By Desie Heita Windhoek The relatively known Namibian furniture and car merchandiser, the Nictus Group, posted buoyant financial results for the financial year ended March 31, 2008. This is largely due to the 2004 process of consolidating and restructuring local assets and partly to the expansion plan into the South African market. The results have investors smiling all the way to the bank, with an increase of 168 percent in earnings per share to 13 cents per share. Revenues are up by 14 percent to N$265 million and annual profit for the year climbed with N$0,7 million to N$6,7 million. The group also boasts a healthy capital and reserve base of N$70 million from a mere N$5 million in the previous financial year. "The past year was a good year for the Nictus Group and the dedicated efforts of the last four years [to consolidation and restructuring] are reflected in our results," said the group's board chairman, Wiscus Olivier. Besides the restructuring process, Nictus Group has expanded its furniture, insurance and financial business operation units to the other side of the Orange River to three towns in South Africa. However, Olivier said the Namibian operations are still the major contributor to the group's revenue and that Namibia will continue to have a major impact on the performance of the group. The public knows very little about the group besides the very affluent Nictus furniture shop on the corner of Grimm Street and Independence Avenue in Windhoek. Nevertheless, Nictus Group is much more than the furniture shops that sell thousands of dollars worth of household effects. Listed on the Namibian Stock Exchange, the Nictus Group is the owner of Isuzu, Chevrolet vehicle franchise, under the Auas Motors flagship in Windhoek, an insurance and financial solution, Corporate Guarantee, and the Nictus furniture shops, in Windhoek, Tsumeb, Swakopmund and Walvis Bay. A new Nictus furniture shop has just been completed in Randburg, South Africa, where there is also the insurance and financial subsidiary, Corporate Guarantee. In South Africa, the group has Nictus furniture shops in Makhado, Polokwane and Randburg. "We foresee, under normal trading conditions that it will contribute meaningfully to the income of the total furniture segment in future," Olivier, says of the South African operations. The South African subsidiary of Corporate Guarantee is developing in line with the group's business plan, says Olivier. The South African-based Corporate Guarantee did very well in the financial year under review, said the chairman. "The board still regards it as one of the key drivers in its goal to grow the South African operations to exceed the Namibian operations, necessitated by the limited size of the Namibian market in total," said Olivier.
2008-07-22 00:00:00 10 years ago