Bidvest Namibia achieves pleasing results in tough trading conditions
BIDVEST Namibia announced pleasing results for the half year to 31 December 2009, its first results announcement as a distinct listed entity since its listing on the Namibian Stock Exchange (NSX) in October.
Gross revenue rose 10,3% to N$949,4 million (2008 N$860,4 million) while trading profit of N$150 million (2008 N$126 million) was 19,3% higher. An interim cash dividend of 15 cents per share was declared.
Bidvest Namibia’s chief executive officer Sebby Kankondi said the pleasing aspect was that continued growth had been registered despite a challenging trading environment and a continuation of recessionary conditions in some sectors. The run of strong performances by the fishing interests of Bidvest Namibia had continued, said Kankondi.
He added: “Bidvest Fisheries performed well, despite the strength of local currency against the US dollar. Excellent catch rates and a recovery in selling prices boosted trading profit.” Performance was mixed among the businesses that make up the company’s commercial division.
Kankondi noted: “Businesses exposed to the retail economy and travel sector were impacted as consumers cut back. However, Manica delivered good results on the back of strong demand for freight and agency services.”
The growth-focused company remains alert for acquisition opportunities. Sebby Kankondi added: “Our balance sheet remains strong. We retain the capacity to pursue further opportunities for acquisitive growth.”
He reported that the N$314,1 million raised by the listing on the NSX had been invested in Namibian institutions, earning returns of approximately N$4,8 million by the end of December. Listing expenses totalled N$9,3 million.
At operational level, a significant transaction was noted – the purchase of the MFV Otaman Kalnyshevsky, renamed MFV Jupiter, for N$208,8 million. The transaction came into effect on 30 October 2009. The vessel was employed in Mauritania and will be joining the Namsov fleet in Namibia at the beginning of April 2010.
“The transaction was funded by our own resources and through facilities arranged with Namibian banking institutions via a mixture of unsecured long- and short-term loans.” Business conditions are expected to remain challenging for the remainder of the year, but Bidvest Namibia is relatively upbeat about prospects.
“Our businesses are well funded and well positioned in the fishing, trading, distribution and service sectors,” said Kankondi.
“We remain committed to sustained value creation through superior trading performance and returns improvement, while maintaining a prudent capital structure with appropriate leverage.
“Bidvest Namibia’s highly motivated teams and diverse, decentralised portfolio of businesses have a proven ability to optimise opportunities in a tough trading environment. Continued growth is anticipated.”
Gross revenue rose 10,3% to N$949,4 million (2008 N$860,4 million) while trading profit of N$150 million (2008 N$126 million) was 19,3% higher. An interim cash dividend of 15 cents per share was declared.
Bidvest Namibia’s chief executive officer Sebby Kankondi said the pleasing aspect was that continued growth had been registered despite a challenging trading environment and a continuation of recessionary conditions in some sectors. The run of strong performances by the fishing interests of Bidvest Namibia had continued, said Kankondi.
He added: “Bidvest Fisheries performed well, despite the strength of local currency against the US dollar. Excellent catch rates and a recovery in selling prices boosted trading profit.” Performance was mixed among the businesses that make up the company’s commercial division.
Kankondi noted: “Businesses exposed to the retail economy and travel sector were impacted as consumers cut back. However, Manica delivered good results on the back of strong demand for freight and agency services.”
The growth-focused company remains alert for acquisition opportunities. Sebby Kankondi added: “Our balance sheet remains strong. We retain the capacity to pursue further opportunities for acquisitive growth.”
He reported that the N$314,1 million raised by the listing on the NSX had been invested in Namibian institutions, earning returns of approximately N$4,8 million by the end of December. Listing expenses totalled N$9,3 million.
At operational level, a significant transaction was noted – the purchase of the MFV Otaman Kalnyshevsky, renamed MFV Jupiter, for N$208,8 million. The transaction came into effect on 30 October 2009. The vessel was employed in Mauritania and will be joining the Namsov fleet in Namibia at the beginning of April 2010.
“The transaction was funded by our own resources and through facilities arranged with Namibian banking institutions via a mixture of unsecured long- and short-term loans.” Business conditions are expected to remain challenging for the remainder of the year, but Bidvest Namibia is relatively upbeat about prospects.
“Our businesses are well funded and well positioned in the fishing, trading, distribution and service sectors,” said Kankondi.
“We remain committed to sustained value creation through superior trading performance and returns improvement, while maintaining a prudent capital structure with appropriate leverage.
“Bidvest Namibia’s highly motivated teams and diverse, decentralised portfolio of businesses have a proven ability to optimise opportunities in a tough trading environment. Continued growth is anticipated.”
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