Market Watch/Business 7
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Locally-listed Nictus Holdings Ltd made an operating profit of about N$76.25 million for the year ended 30 June 2024, nearly 29.8 million more than the previous financial year. q.my.na/5Y9O
Reimbursing workers for over-deducted income tax will hit businesses’ cash flow management and budgeting, employer representatives and labour unions say. q.my.na/XUFO
Locally-listed Namibia Breweries Ltd (NBL) reported net revenue of N$4.057 billion for the six months ended 30 June 2024, up N$669 million or 19.8% compared to the previous half-year. q.my.na/I9M0
Locally-listed FirstRand Namibia this morning reported a net profit after tax of N$1.704 billion or the year ended 30 June 2024, about N$143 million or 9.1% more than its previous financial year. q.my.na/07TF
Locally-listed Capricorn Group this morning reported a profit after tax of N$1.74 billion for the year ended 30 June 2024, about N$160 million or 9.9% more than its previous financial year. q.my.na/3FH9
Average inflation last month dropped to its lowest level this year, coming in at 4.4%, according to the Namibia Statistics Agency. q.my.na/CVQM
The European Union (EU) commissioner for energy Kadri Simson announced a 25 million euro (N$494.6 million) contribution to leverage infrastructure investments in support of Namibia’s green hydrogen agenda at the Global African Hydrogen Summit. q.my.na/CELT
Locally-listed Oryx Properties, owner of, among other, Maerua Mall in Windhoek and Dunes Mall in Walvis Bay, expects its profit for the year ended 30 June 2024 to be more than 30% higher than its previous book-year. q.my.na/BUAK
Exxon Mobil has pulled out of the race to buy half of Galp Energia's stake in a large oil discovery in Namibia that has attracted interest from top energy companies, Reuters reports. q.my.na/75F9
Government intends consolidating personal documentation of Namibians into a single document, Dr Audrin Mathe, executive director of the Ministry of Information and Communication Technology - Republic of Namibia, said at the ICT summit in Windhoek this morning.
China General Nuclear Power Group (CGN) has received approval from the Namibian government to build the country's largest seawater desalination plant in collaboration with NamWater. q.my.na/ZXLK
Locally-listed Capricorn Group, including the Capricorn Foundation and its subsidiaries Bank Windhoek, Capricorn Asset Management, Entrepo and Bank Gaborone, has invested N$25.8 million in corporate social responsibility (CSR) programmes and projects in Namibia and Botswana…
From end-September, clients of commercial banks in Namibia will no longer be able to use debit orders to settle the affairs in South Africa. Equally, debit order deductions by Namibian banks from South African accounts will also no longer be possible. q.my.na/TSNC
Commercial banks in Namibia will only be able to charge clients a maximum of N$20.00 for cross-border transactions below N$1 million when the new payment system is implemented at the end of this month. q.my.na/FCMG
The Bank of Namibia (BoN) has reminded the public that, from the end of this month, electronic fund transfers (EFT) between Namibia and South Africa, Lesotho and Eswatini will no longer be possible. q.my.na/8LSZ
Quotes in Market Watch today: * “Namibia is committed to ensuring that a fair balance is struck between economic development and ecological preservation." - Vice President Netumbo Nandi-Ndaitwah q.my.na/EQKN
Bank Windhoek has started the recruitment process for a new managing director. Current MD Baronice Hans will complete her tenure as chief of the bank at the end of June next year. q.my.na/OMBU
Namibia can expand its market access, stimulate industrialisation and amplify its contribution to BRICS through harmonised trade policies and market integration, says independent economist Josef Kefas Sheehama. q.my.na/XHCV
Namfisa CEO Kenneth Matomola has refused to be drawn into developments regarding a two-pot pension system, owing to fears that his comments may influence the outcome of work now being done to form an opinion. q.my.na/VY8S
Quotes in Business7 today: * “We foresee another 25-basis-point rate cut at the December monetary policy meeting, which would bring the year-end interest rate to 7.25%.” - Halleluya Ndimulunde, Analyst: Simonis Storm q.my.na/X0O4
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