Notwithstanding a very challenging economic environment, Namibia Asset Management (NAM) says it has managed to “deliver credible results in line with management´s expectations for the 12 months to 30 September 2017.”
According to the company’s financial results for the above-mentioned period contained in a trading statement issued on the Namibian Stock Exchange, the company’s operating profit and profit before tax were marginally lower
at N$20.6 million (2016: N$21.9 million) and N$22.1 million (2016: N$23.5 million), respectively.
Its total comprehensive income was down 4.9% to N$15.2 million (2016: N$16.0 million) while headline earnings per share decreased by 4.8% to 9.73 cents compared to 10.22 cents in 2016.
Assets under management (AuM) remained flat for the period under review at N$20.0 billion (2016: N$20.0 billion).
NAM is one of the leading managers of institutional assets in the local savings industry, with AuM of N$17.8 billion (2016: N$17.7 billion). Our institutional business experienced total net outflows of N$1.1 billion over the financial year, primarily due to the rebalancing of client portfolios in order to comply with
“We expect domestic and global economic conditions to remain tough. Coupled with regulatory interventions, this will continue to put pressure on investment returns and flows into the foreseeable future. Despite these challenges, we remain committed to delivering both superior investment performance over the long term and excellent client service,” said NAM.
It added that: “We are positive about the re-opening of certain mandates to new clients as well as our expanded global offering. Further, we believe that our singular focus on identifying the best investment opportunities across our client portfolios will generate long-term value for all stakeholders.”
NAM is singularly focused on active asset management and one of the leading independent investment managers in the country, which offers a diversified range of portfolios to both retail and institutional clients.