Capricorn Group delivers satisfactory financial results amid torrid economic environment
The Capricorn Group on Friday released it’s consolidated interim financial results for the six months period ended 31 December 2018, showing increased operating profits for the six months by 11.5% to N$674.3 million and group profit before tax increased by 8.5% to N$714.2 million.
Following fairly flat earnings over the last two years, the group has delivered growth in headline earnings per share of 9.6% to 93.5 cents in the first half of the 2019 financial year. The group listed on the Namibian Stock Exchange has interests in Namibia, Botswana and Zambia
The group attributes this growth in operating profit to good performance by subsidiaries delivering on their strategies, despite difficult operating environments.
According to the Group, Bank Windhoek delivered above expectations during this period, while Entrepo made a substantial contribution to the group profit during its first six months in the group. Bank Gaborone and Capricorn Asset Management performed in line with their targets for growth and profitability. The Zambian operation has improved during the six months ended 31 December 2018 compared to the previous six months ended 30 June 2018.
Group CEO, Thinus Prinsloo, stressed that following fairly flat results during the past two financial years during which the Namibian economy was in a recession, it is gratifying to report positive growth for the group during the period under review.
“The group is confident that this growth will be maintained for the remainder of the financial year as it delivers on its strategy. Beyond this financial year, in an economy that is showing signs of slow improvement, the group believes that by delivering on its strategy, diversifying its investments, continuing its focus on operational excellence and customer services through its operating subsidiaries and effectively executing the turnaround plan for Zambia, we will be able to continue delivering satisfactory results and value to all stakeholders,” Prinsloo added.