe Kaira Nictus Namibia achieved the N$1 billion turnover in the year ended 30 June, a long-standing goal for the group and was last achieved in our 2014 financial year. Nictus said despite the recession that ensued, compounded by the Covid-19 pandemic, the company said it was grateful to have reached this target once again. Profit for the year was N$41 million compared to N$42 the previous year. Revenue stood at N$927 million compared to N$862 million the previous year. The Namibia Stock Exchange listed Nictus Namibia is the holding company of a group of companies, which retail motor vehicles,…

05 Oct

Exports to Mozambique worth N$4.1 billion

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Namibia exported goods worth N$4.1 billion to Mozambique in the period 2015 to 2022, statistics by Namibia Statistics Agency revealed this week. The figures also revealed that on the demand side, goods amounting to N$1.7 billion over the same period were sourced from Mozambique. The export basket to Mozambique comprised mainly of fish, medicaments (including veterinary) and motor vehicles for the transport of goods whereas the import basket comprised of special commodities not classified according to kind, ‘electrical machinery and apparatus’ and milk. The Agency said in August 2023, Namibia exported goods worth N$4.5 billion to the whole of Africa…

05 Oct

Namdia exposed to credit, liquidity, market risks

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Namib Desert Diamonds (Pty) Ltd (Namdia) has emphasized that its strategy of both procuring diamonds in US dollars from its suppliers and selling diamonds in US dollars to its customers serves as a natural safeguard against currency risk. The company operates with three bank accounts denominated in US dollars, exclusively for diamond trading purposes. In contrast, Namdia settles all its operational and tax expenses in Namibian dollars. This duality in currency exposure arises because the majority of the company's income is earned in US dollars, but it faces foreign currency risk when converting funds from its US dollar accounts into…

05 Oct

Track impact of oil and gas exploration

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Chamwe Kaira The International Monetary Fund has called for an improvement in specialised statistical capacity that will ensure consistent and proper recording of oil and gas exploration and tracking its impact on the economy. The oil discovery is expected to create around 4200 jobs after the discovery in the past two years of two significant light crude oil discoveries in the Orange Basin, namely Venus and Graff. The Venus discovery alone ranks as the second-largest deep-water oil discovery in the world since 2015. A third oil find was declared in early March, as a result of Shell and QatarEnergy's successful…

05 Oct

African airlines the weakest cargo performers

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African airlines had the weakest performance in August, the International Air Transport Association’s (IATA) latest analysis of the air cargo market based on traffic and capacity data has shown. IATA data showed a 4.7% decline in cargo volumes compared to August 2022. This was a significant decrease in performance compared to July (+2.3%). Notably, Africa–Asia routes declined by 1.1% in August following an 11.2% growth in July. Cargo capacity was 3.8% above August 2022 levels. Africa accounts for 2% of the global air cargo market. Internationally, IATA said year-on-year air cargo demand grew for the first time in 19 months.…

05 Oct

The AHIF will present more investment opportunities

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Martin Endjala The Chairperson and Chief Executive Officer of the Namibia Investment Promotion and Development Board (NIPDB), Nagula Uaandja, expressed that winning the bid to host the Africa Hospitality Investment Forum (AHIF) 2024 isn’t solely a triumph for Namibia but also a testament to its burgeoning potential. The forum, recognized as Africa's foremost tourism and hotel investment conference, promises to draw an array of distinguished international hoteliers, investors, financiers, and management companies. The event is slated for 25 - 27 June 2024 in Windhoek. Uaandja passionately voiced her belief that the AHIF 2024 presents a golden opportunity for Namibia's landscapes…

05 Oct

Namibian dates spearhead horticultural exports

ObserverObserver MoneyNamibian dates spearhead horticultural exports

Niël Terblanché Namibian horticultural products are making a significant mark in the global market, with dates leading the way. According to Calle Schlettwein, the Minister of Agriculture, Water, and Land Reform, Namibia's producers have experienced increased access to global markets in recent times. In 2022, a notable 36 percent of Namibia’s agronomy and horticultural production, consisting chiefly of products like grapes, onions, tomatoes, sweet peppers, butternut, dates, blueberries, and watermelon, found their way to international consumers. Schlettwein pointed out that Namibia celebrated its first-ever soft citrus and grapefruit exports in the first quarter of the current financial year. These exports…

05 Oct

Capricorn group addresses investment biases

ObserverObserver MoneyCapricorn group addresses investment biases

Martin Endjala The Capricorn Group has specified that in today's swiftly changing finance and investment landscape, recognizing the influence of biases and emotions on decision-making is more pivotal than ever. To address this, the Capricorn Group, in collaboration with its subsidiary, Capricorn Asset Management, hosted an Inspire event themed “Exploring Biases in Investment Decisions.” This event was aimed at addressing and understanding biases inherent in making investment choices. Relf Lumley, Chief Investment Officer at Capricorn Asset Management, highlighted the significance of behavioral finance in determining market outcomes. He ventured that astute and informed decision-making in investment requires an awareness of…

05 Oct

Inmates sue government over denial of prescription diet

ObserverNational NewsInmates sue government over denial of prescription diet

Hertta-Maria Amutenja Two inmates from the Hardap Correctional Facility have initiated a lawsuit against the Ministry of Home Affairs, Safety and Security, in which they demand N$1.6 million in damages due to alleged negligence and the cessation of their prescribed diets. Joseph Shikongo and Wilem Valombola, both serving their sentences at the facility, are each seeking N$800,000 for the suffering they underwent on 19 November and 17 December 2020. The duo contend they are on lifelong, chronic prescribed medication. This medication must be taken daily alongside their prescribed diets to ensure their health and preserve their lives. As per their…

05 Oct

Sports Commentary

ObserverOpinions, Sportse Internal Rugby Board (IRB). The IRB is the FIFA of world rugby., Sports Commentary

Isack Hamata There is a serious case to be made about how small rugby nations like Namibia are treated by the Internal Rugby Board (IRB). The IRB is the FIFA of world rugby. Our national team has been rushed through the group matches, playing the first match on 9 September and the final one on 29 September while the other teams in our group i.e New Zealand, France, Uruguay and Italy are only concluding their group matches on the 6th October. That is almost a full month of just playing group stage matches while the Namibian national team is already…