Another tough half-year for Nictus

Headline earnings per share, a gauge of a company’s profitability, for the latest half-year was 3.30c, down 7.3% from the same period in 2017.
Jo-Mare Duddy Booysen
Jo-Maré Duddy – The recession continued eroding the profit of Nictus Holdings in the first six months of its current financial year, but its impact was less severe compared to the same half-year in 2017.

The locally-listed group reported an operating profit of nearly N$8.3 million for the six months ended 30 September 2018, about N$2.1 million or 20.2% less than the same half-year in 2017. Last year, operating profit plunged by about N$7.5 million or 42% compared to the first half-year of 2016.

Nictus’ retail and property segments suffered operating losses after taxation for the second consecutive half-years, with especial retail taking a knock.

Retail recorded an operating loss after taxation of nearly N$7.4 million – about N$1.9 million less than the loss of N$9.3 million reported in the six months ended September 2017. In the same half-year in 2016, retail made an operating profit after taxation of about N$2.9 million.

Nictus’ property segment suffered an operation loss after taxation of about N$1.8 million in the past half-year compared to a loss of nearly N$2.04 million in 2017 and a profit of about N$2.9 million in 2016.

The group’s insurance and finance interest ended the September half-year with an operating profit after taxation of nearly N$11.5 million, nearly N$1.1 million or 8.7% less than the same six months in 2017. In the same half-year in 2016, the segment reported a profit of nearly N$18.7 million.

Figures

Compared to the first half-year of 2017, overall revenue dropped by nearly N$27.1 million to about N$406.7 million. Comparable interim results show a fall of about N$34.5 million in overall revenue from 2016 to 2017.

Cost of sales of the latest half-year was nearly N$296.6 million, down nearly 7.9% from last year.

Nictus’ gross profit came in at nearly N$99.3 million, a decline of about N$6.8 million or 6.4%.

Basic earnings per share (EPS) was 3.39c, 12.9% lower than the 3.89c of 2017. In the same half-year in 2016, EPS was 21.74c.

Headline earnings per share (HEPS), a gauge of a company’s profitability, for the latest half-year was 3.30c. This is 7.3% lower than 2017. In 2016, HEPS was 19.31c.

At the end of September 2018, Nictus had assets in excess of N$1.7 billion, an increase of 2.2% compared to a year ago. Cash and cash equivalents amounted to nearly N$407.2 million, up 5.3% compared to September 2017.

Nictus’ board of directors proposed no interim dividend for the period under review, the same as for the comparable half-year in 2017.

Comment

Nictus says although its retail segment suffered a loss for the first six months of its financial year, results have improved.

“There was a further contraction in the motor industry and this reflects in the segment results. The release of new Isuzu and Opel range of vehicles are positive developments,” the group says.

Regarding its property companies, the group says the installation of a solar system on the Nictus building will result in a “significant cost savings” for the segment in future.

Commenting on its insurance and finance segment, Nictus says the results were in line with expectations. “There have been regulatory changes from the Namibia Financial Institutions Supervisory Authority (Namfisa) in terms of levy collections that resulted in an increase of costs associated with the regulator. Further changes in respect of legislation are expected and this will affect the insurance and finance industry as a whole,” Nictus says.

Nictus Holdings-Nam is listed on the Local Index of the Namibian Stock Exchange (NSX). It ended Tuesday at N$1.80 per share, nearly 4.8% lower than the beginning of 2018.

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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 219.21/OZ UP +1.30% | Copper US$ 3.99/lb UP +0.07% | Zinc US$ 2 455.50/T UP 0% | Brent Crude Oil US$ 87.59/BBP UP +1.39% | Platinum US$ 907.33/OZ UP +1.39% Sport results: Weather: Katima Mulilo: 19° | 37° Rundu: 17° | 33° Eenhana: 18° | 33° Oshakati: 20° | 31° Ruacana: 19° | 33° Tsumeb: 17° | 29° Otjiwarongo: 16° | 28° Omaruru: 18° | 31° Windhoek: 17° | 28° Gobabis: 17° | 28° Henties Bay: 16° | 19° Wind speed: 24km/h, Wind direction: S, Low tide: 10:54, High tide: 04:57, Low Tide: 22:58, High tide: 17:16 Swakopmund: 15° | 17° Wind speed: 29km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:55, Low Tide: 22:56, High tide: 17:14 Walvis Bay: 16° | 22° Wind speed: 33km/h, Wind direction: SW, Low tide: 10:52, High tide: 04:54, Low Tide: 22:56, High tide: 17:13 Rehoboth: 18° | 29° Mariental: 22° | 32° Keetmanshoop: 21° | 34° Aranos: 21° | 31° Lüderitz: 15° | 29° Ariamsvlei: 23° | 34° Oranjemund: 15° | 21° Luanda: 27° | 30° Gaborone: 20° | 32° Lubumbashi: 17° | 24° Mbabane: 15° | 23° Maseru: 12° | 28° Antananarivo: 16° | 27° Lilongwe: 17° | 29° Maputo: 20° | 28° Windhoek: 17° | 28° Cape Town: 17° | 23° Durban: 21° | 25° Johannesburg: 18° | 28° Dar es Salaam: 26° | 32° Lusaka: 18° | 30° Harare: 15° | 31° Economic Indicators: Currency: GBP to NAD 23.85 | EUR to NAD 20.41 | CNY to NAD 2.62 | USD to NAD 18.93 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.8 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.35 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.35 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 18.93 | USD to ZMW 25.01 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 74536 Up +0.85% | Namibian Stock Exchange (NSX) Overall Index 1528.69 Up +0.84% | Casablanca Stock Exchange (CSE) MASI 12986.94 Up +0.04% | Egyptian Exchange (EGX) 30 Index 27559.35 Down -2.36% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 219.21/OZ UP +1.30% | Copper US$ 3.99/lb UP +0.07% | Zinc US$ 2 455.50/T UP 0% | Brent Crude Oil US$ 87.59/BBP UP +1.39% | Platinum US$ 907.33/OZ UP +1.39%