#JustIn: Trustco suffers massive loss

Trustco Group Holdings suffered a total comprehensive loss of N$250 million for the six months ended 28 February 2023, a stark contrast to the total restated comprehensive income of N$1.322 billion reported in the same half-year in 2022.

At the end of February 2023, the group’s accumulated loss stood at N$1.9 billion.

Releasing its latest interim results on the Namibian Stock Exchange (NSX) and JSE late this afternoon, Trustco reported net cash from operating activities of minus N$36 million. In the same period last year, Trustco reported a positive figure of N$23 million.

At the end of February 2023, the group had N$4 million in cash and cash equivalents, down from N$38 million for the same six months in 2022.

Trustco issued a statement after the release of its interim results in which group CEO Quinton van Rooyen expressed his satisfaction in the investment portfolio’s performance “given the international state of affairs”.

“Despite the worldwide and macroeconomic challenges we faced during the past six months, our strategic focus and commitment to superior returns remains unwavering,” Van Rooyen said.

Trustco’s basic loss per share for its latest interim results was 25.38c, compared to the earnings per share (EPS) of 138.07c reported on in respect of the 2022 restated interim results.

No dividends were declared for the six months ended 28 February 2023, which is unchanged from the dividends declared as per the restated results.