Trustco HEPS shoot up 402%
A spate of good fortune has seen the company report good results, with headline earnings per share shooting through the roof. Earlier this week, Trustco announced that it has appointed BNY Mellon as the depository bank for its American depository receipt programme.
The Economist noticed that Trustco’s share price jumped significantly on Wednesday, gaining 21% in a single day, closing at 247 cents. Trustco’s primary listing is on the Africa Board of the Johannesburg Securities Exchange with a secondary listing on the Namibian Stock Exchange. Releasing a statement on the Namibian Stock Exchange news service, the Trustco Group said, “Headline earnings per share for the six months ended 30 September 2014 to be between 15.16 cents and 15.76 cents, which is between 402% and 422% higher than that of the previous comparable period’s 3.02 cents; and basic earnings per share for the six months ended 30 September 2014 to be between 17.62 cents and 19.33 cents, which is 105% and 125% higher than that of the previous comparable period’s 8.59 cents.”
Contacted for comment, the Trustco Group’s Corporate Communications Manager, Bob Kandetu said, “We can unfortunately not make any further comments on our financials until our full press and Johannesburg Stock Exchange announcements have been made. We anticipate this to be around November 12th, 2014.” In 2012, Trustco surpassed the half a billion dollar mark, with profit for the year coming in at N$541 million. The run of good fortune was short-lived when its profit for the year in 2013 tumbled to two digit figures equating N$47 million. In 2013, Trustco turned the tide and reported a profit of N$252 million. Another highlight for the group was its acquisition of 100% of the issued share capital of FIDES Bank Namibia. The Bank of Namibia has since given its regulatory approval, paving the way for Trustco to, in effect, strengthen its micro-finance business operation.