The multimillionaire Tromp family has gained NAD13.72 million ($948,000) since the beginning of the year from their stake in Nictus Holdings Limited.
Nictus Holdings Limited is a Namibia-based diversified investment holding operating the General Motors (GM) franchise in Namibia. It was founded by the Tromp family in 1945 and has since grown into a key player in the country’s automotive industry.
The $938,000-gain includes dividend earnings of NAD6.7 million ($468,000) from their equity stake in the holding and unrealized gains of NAD7.02 million ($480,000) driven by a 13.2-percent rise in the value of the holding’s stake.
The double-digit surge in Nictus shares since the start of the year can be linked to investor buying actions as they continue to price in the 147-percent growth in profit reported at the end of the company’s 2021 financial year, coupled with bullish bias premised on enhanced performance in the current financial period.
Nictus shares have risen from NAD1.59 ($0.10412) on Dec. 31, 2020 to NAD1.8 ($0.1179) on Nov. 12, accruing a 13.2-percent gain for shareholders since the year began.
As a result, the market value of the Tromp family’s stake in the Namibian investment holding has increased from NAD53 million ($3.48 million) at the start of the year to NAD60.02 million ($3.96 million), accruing total unrealized gains of NAD7.02 million ($480,000) for the family.
The gains came off investors reacting positively to the company’s four-percent increase in revenue reported at the end of its 2021 financial year and its 147-percent increase in profit to $1.27 million (NAD18.15 million) on the back of improved earnings power and margins.
Recently, the holding announced a change in its financial reporting period from March to June, a decision that effectively shifted the end of its financial year from June 30, 2022 to March 31, 2022.
In compliance with the new arrangement, Nictus will publish its unaudited results for the six months ending Sept. 30, 2022 within three months of the period, and publish reviewed results for the 12 months ending March 1, 2022 within three months of March 31, 2022.
The group is expected to issue and distribute an annual report and a notice of its annual general meeting with audited financial statements for the 15 months ending June 30, 2022 within three months of that date.
