NAM reports lower profit for 2020

18 November 2020 | Business

Jo-Maré Duddy – Institutional clients rebalancing their portfolios in the past financial year saw an outflow of assets under management at locally-listed Namibia Asset Management (NAM).

At the end of September 2020, NAM managed assets worth N$17 billion, 11% down from the N$19.1 billion at the end of September 2019.

Releasing its full-year results on the Namibian Stock Exchange (NSX) on Monday, NAM said despite witnessing a “gradual recovery” in the market value of assets under management (AuM), its institutional AuM declined from N$17 billion to N$14.8 billion.

“Retail AuM increased marginally by 4.8% to N$2.2 billion (September 2019: N$2.1 billion), due to modest inflows across our unit trust funds and market performance, NAM said.

The asset manager reported a profit before tax of about N$23.1 million for the 12 months ended 30 September 2020, a decrease of 3.9% compared to its previous book-year.

Basic earnings per share (EPS) and headline earnings per share (HEPS) both dropped by 8.9% to 9.79c, while diluted EPS declined by 7.4% to 9.70c.

The board declared an ordinary dividend of 7c per share for its 2020 financial year compared to 8c in 2019.

PROSPECTS

NAM said it will continue to construct diversified portfolios that can absorb unanticipated shocks and deliver investment performance over meaningful periods amid the prevailing uncertainties.

“With an ongoing focus on valuations and further integration of ESG [environmental, social, and governance] factors, we will apply our in-depth proprietary research to identify investment opportunities that are attractive on a risk-adjusted basis to generate long-term value for all our stakeholders,” the group said.

It added: “Overall, due to the prudent management of resources over the years, NAM is in a strong financial position, which bodes well for navigating through these uncertain times.”

NAM is listed on the Local Index of the NSX with a market capitalisation of N$124 million by total shares in issue. It ended Monday at 62c per share.

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