Trustco performs well
Trustco Group Holdings Limited (Trustco) this week announced its results for the year ended 31 March 2016. The results showed yet another year of excellent financial performance and business growth.
Quinton van Rooyen, Group Managing Director did not shy away from spurring his Trustco troops on. “Whilst the road behind was rocky and the path we now travel is smooth and even, I am poignantly aware that we should never be satisfied with the status. Together we’ve laid the groundwork for truly exceptional growth and I intend to turn that possibility into a reality. We’ll make that journey together”
Ryan McDougall, Financial Director of Trustco said earnings, revenue, total assets and net asset value grew in line with management expectations, underpinned by a solid performance in all of the group’s operating segments. “The group’s core financial services operations remain robust in the face of fierce competition and various negative economic influences.”
Revenues grew substantially from previous years due predominantly to a surge in revenue from investments. Whilst steady growth has been achieved in insurance premiums, interest income and other financial services related income the rapid growth continues to arise from property related activities
Earnings per share achieved a result of 55 cents, representing a 27% growth from the prior year. Net profit after tax rose 38% to N$420 million which represented a growth in all areas of the business, albeit being substantially bolstered by another exceptional year in the property portfolio.
The growth in the Net Asset Value of the group remains a function of organic growth in the main business areas. During the 2016 financial year growth in PPE, advances, investment properties and other receivables dominated the increases in the balance sheet and consistent with earnings, are largely attributable to investment activities. The banking and finance sector experienced an excellent growth of 47% in advances compared to the previous years’ growth of 15%, Financial Director Ryan McDougall motivated.