Revenues of the Namibia Stock Exchange listed Trustco Group Holdings increased by 46.2% to N$193.2 million in the financial year ending 31 March 2007, the company said in financial results released in Windhoek today.
Profits after tax increased by 26.5% to N$ 31.4 million, while gross margins increased from 54.8% to 62.5%, the company said.

Trustco said attributable earnings increased by 30% while headline earnings increased by 35% to N$26.9 million. Headline earnings per share increased by 28.6% from 18.2 cents to 23.4 cents for the year.
“The Group's balance sheet reflects a strong maintainable cash position. The net asset value per share increased to 102 cents per share at 31 March 2007, an increase of 64.5% compared to the previous year,” the group said.
It has declared a dividend of 2.5 cents to shareholders registered as at 31 August 2007 payable on 28 September 2008.
The group has interests in insurance, education and financial services. Other investments include property development, aircraft charter services, management services, wholesale distribution, publishing and printing. The group listed on the Namibian Stock exchange on 27 September 2006.
In the review of operations, the group said its insurance was driven by an increase in the policy holder base, a reduction in expenses paid and an increase in premiums received. This resulted in a growth in revenue of 31.2% and a growth in net profit after tax of 10.0% versus prior year period.
In education and financial Services, the free to air channel, IOL learn, was launched and new courses introduced. The establishment of additional branches within Namibia resulted in a healthy growth, albeit from a small base. Revenue grew by 101.8% whilst net profits after tax grew by 21.5% versus prior period.
The wholesale, development and management services experienced a strong growth of 38.6% in revenue versus prior year period, net profits after tax decreased for the period under review.