Good morning. We have reached the midpoint of an eventful week in Namibia’s markets and beyond. From Standard Bank Namibia’s record-breaking billion-dollar profit to Oryx Properties’ substantial investments in Maerua Mall and Goreangab. The NSX reflects a mixed performance, with the Overall Index down and the Local Index holding steady, while the DBN navigates a leadership transition with CEO John Steytler stepping down.

In this issue, we unpack these developments alongside updates on foreign exchange rates, satellite internet advancements, and more. Let’s dive into the details.

Grab your coffee and dive in!☕

Market Corner

NSX Index Overview

TOP MOVERS: NSX Local Stocks

Economic Pulse

Foreign Exchange Rates

*Data as of 12 March 2025

Business & Economy

DBN Shakeup! CEO John Steytler Steps Down

What We Know:

• Sudden Exit: Dr. Steytler's departure comes after a relatively short tenure, having served as CEO since September 2023.

• Board's Thanks: The DBN Board expressed their appreciation for Dr. Steytler's commitment and impact during his time at the helm.

• Interim Leadership: John Mbango, Head of Coverage and Large Transactions, has been appointed as acting CEO while the Board searches for a permanent replacement. Mbango is described as a seasoned executive.

Why This Matters:

• Key Institution: The DBN plays a crucial role in Namibia's developmental agenda and socioeconomic growth.

• Smooth Transition?: The appointment of John Mbango as interim CEO aims to ensure continuity and stability during the leadership transition.

• Recruitment Process: The Board will commence the recruitment process for a substantive CEO immediately.

Who is John Steytler?

Steytler is a seasoned economist who previously served as a Namibian presidential economic advisor and also served on various boards.

The Bottom Line: The sudden resignation of Dr. John Steytler raises questions about the future direction of the DBN. With John Mbango stepping in as acting CEO, the focus will be on maintaining stability and momentum while the search for a permanent leader gets underway. The DBN's mandate remains unchanged: to contribute to Namibia's development and economic growth

Source Credit: Namibia Business Express 

Standard Bank Namibia Cracks the Billion-Dollar Mark Profit in 2024

Big news from the Namibian banking sector! SBN Holdings Limited, the holding company for Standard Bank Namibia Limited, just announced a record-breaking profit after tax of N$1.053 billion for the year ended December 31, 2024! That's a HUGE jump from N$770 million in 2023, and it's the first time they've crossed the billion-dollar threshold!

Key Highlights:

• Profit Surge: Profit after tax jumped by a whopping 36.8%, reaching N$1.053 billion!

• Strategic Initiatives: The Group credits this growth to strategic initiatives like funding optimization, digital banking expansion, cost efficiency, and disciplined credit risk management.

• Digital Banking Boom: The successful scaling of their digital banking platforms drove increased transactional volumes.

• Net Interest Income Soars: Net interest income surged to N$2.067 billion, a 14.8% increase from the prior year.

• Impairments Down: Credit impairments decreased by 35.1% year on year, thanks to the regularization of group scheme home loan accounts and the implementation of their non-performing loan (NPL) strategy.

• Expenses in Check: Operating expenses growth slowed to 6.9%, aligning more closely with the average inflation rate.

• Deposits Up: Deposits from customers saw a significant 10.9% increase, driven by growth in demand and term deposits.

What Standard Bank CFO Said

Standard Bank Namibia CFO, Arlington Matenda, speaks on SBN Holdings Limited's financial performance for the year ending 31 December 2024.

The Bottom Line: Standard Bank Namibia is firing on all cylinders! Strategic initiatives, digital banking growth, and disciplined financial management have propelled them to record-breaking profits. It's a testament to their strong position in the Namibian market and their ability to adapt to changing economic conditions. SBN Holdings Limited's results for the period under review include: Profit for the year increased by 36.8%, up from N$770 million to N$1.053 billion. Basic earnings per share of 201 cents (2023: 147 cents). Headline earnings per share of 203 cents (2023: 150 cents). Growth in headline earnings of 35.1% (2023: 25.9%). Final ordinary dividend per share of 70 cents (2023: 58 cents). Total dividend per share of 138 cents (2023: 100 cents).

