Observer Money – Page 25

05 Dec

Alexforbes Namibia register 15% growth

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CHAMWE KAIRA Alexforbes Namibia reported a strong growth of 15%, which was attributed to an increase in multi-manager investment income, a growth in administration fees, the benefits of new business wins from the previous year, and inflationary growth. Alexforbes Namibia's revenue contribution to the overall Alexforbes Group in 2024 was N$74 million, compared to N$62 million in 2023, according to interim results for the six months ended 2024 and interim cash dividend declaration. The company reported a 12% increase in Alexforbes Group operating income to N$2.1 billion. This increase was attributed to the consolidation of acquisitions completed in previous financial…

05 Dec

BoN expects agro NPLs to come down

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CHAMWE KAIRA Non-performing loans (NPLs) in the agriculture sector are expected to improve in the next 12 months following drought relief measures announced by the Bank of Namibia in October. Central bank governor Johannes ǃGawaxab said this week in response to questions that the bank had been concerned about non-performing loans in the agriculture sector, which in September last year stood at 8% but have now come down to 6%. With the relief measures in place, ǃGawaxab expects NPLS in the agriculture sector to drop further in the coming 12 months. “Any non-performing loan is a critical risk in the…

04 Dec

Relief for consumers as the repo rate is lowered to 7%

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Martin Endjala The Monetary Policy Committee (MPC) of the Bank of Namibia reduced interest rates by 25 basis points to 7% on Wednesday. Consumers will now enjoy the relief of interest rates on mortgages and loans. According to the central bank’s governor, Johannes !Gawaxab, the move is to continue supporting the domestic economy while safeguarding the peg between the Namibian dollar and the South African rand. “This decision was reached following a comprehensive review of current and expected domestic, regional and global economic developments,” he explained. This was the sixth and final bi-monthly meeting of the MPC for 2024. He…

28 Nov

ReconAfrica appoints new directors

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CHAMWE KAIRA Reconnaissance Energy Africa (ReconAfrica) Ltd has announced an operational update with respect to its exploration activities on Petroleum Exploration Licence 073, onshore Namibia, the appointment of directors and the filing of its financial results for the quarter ended 30 September. The highlights included the Spud the Naingopo exploration well in the Damara Fold Belt on 7 July, 2024. The well is currently drilling at a depth of 4 000 metres. The company entered into a definitive agreement with BW Energy Limited, for a 20% working interest in Petroleum Exploration Licence 073, including a US$22 million (US$16 million) equity…

28 Nov

ANIREP takes over HopSol Africa

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CHAMWE KAIRA The board of directors of Alpha Namibia Industries Renewable Power Limited (ANIREP) have announced that the company has entered into an agreement to acquire an additional equity stake in HopSol Africa (Proprietary) Limited, increasing its ownership in the entity to 100%. HopSol Africa, a leading Engineering, Procurement, and Construction (EPC) company specialising in renewable energy projects, has been a pivotal partner in advancing ANIREP’s vertically integrated renewable energy strategy. The company said this acquisition underscores ANIREP’s commitment to strengthening its position in Namibia’s renewable energy sector and enhancing its operational capacity to deliver sustainable and innovative energy solutions.…

28 Nov

Sulphuric acid storage plans ready for review

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CHAMWE KAIRA The draft Environmental Impact Assessment (EIA) Scoping Report and the Environmental Management Plan (EMP) for the Cooperative Bulk Handling Terminal (Pty) Ltd (CBHT), in the port of Walvis Bay has been finalised and is ready for the public review, documents have shown. CBHT will offer services to Bannerman Resource’s Etango uranium project. The project includes a proposed sulphuric acid storage and handling facilities in the Port of Walvis Bay. The Etango uranium project is located on the Mining Licence 250 (ML 250), which was granted by the Ministry of Mines and Energy on 14 December 2023. The Etango…

28 Nov

Oceana’s horse mackerel catch drop

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CHAMWE KAIRA The Oceana Group has said in results for the year ended 30 September that horse mackerel operating costs in Namibia increased by 18.3% due to the combination of lower catch rates, down 13.7%, increased fuel costs from the use of more expensive intermediate fuel oil and higher quota usage fees. The total sales volumes of horse mackerel decreased by 14.6% to 38 711 tons in 2023, from 45 327 tons previously. According to Oceana, there was a sustained firm consumer demand for horse mackerel, with average Rand prices slightly easing from the high level of the previous year.…

28 Nov

Walvis Bay to acquire extra handling equipment

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Namport recently finalized the transfer of container handling operations at the new container terminal in the Walvis Bay harbour to Terminal Investment Namibia (TiN). The terminal, which boasts an annual throughput capacity of 750,000 Twenty-Foot Equivalent Units (TEUs), is now managed under a 25-year concession agreement. Observer Money sat down with Namport to discuss the implications of this deal with TiN and the competitive pressures posed by emerging railway and port projects across the SADC region. Observer Money (OM): We have seen new railway and port projects in SADC-Malawi-Mozambique, Malawi, Mozambique, Zambia, DRC, Angola-Zambia and Botswana, Zimbabwe and Mozambique and…

28 Nov

Safeguard yourself against festive season risks

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JOHANNES HESEKIEL The holiday season is a time of joy and togetherness, often spent in the company of close family and friends. However, this period also sees an increase in certain risks, such as theft and car accidents. To protect yourself, your loved ones, and your belongings, it is essential to keep proactive measures and stay vigilant during this vulnerable time. How to Avoid Theft Incidents of theft and burglary are more likely to increase during the holidays. This is because many people go on holidays, making it easier for criminals to target their vacant houses. Here are some tips…

28 Nov

Eskom gets stable rating

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CHAMWE KAIRA S&P Global Ratings has revised Eskom Holdings SOC Ltd.'s outlook from 'B' foreign and local currency long-term ratings to positive from stable. The company affirmed its 'B' issue ratings on the group's senior secured and senior unsecured debt and its 'BB-' foreign currency issue ratings on the government-guaranteed debt. S&P Global Ratings has raised its long-term South Africa national scale credit rating to 'zaBBB+' from 'zaBBB' and affirmed its short-term national scale rating of 'zaA-2'. Currently, Namibia imports most of its electricity from South Africa and other countries in the region. A special arrangement between NamPower and Eskom,…