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Trustco announces modest performance after resumption of share trading

Trustco announces modest performance after resumption of share trading

Since the Trustco Group’s altercation with the Johannesburg Securities Exchange, forcing it to restate its financial results for the 2021 and 2022 financial years, the semester ending 28 February 2023 has not been kind to the diversified financial services group.

Group Chief Executive, Dr Quinton van Rooyen had to inform investors on Wednesday 31 May when the company released its unaudited condensed consolidated interim results, that the group’s Net Asset Value decreased by N$192 million from N$1776 million to N$1584 million.

This translates to a Net Asset Value per share of 161 cents compared to 180 cents in the previous period.

The headline loss for the six months up to 28 February 2023 is N$250 million translating to a headline loss per share of 25.38 cent.

In a statement announcing the interim results, the company said although its property portfolio faced challenges due to increased inflation expectations, its banking and finance, insurance and education portfolios posted higher income as a result of favourable interest rates.

Income from mining operations were boosted by depreciation of the Namibia Dollar but offset by a dilution of shareholding.

Van Rooyen said “We are proud of the strides we have made in managing our diverse portfolio on behalf of investors. Despite the worldwide and macroeconomic challenges we faced during the past six months, our strategic focus and commitment to superior returns remains unwavering. Our resources portfolio, in particular, holds great potential for positive investment yields and acts as a hedge against exchange rate fluctuations.”

No dividend is declared for the reporting period.

On 01 June 2023, Trustco Group Holding traded at 42 cent per share on the Johannesburg Securities Exchange, just 1 cent above the 41 cent level maintained during the 5-month suspension.


 

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