Namibian tycoon Koos Brandt’s Capricorn Group posts $64 million in profit in 2022

Capricorn Group, a leading financial services group founded by Namibian tycoon Jacobus “Koos” Brandt, reported strong financial performance at the end of its 2022 fiscal year, with profits exceeding NAD1.1 billion ($64 million) despite challenges in its operating environment.

Capricorn Group is a financial services conglomerate based in Namibia, Botswana, and Zambia that offers banking, micro-lending, property development, unit trusts, and asset management.

The group’s flagship brand, Bank Windhoek, is Namibia’s largest locally-owned bank and its second-largest commercial bank.

Brandt, who stepped down as chairman of Capricorn Group and Bank Windhoek in 2017, is the holding’s largest individual shareholder, with an 18.52-88709899876789percent stake.

According to the group’s recently published financial results, profit increased by 16.6 percent from NAD983 million ($55.6 million) in 2021 to NAD1.14 billion ($64.5 million) driven by robust growth across its operating subsidiaries.

During the period under review, its interest income rose by 3.2 percent, while its fee and commission income increased by 8.6 percent.

The group’s total assets increased from NAD56 billion ($3.16 billion) to NAD60.44 billion ($3.42 billion), while its liabilities rose from NAD48.91 billion ($2.77 billion) to NAD52.65 billion ($2.98 billion).

As a result of the strong financial performance, the group declared a final dividend of NAD0.40 ($0.0226) per ordinary share, which will be paid electronically into shareholders’ bank accounts on Oct. 26.

The dividend of NAD200.46 million ($11.35 million) will be paid from the conglomerate’s distributable reserves of NAD6.49 billion ($367.2 million).

Group Chief Financial Officer Johan Maass commented on the financial results, stating that the group delivered strong results despite economic pressures exacerbated by rising inflation due to higher global oil and food prices.

He went on to state that the group’s earnings increased by double-digit as COVID-19-related restrictions were lifted, resulting in an increase in economic activity in our region.