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Update for the third quarter ended 31 December 2012
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
("the Group")
UPDATE FOR THE THIRD QUARTER ENDED 31 DECEMBER 2012
The Board of directors of Trustco is pleased to update the Group’s
shareholders in respect of the financial quarter ending 31 December
2012.
The Group generated a net profit after tax of N$52.6 million for the
9 months ended 31 December 2012. The comparable period in the 2012
financial year generated a profit of N$77.3 million; noting that the
2012 comparative period included a once-off interest receipt of
N$20.8 million. Normalised profit after tax for the same period was
therefore N$56.5 million. The 6.9% decrease in normalised profit,
when compared to the comparative period, is predominantly
attributable to the costs of launching Yambu, the micro-insurance
product in South Africa.
Headline earnings for the 9 months ended 31 December 2012 was N$52.4
million resulting in a headline earnings per share (“HEPS”) of 7.31
cents and basic earnings per share (“EPS”) of 7.34 cents. The 2012
comparative period generated headline earnings of N$72.9 million
with HEPS of 10.73 cents and EPS of 11.39 cents.
Segmental commentary
Micro-finance and Education
The education loan book has grown by 16% during the financial year
and resulted in year on year profits in that division growing by
22.5%. This strong growth in the Namibian segment was due in part to
the culmination of borrowing arrangements primarily set up to fund
growth in the educational loans business and strong demand
experienced in this segment in Namibia.
Micro-insurance
The performance in the finance and educational segment was well
supported by year-to-date growth in net profits after tax of 12.6%
in the Namibian micro-insurance segment.
The trial roll-out of the life cover offering to Shoprite retail
outlets in Namibia has so far been viewed as successful. Management
intends to prioritise the strategy to implement similar products in
other regions.
The launch of a new micro-insurance offering in South Africa, under
the Yambu brand, has brought to fruition the long awaited plans to
roll out the Namibian business model to other countries. This
initial phase, coupled with the now scaled-down historic insurance
back office business, has resulted in the South African micro-
insurance segment contributing 0.99 cents per share to HEPS (2012:
0.27 cents per share). Sales momentum in the Yambu product continues
to meet management’s expectations.
Properties
The Properties segment grew by 24.5%, when compared to the same
period in the 2012 financial year. Only a limited amount of
properties in the first phase of the Land Bank project remains
unsold. Phase 2 of the project will be launched in the 2014
financial year.
Shareholders are reminded that historically the final quarter of the
financial year has on average delivered higher earnings when
compared to the preceding financial quarters.
The financial information on which this update is based has not been
reviewed or reported on by the Group’s auditors.
By order of the board
DJ Steyn
Company Secretary
01 February 2013
JSE Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
NSX Sponsor
IJG (Pty) Limited
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