NAM earnings jump in turbulent half
Namibia Asset Management has reported a sharp rise in earnings for the six months ended 31 March 2026, with fund management earnings per share climbing 43.8% to 4.63 cents, as the Windhoek-based investment firm navigated a period of severe global market disruption.
Headline earnings per share rose 23.4% to 4.27 cents, from 3.46 cents in the comparable period a year earlier.
Total assets under management grew 4.1% to N$23.1 billion, up from N$22.2 billion at 30 September 2025. Average assets under management increased 15.8% to N$23.4 billion, compared with N$20.2 billion in March 2025. Net inflows from the firm's retail book supported the growth, though these were partially offset by outflows on the institutional side.
Revenue from contracts with customers rose 16.3% to N$43.7 million, driven primarily by the higher average asset base. Total operating expenses rose 9.6% — a pace well below revenue growth — which the company said reflected continued discipline in cost management.
The six-month period covered two very different market environments. Global equity markets ended 2025 strongly, supported by resilient economic growth despite elevated geopolitical uncertainty. The mood shifted sharply in the first quarter of 2026, when escalating conflict in the Middle East and the closure of the Strait of Hormuz in early March prompted a broad sell-off. The company said the resulting oil crisis could have far-reaching consequences for geopolitics and the global economy for years to come.
"Despite these challenging market conditions, Namibia Asset Management delivered a strong interim performance, demonstrating the resilience of its portfolios and the effectiveness of its disciplined investment approach," the company said.
The results fall in NAM's 30th year of operation. The company said the milestone reflected three decades of disciplined investing and deep local market expertise through multiple cycles.
On the domestic regulatory front, NAM noted that the Financial Institutions and Markets Act came into effect on 1 May 2026. The firm said it supports the legislation's aims around investor protection and governance, and is assessing its full operational impact ahead of the designated transitional period.
Corporate social investment spend for the period amounted to N$0.5 million, representing 5% of profit before tax — well above the board-approved minimum of 1%.
