Guest Contributor | Jul 25, 2017 | 0
Nictus’ 70 years in business
The Nictus Group matured through 70 years of endurance, perseverance, adaptation, dedication. The group of companies is associated with the Nictus Group in South Africa and over those years the group of companies have built strong foundations. The celebrations were meet with the best results ever in both countries.
In 2008, because of the world economic downturn, the Nictus Group was forced to unbundle into two separate entities in both countries. The decision was researched for seven years before it proved to be a success, while Nictus Namibia’s latest acquisition of Goodyear Tyre brand under Trentyre was done just after the unbundling.
PJ de W Tromp, the grandson of the founder of the Group, became the Executive Chairman of Nictus Holdings Limited, listed on the Namibian Stock Exchange, in 2013. His brother, GR de V Tromp, also moved up to Deputy MD of Nictus Limited, which listed on the JSE in South Africa in 2014.
The group’s history dates back to the formation of a furniture company, a building contractor’s company, and a holding company under the name of Damaraland Holdings.
Tracing down the development of the company, in 1945 PJ de W Tromp resigned as a clerk in charge of the goods shed of South African Railways in Windhoek to join Damaraland Board of Executors (Pty) also as a clerk. Later in 1952, the of Nictus Group started operating as auctioneers.
The Damaraland Group got involved in various business enterprises in the then, South West Africa and South Africa. The Group listed under the name of ‘Nictus’ on the Johannesburg Stock Exchange on 9 December 1969.
The name ‘Nictus’ was derived from a combination of the names of his two elder sons, namely Nico and Albertus. Before Nico Tromp was appointed managing director of the Group in 1979, interest rates started soaring, and a bomb exploded in the Nictus shops at the headquarters in Windhoek in 1978 and a difficult decade loomed because of the political changes as well as a recession that transpired.
In 1983 Nictus opened up a furniture store in Randburg, Johannesburg. Damaraland Board of Executors (Pty) Ltd name was changed to Veritas Board of Executors (Pty) Ltd in 1984 and the Group was also awarded the General Motors franchise for Namibia in the same year.
Being one of the first ever local companies to be listed on the Namibian Stock Exchange, the Nictus Group celebrated its 50th anniversary in 1995. Prior to this the Unifurn Group in South Africa was acquired in 1987, and furniture shops under the Nictus brand which were opened in South Africa.
Meanwhile, due to severe competition in the early days as furniture and motor companies moved into Namibia and exploded into the market the Nictus Group expanded into the Short Term Insurance industry by obtaining a license in the emerging capital market of Namibia in 1995.
Corporate Guarantee Limited became part of the Nictus Group in 2001, and a license for Corporate Guarantee Limited in South Africa was granted in 2005.