Stimulus posts hefty profits

WINDHOEK DENVER ISAACS The country's longest-running equity group, Stimulus Investments Ltd, yesterday announced its latest financial statistics for its financial year ended on February 28. As per the company's update to analysts, it secured revenues exceeding N$13,8 million and total profits after tax of N$1,2 million throughout the year. Started in 2004, Stimulus' notable portfolio to date includes shares in the country's only commercial manufacturer of plastic bags and sheeting, Plastic Packaging (36%), as well as a 50% share in the country's largest diversified media group, Democratic Media Holdings (DMH), and top five tourist attraction, Joe's Beerhouse (88%). The Stimulus management said they were happy with the performance of its underlying investments, announcing a portfolio return of 19% for the year 2012. Over that period, it affected loans amounting to N$9,9 million to companies in the group. Stimulus also invested substantially in both unlisted equity and money market instruments, with unlisted equity investments of approximately N$142,1 million by year end, which to date now amounts to N$236,3 million. Investment in money markets amounted to N$94,9 million for the period under review, and now stands at N$166,1 million. Late last year the company announced it has kept available N$166 million for further investment, an amount it announced yesterday remains intact. The company also boasted with the fact its investment team has remained unchanged since inception, with a staff overturn of zero to date. Other companies forming part of the Stimulus investment portfolio include Nashua Namibia (26%), the Cymot Group (25%) and Walvis Bay Stevedoring (45%).