Trustco’s revenue plummets by 69%
Two of three segments of Trustco Group suffered losses in its past book-year.
Jo-Maré Duddy – Debt of N$1 billion which was written off helped to cushion Trustco Group Holdings’ bottom-line in the twelve months ended 31 March 2020.
This boosted Trustco’s profit before tax to about N$705.8 million, up 37% from the restated figure for the group’s previous financial year.
According to Trustco’s latest audited consolidated interim results, released on the Namibian Stock Exchange (NSX) on Monday, Next Capital Ltd waived a portion of the group’s debt. Next Capital only has one shareholder: Quinton van Rooyen, who also owns the majority of the shares in Trustco and is the chief executive officer of the group.
In the year under review, revenue plummeted by nearly 69% or about N$994.4 million to N$455.3 million.
FIGURES
Trustco reported a profit of nearly N$668.2 million for the year under review, about 0.8% more than the restated figure for the previous 12 months.
A loss of nearly N$189.7 million on exchange difference on translating foreign operations resulted in a drop of nearly 29% year on year in Trustco’s total comprehensive income. The group reported total comprehensive income of about N$478.5 million, down nearly N$193.8 million from 2019.
Trustco’s headline earnings per share (HEPS), a profitability gauge, came in at N$56.60, down nearly 11.5%.
At the end of March this year, the group had about N$90.5 million in cash and cash equivalents, nearly 48% less than a year ago.
Its borrowings totalled about N$1.18 billion compared to N$1.25 billion in 2019.
SEGMENTS, CREDIT LOSS
Two of Trustco Group’s segments suffered losses in its past book-year.
Its insurance and investments segment reported a net loss after tax of about N$506.8 million compared to a restated figure of nearly N$229.9 million in 2019.
Trustco’s banking segment recorded a net loss after tax of around N$101.9 million compared to a loss of N$52.3 million in 2019.
The group’s resources segment realised a net profit after tax of nearly N$1.3 billion versus a net profit of N$485.6 million in 2019.
During the year under review, Trustco advanced nearly N$415.7 million student loans, about 21% less than in 2019. Property advances decreased by nearly 3% to N$783.3 million.
“While the impact of Covid-19 cannot be estimated with certainty, management incorporated an additional 5% forward-looking impact of Covid-19 into the expected credit loss model at the reporting date,” Trustco said.
The group allowed for credit losses on advances of about N$202.9 million in its past financial year, nearly double the provision in 2019.
This boosted Trustco’s profit before tax to about N$705.8 million, up 37% from the restated figure for the group’s previous financial year.
According to Trustco’s latest audited consolidated interim results, released on the Namibian Stock Exchange (NSX) on Monday, Next Capital Ltd waived a portion of the group’s debt. Next Capital only has one shareholder: Quinton van Rooyen, who also owns the majority of the shares in Trustco and is the chief executive officer of the group.
In the year under review, revenue plummeted by nearly 69% or about N$994.4 million to N$455.3 million.
FIGURES
Trustco reported a profit of nearly N$668.2 million for the year under review, about 0.8% more than the restated figure for the previous 12 months.
A loss of nearly N$189.7 million on exchange difference on translating foreign operations resulted in a drop of nearly 29% year on year in Trustco’s total comprehensive income. The group reported total comprehensive income of about N$478.5 million, down nearly N$193.8 million from 2019.
Trustco’s headline earnings per share (HEPS), a profitability gauge, came in at N$56.60, down nearly 11.5%.
At the end of March this year, the group had about N$90.5 million in cash and cash equivalents, nearly 48% less than a year ago.
Its borrowings totalled about N$1.18 billion compared to N$1.25 billion in 2019.
SEGMENTS, CREDIT LOSS
Two of Trustco Group’s segments suffered losses in its past book-year.
Its insurance and investments segment reported a net loss after tax of about N$506.8 million compared to a restated figure of nearly N$229.9 million in 2019.
Trustco’s banking segment recorded a net loss after tax of around N$101.9 million compared to a loss of N$52.3 million in 2019.
The group’s resources segment realised a net profit after tax of nearly N$1.3 billion versus a net profit of N$485.6 million in 2019.
During the year under review, Trustco advanced nearly N$415.7 million student loans, about 21% less than in 2019. Property advances decreased by nearly 3% to N$783.3 million.
“While the impact of Covid-19 cannot be estimated with certainty, management incorporated an additional 5% forward-looking impact of Covid-19 into the expected credit loss model at the reporting date,” Trustco said.
The group allowed for credit losses on advances of about N$202.9 million in its past financial year, nearly double the provision in 2019.
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