Quinton takes a dig at home affairs
The managing director of the diversified financial services group, Trustco, Quinton van Rooyen this week took a dig at the Ministry of Home Affairs and Immigration suggesting that the ministry should change its name to the “Ministry of Problem Affairs.”
Van Rooyen said the ministry was sabotaging businesses in the country by refusing to grant foreigners who posses vital skills needed in their respective companies, work permits. He said that the problem has also resulted in local companies losing out on financing deals with overseas based financiers because of stringent processes involved in getting into the country to conclude deals.
“If this problem (of work permits) continues, we will be forced to take some of our core business outside Namibia, we will do that,” van Rooyen threatened adding that : “They (ministry of home affairs) shouldn’t be called home affairs, but problem affairs.”
Meanwhile, Trustco this week reported a 22% increase in revenue for the year ended 31 March bouyed by impressive results at its micro insurance and technology solutions subsidiaries.
Revenue increased to N$713 million up from N$587 million in 2011 with micro insurance and technology solutions contributing N$464 million or 47% of total sales, a 10% increase from the previous year.
Gross profit increased by 22% to N$393 million from N$322 million while profit after tax increased 9% to N$207 million from N$190 million. Headline earnings grew by 5% to N$139 million and Earnings Before Interest, Depreciation Taxes and Ammortisation (BIDTA) increased by 15% to N$300 million from N$262 million.
Trustco declared a final dividend of 2.25 cents bringing the total dividend paid to shareholders this year to 4 cents per share after declaring an interim dividend of 1.75 cents in February.