Source Credit: The Brief

Oryx Properties Drops N$228 Million on Goreangab and Maerua Mall Makeovers

Oryx Properties threw N$228 million into the ring for the six months ending December 31, 2024, betting big on a Maerua Mall facelift and the hefty Goreangab project. It is all about juicing up their properties to keep tenants happy and the cash flowing—because who doesn’t love a steady flow of income?

Key Details:

• The Spend: N$7 million to polish up Maerua Mall, plus a whopping N$196 million for the Goreangab project. The rest? A little N$25 million cushion for other odds and ends.

• The Why: Boost asset value and rental income. Cash from operations hit N$128.6 million, with tenants paying a stellar 101% collection rate, yep, they are overdelivering.

• Portfolio Power: The investment property value is now worth N$4.242 billion, up N$74 million thanks to these upgrades. No fairy-tale revaluation here, just a modest N$1.85 million fair value bump (down from N$6.39 million last year).

• Money Moves: Revenue climbed 5.4% to N$237.2 million, fueled by rent hikes and tenants sticking around. Net rental income grew 5.3% to N$162.4 million, even as property expenses ticked up 5.7%. EBITDA margins are holding steady at 68.5%.

• Earnings Scoop: Headline earnings per linked unit dropped to 65.24 cents, mostly because last year’s N$33 million settlement windfall is not repeatable. Core earnings (Funds from Operations) landed at N$74.2 million, a 6.6% yield on NAV, while adjusted Funds From Operations (minus maintenance and tweaks) hit N$67.3 million.

• Debt Check: Gearing is down to 36.1%, with total borrowings at N$1.67 billion. Borrowing costs dipped to 9.3% (thanks to the repo rate cut and improved funding efficiency), and the hedge ratio increased to 49%, mitigating interest rate volatility risks. Oh, and they have got N$311 million in unutilized facilities—plenty of liquidity to meet short-term commitments.

The net asset value per linked unit rose to 2,436 cents, but the market is still playing hard to get, with a 47.4% discount to NAV. The portfolio’s implied cap rate sits at 8.7%, and the equity trading yield is a juicy 10.3%. Simonis Storm’s Kara van den Heever calls it a “muted but stable” period—no fireworks, just Oryx quietly stacking bricks while others chase hype.

Bottom Line: With smart investments, a lean balance sheet, and a knack for keeping things chill, Oryx is like that friend who renovates their house without posting it on social media, effective, understated, and ready for what is next.

Source Credit: The Brief

ZAR Gains Ground, Then Softens – What's Driving the Swings?

The South African Rand has been on a wild ride this week, giving investors whiplash! From a four-day winning streak to a slight softening, let's unpack what's been driving the ZAR's movements.

• Early Gains: The Rand initially strengthened against a weaker dollar, fueled by anticipation of the U.S. non-farm payrolls report. Some analysts even predicted a potential revisit to the 18.0000 level against the USD.

• Budget Watch: However, the Rand softened as investors turned their attention to South Africa's upcoming national budget speech, delayed due to disputes over a proposed VAT increase.

• Global Factors: Like other risk-sensitive currencies, the Rand is heavily influenced by global events, including U.S. policy changes and economic data.

• Long-Term View: Despite recent fluctuations, some analysts believe the Rand is undervalued and could strengthen in the coming months, especially if the budget is well-received.

The Bottom Line: The Rand's movements are a complex interplay of domestic and global factors. While short-term volatility is likely to continue, the long-term outlook depends on factors like the government's fiscal policy and the global economic environment. Keep an eye on that budget speech! It could be a game-changer for the ZAR!

Source Credit: Reuters 

Tech

Google’s Gemini AI Wants to Be Your Personal Scheduler

Good news for the perpetually disorganized: Google’s latest trick is here to save your schedule. The tech giant has unleashed a new AI feature in Gmail, powered by its AI Gemini, that scans your emails and—poof!—drops events straight into your Google Calendar. No more “I forgot to add that meeting” excuses.

Here’s how it works: When Gemini spots an email that screams “event” (think invites or RSVPs), it slaps an “Add to Calendar” button right there for you. Click it, and the Gemini sidebar pops up to confirm the deed, or, if it’s feeling chatty, asks you to say “yes” first. Google promises an edit option for perfectionists.

Bottomline: This isn’t Google’s first rodeo, its older, non-AI tools already sniffed out travel plans and appointments. But now, Gemini is taking the reins, rolling out to Workspace users (business, enterprise, education) and Google One AI Premium folks.

Source Credit: The Verge