Trustco sees positive growth

TRUSTCO Group Holdings, which listed on the local bourse (NSX) last year, saw an increase in its earnings as revealed in the company’s annual financial results released yesterday.

Profit after tax for the year ended March 31 2007 went up by 26,5 per cent to N$31,5 million while total revenue generated by the group grew to N$193,18 million from N$132,12 million registered previously in 2006. Attributable earnings went up by 30 per cent while headline earnings per share increased by 28,6 per cent from 18,2 cents to 23,4 cents.In a joint a statement in the annual report, Group Chairman Advocate Theo Frank and Group Chief Executive Officer Quinton van Rooyen attributed the company’s positive results to a strengthening domestic private sector.”Our role is therefore not only important in growth and transformation, it also a way of ensuring that we work towards a common objective of realising Namibia’s Vision 2030 strategy and ultimately enriching the country and the people, as well as in mitigating fiscal and social cost,” they said.Trustco Group Holdings is a wholly owned Namibian company with a primary focus on insurance, education and financial services.The company which prides itself in being entrepreneurial is also involved in aircraft charter services, property development, publishing and printing, wholesale distribution and investment property.The company runs the Institute for Open Learning (IOL) and also publishes a newspaper, Informanté, which has a weekly print run of 70 000 copies.Total assets for the Group have risen significantly from around N$80 million in 2004 to N$463,2 million in the year under review.Van Rooyen said his company was taking advantage of the demand for a diverse array of services from Namibians, adding that Trustco was ideally placed to benefit from these opportunities while in turn delivering services to the people and assisting in poverty alleviation.Attributable earnings went up by 30 per cent while headline earnings per share increased by 28,6 per cent from 18,2 cents to 23,4 cents.In a joint a statement in the annual report, Group Chairman Advocate Theo Frank and Group Chief Executive Officer Quinton van Rooyen attributed the company’s positive results to a strengthening domestic private sector.”Our role is therefore not only important in growth and transformation, it also a way of ensuring that we work towards a common objective of realising Namibia’s Vision 2030 strategy and ultimately enriching the country and the people, as well as in mitigating fiscal and social cost,” they said.Trustco Group Holdings is a wholly owned Namibian company with a primary focus on insurance, education and financial services.The company which prides itself in being entrepreneurial is also involved in aircraft charter services, property development, publishing and printing, wholesale distribution and investment property.The company runs the Institute for Open Learning (IOL) and also publishes a newspaper, Informanté, which has a weekly print run of 70 000 copies.Total assets for the Group have risen significantly from around N$80 million in 2004 to N$463,2 million in the year under review.Van Rooyen said his company was taking advantage of the demand for a diverse array of services from Namibians, adding that Trustco was ideally placed to benefit from these opportunities while in turn delivering services to the people and assisting in poverty alleviation.