The Trustco Group Holding’s net asset value has increased by 362 percent to N$1,8 billion and the group’s after tax profit increased by 257 percent to a profit of N$1,4 billion as per the group’s latest financial results. Basic earnings per share increased by 268 percent to 145.89 cents compared to a loss per share of 86.66 cents last year.
The group announced its 2022 financial year results yesterday, and has reported strong financial results for the 12 months ended 31 August 2022, along with its 30th consecutive unmodified audit report. The group has achieved a compounded annual growth rate of 74.6 percent in capital and reserves since its inception, and 22.8 percent since its first public listing on the Namibia Stock Exchange (NSX) in 2006.
This was announced by Trustco’s Managing, Director Quinton Van Rooyen, who said that Trustco has completed its first year of reporting as an investment entity under the International Financial Reporting Standards (IFRS 10).
Providing its investors with transparency into the fair value of its underlying investments, Trustco’s current 90 institutional co-investors, including more than 20 local Namibian institutions, and its more than 3,700 individual Namibians and nearly 1,400 individual international co-investors have shared in its growth.
“Trustco remains committed to providing all of our co-investors with the information and insights they need to understand our investment philosophy and the markets in which we operate. I’m particularly optimistic about growth prospects in Namibia. South Africa, not as much”, Van Rooyen stated.
Furthermore, despite the reinstatement of a N$1.5 billion loan in favour of Next Capital, the investment vehicle of the Van Rooyen family, Trustco reported an increase in basic earnings of 276 percent to N$1,437 million in earnings compared to the basic loss of NAD 815 million in the prior year.
The restatements include reversing shares issued to Next and its associates with a current market value of N$258 million in the 2020 reporting period
Meanwhile, the board chairman, Adv. Raymond Heathcote noted that the act of a regulator instructing an independent board to restate its financials in a way that results in an increase in the company’s liability on its balance sheet by N$1.5 billion is unfair and unjust.
Heathcote denoted that no regulatory authority should have complete autonomy to make such decisions without proper checks and balances in place. “Trustco’s board has petitioned the Supreme Court of Appeal today and may revisit the issues should they succeed on appeal”.