Nictus in Namibia achieved over 80 percent of total group turnover. The Nictus company on Monday reported that, despite the current economic environment, the Group performed satisfactorily. The results for the year ended 31 March 2005 showed the previous trend of declining Group turnover was reversed by only one percent. The Group asset base grew by 13% to R270 million. Capital & reserves increased from R41.3 m to R41.6m. A contingency reserve of R5.4 million in the group insurance company was created to further secure the policyholders’ interests. In the year under review the South African and Namibian economies were characterised by low inflation, low interest rates and a strong R/N$. These economic conditions impacted differently on group businesses in South Africa compared to the Namibian operations. "The Namibian economy is more import/export driven as opposed to the more industrialised South African economy. Currently more than 80% of group turnover is derived from Namibian sources", the company announced. Premium income received in the insurance and finance segment decreased by 21%. Furniture retail business increased turnover by 20%, whereas there was no growth generated by the carpet retail line. Turnover in the motor retail segment increased by 14% if compared to the previous year. The wholesale segment experienced a 20% decrease in turnover as a result of the group applying stricter financial discipline to its customer base and aggressive competitive marketing activities of alternative flooring options.

Outgoing managing director Gary Ralfe of the De Beers diamond empire and Namdeb Chairman Nickey Opnnheimer surely had a few things to digest on their return flight back to Johannesburg this week. The first visit of Namibia’s new president Hifikepunye Pohamba to Namdeb did not quite turn out the way Ralfe and the Oppenheimer had wished. Pohamba scolded Namdeb for not doing more value adding to Namibian diamonds right here in Namibia. "Our diamonds must first go to London and then they come back, that is not logical", Pohamba rebuked on Tuesday. Most diamonds (of Namdeb) were cut, polished and worked into jewellery abroad, not in Namibia. "Why have you not started with this ten years ago?" Pohamba criticised, deviating from his prepared speech. Namdeb is equally owned by De Beers and the Namibian government since 1995, after an agreement was reached. A new agreement has to be brokered again this year. The government has appointed a special task team to prepare for these negotiations as it wants a better deal after ten years. Pohamba also visited DTC (Diamond trading Company) which sorts rough diamonds in the same building as Namdeb. Pohamba also inspected a new branch of Diamdel, the De Beers subsidiary that supplies diamonds to local jewellers and diamond cutters.