FirstRand Namibia’s profit up 24%

Jo-Maré Duddy – Locally-listed FirstRand Namibia, with FNB Namibia and RMB Namibia as major brands, recorded a profit of N$1.032 billion for the year ended 30 June 2021, an increased of about N$199 million or nearly 24% compared to its previous book-year.
Results released on the Namibian Stock Exchange (NSX) this morning show FirstRand Namibia’s impairment of advances dropped by 57% year-on-year (y/y) to N$238 million.
Operating profit for the year under review came in at N$1.53 billion, an increase of 22% y/y.
Headline earnings per share (HEPS), a profitability gauge, was 391c – up 24.5% y/y.
FirstRand Namibia’s dividends for its past financial year was 212c per share, an increase of 58c or nearly 38% y/y.
Commenting on the results, FirstRand Namibia CEO Conrad Dempsey said: “For FirstRand Namibia, the economic impact of Covid-19 will continue to place acute pressure on the group’s performance for the rest of the 2021 calendar year. However, trends are improving post-lockdown even as economic recovery slowly emerges, and we remain hopeful that the remaining year will be better for Namibia and its people and the world at large.”
Chief financial officer Oscar Capelao said the latest results “reflect the extremely difficult operating environment”.
“Based on international experience, there is an expectation that there will be more waves of Covid-19 for us to weather. It is important that we build on our successes and learnings to date – both epidemiological and economic – as we confront these new waves,” Capelao said.