FirstRand Nam’s profit nosedives

Jo-Maré Duddy - Locally-listed FirstRand Namibia, with FNB Namibia as its flagship, made a net profit of N$833 million for the year ended 30 June 2020 – N$253 million or 23% down from the nearly N$1.1 billion in its previous financial year.
In results released on the Namibian Stock Exchange (NSX) this morning, FirstRand Namibia reported headline earnings per share (HEPS) – a profit gauge – of 331.8c, a drop of 19% compared to the 2019 book-year.
A final dividend per ordinary share of 50c was declared, 57% lower than the 117c of 2019.
“As we prepare this year’s annual integrated report to stakeholders, Namibia and the rest of the world is confronting one of the greatest health threats of a generation, one that greatly impacts the global economy and all of its citizens,” the chief financial officer of the group, Oscar Capelao, said in his section on the latest annual report.
“FirstRand Namibia entered this crisis in a position of strength with regards to capital, liquidity, technology and, importantly talent,” Capelao said.
Despite severe headwinds, FirstRand Namibia’s “portfolio of businesses still produced a satisfactory top line growth and delivered earnings above cost of capital for the year ended June 2020,” he added.
Read the full report tomorrow in #MarketWatch.