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Update for first quarter ended June 2013
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 FIRST QUARTER ENDED 30 JUNE 2013
The Board of directors of Trustco is pleased to update the Group’s
shareholders in respect of the financial quarter ending 30 June
2013.
The Group increased Net profit after tax by 12.3% for the 1st quarter
ended 30 June 2013, when compared to the 1st quarter of the 2013
financial year.
Similarly headline earnings for the 3 months ended 30 June 2013 grew
by 12.3% to NAD17.4 million, resulting in headline earnings per
share (“HEPS”) of 2.36 cents and basic earnings per share (“EPS”) of
2.36 cents. The 2013 comparative quarter generated headline earnings
of NAD15.4 million, with HEPS of 2.24 cents and EPS of 2.25 cents.
Revenue of NAD146.3 million was generated for the quarter compared
to NAD159.9 million for the comparative 2013 period. Gross profit
margin for the quarter increased to 74.4% compared to 54.5% for the
comparative period, representing a 37% increase in margins; this
despite the reduction in revenues.
Segmental commentary
Micro Insurance (Namibia)
The Namibian insurance segment contributed 3.13 cents per share to
HEPS, which represents a 66% growth on the comparative quarter (2013
1.89 cents per share). The increase is attributed to a combination
of organic growth and innovative new offerings.
Micro Insurance (South Africa)
The South African insurance operations contributing a loss of 3.14
cents per share to HEPS (2013: 0.56 cents per share). The loss
represents the costs of the launch of the insurance offering in
South Africa, which includes capacitating the recently acquired
national branch network, and the reduction in dependency on historic
claims, admin and brokerage business.
Micro-finance and education (Namibia)
The Micro finance and educational segment contributed 2.03 cents per
share to HEPS representing a growth of 128% on the comparative
quarter (2013 0.89 cents per share). The education loan book has
maintained its growth as a result of the continued demand for
current product offering. The gross educational loan book grew to
NAD408 million from the balance at 30 June 2012, representing an
annual growth of 48%. Non-performing loans as a percentage of gross
loans as at 30 June 2013 was 4.0% (30 June 2012: 5.4%) demonstrating
a 26% improvement in asset quality.
Rest of Africa
The Rest of Africa segment, comprising the strategic business to
explore other micro financial opportunities in the rest of Africa,
contributed a loss of 0.11 cents per share to HEPS (2013: a loss of
0.34 cents per share).
Properties
The properties segment contributed 0.46 cents per share to HEPS
(2013 0.38 cents per share). The profit generated in this segment
relates to the last sales on Phase I of the ‘Landbank’ monetisation
process. Phase II is expected to be launched in the 2014 calendar
year.
At the time of reporting, one Namibian Dollar (‘NAD’) was equivalent
to one South African Rand (‘ZAR’).
The financial information on which this quarterly update is based
has not been reviewed or reported on by the Group’s auditors.
By order of the board
D J Steyn
Company Secretary
31 July 2013
JSE Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
NSX Sponsor
IJG (Pty) Limited
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