Namibia Asset Management reports decrease in profits for six-month period

Namibia Asset Management Ltd. (NAM), has released its reviewed interim results for the six months ending March 31, 2024, showing a downturn in financial performance. According to information available from the Johannesburg Stock Exchange (JSE), the company reported an operating profit of N$6,850,217, down from N$8,341,603 for the same period last year. Fund management earnings also decreased to N$4,267,938 from N$4,707,471.

Total comprehensive income for the period fell to N$5,297,121 from N$6,432,577, reflecting broader challenges in the operating environment. Basic, headline, and diluted earnings per share also saw declines compared to the previous year. Despite these challenges, NAM’s assets under management increased by 5.9% to N$17.9 billion as of March 2024.

The company has expressed a cautious outlook, anticipating continued difficulties in the operating environment but remains committed to its role as an active investor and corporate citizen. The full details of these interim results are available on the company’s website and the NSX link provided in their official statement.

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