Nictus hit N$1 billion turnover target

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, tyres, furniture and provides financial and insurance services in Namibia.

The group remains said it remains well-positioned and extremely privileged to have such a strong capital base for the years ahead.

“We are thankful that the board prioritises sustainability, equal opportunity, wealth creation, and wealth protection for shareholders, and we are fortunate to conduct business in a sound and stable Namibia,” the company said.

The retail sector showed above-average growth over the past 12 months, and market share among subsidiaries increased. The insurance and finance segments showed substantial growth in insurance premiums received and a significant gain in market share, the company said.

“It is satisfying to see how policyholders learn, understand, and effectively apply alternative risk management principles in their businesses, gaining independence in managing their risks in certain and uncertain environments.”

Nictus said most segments performed comparably to the 15-month period of the 2022 financial year, with a few even surpassing the previous results. Additionally, the group came within 96% of the profit achieved in the 2022 financial year.

In terms of dividends, the final dividend of 26 cents per share (N$ 13,9 million) was approved by the board on 12 September 2023 in respect of the year ended 30 June 2023. The group said it remains well-positioned and has strong capital base for the years ahead.

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