Managing Director’s Letter


In the spirit of Trustco’s enduring uniqueness and commitment to innovation, this report will set out the
investment case for both Namibia and Trustco. Trustco Group will remain at the forefront of pioneering investment initiatives and this report is no exception. As we delve into the intertwined uniqueness of Namibia and Trustco Group, I invite you to explore with me, why this partnership is so successful, particularly for our investors with whom we coinvest for the long-term.

• ESTABLISHED LEGACY: Trustco’s roots since its founding in 1992, post independence, have fostered over 30 years of expertise in Namibia and the African investment landscape, embodying sustainable performance and adaptability as demonstrated by its proven track record.

• NATURAL BOUNTY: Namibia’s treasure trove of natural resources—diamonds, copper, gold and now also oil and green hydrogen—serves as a lucrative revenue source and attracts and will attract substantial foreign investments in the near future.

• DIVERSE PORTFOLIO: Trustco’s dynamic portfolio spans commercial banking, micro-finance, education, insurance, real estate and mining, mitigating risk through diversification of revenue streams and currency.

• THRIVING ECONOMY: With robust GDP growth expected going forward, Namibia’s expected economic expansion offers an encouraging landscape for businesses and entrepreneurs seeking opportunities
for superior growth and advancement.

• FINANCIAL PROWESS: Trustco’s remarkable growth, with a stellar NAV CAGR of 69% since inception and a robust 18.1% post-listing, showcases consistent investment excellence.

• STABLE POLITICAL LANDSCAPE: Enjoying uninterrupted political stability since independence in 1990, Namibia’s conducive democratic environment has been a beacon for foreign investment, fostering a secure space for businesses.

• STRONG CORPORATE GOVERNANCE: Trustco’s exceptional corporate governance framework safeguards the interests of stakeholders and shareholders, ensuring accountability and transparency.

• SKILLED WORKFORCE: With an impressive literacy rate exceeding 85%, Namibia beckons businesses requiring proficient labour, boasting a well-educated workforce vital for diverse industries.

• INNOVATIVE CULTURE: Trustco’s ethos fosters innovation, driving pioneering solutions and transformative technologies across its diverse portfolio.

• STRATEGIC GEOGRAPHICAL ADVANTAGE: Nestled in southern Africa, Namibia’s strategic location and the port in Walvis Bay offers unrivalled access to major regional markets, a gateway for businesses eyeing broader African expansions.

• RESPECTED BRAND: Trustco’s corporate leadership developed a strong multiple award winning brand identity, resonating with innovation, reliability and excellence in Namibia.

• INFRASTRUCTURE DEVELOPMENT: Extensive investment in roads, railways and ports reflects
Namibia’s commitment to ever enhancing infrastructure, smoothing business operations and attracting investments.

• CAPITAL STRENGTH: Trustco is a well capitalised group, underscored by a robust balance sheet, which reflects financial stability and resilience.

• GOVERNMENT SUPPORT: Namibia’s business friendly policies, such as tax incentives, economic zones and investment promotion programs, highlight a supportive landscape for business growth.

• ENVIRONMENTAL STEWARDSHIP: Trustco’s commitment to sustainable practices echoes its dedication to environmental preservation.

• BOOMING TOURISM: Witnessing one of Africa’s fastest-growing tourism sectors, Namibia’s surging tourist numbers open new avenues for hospitality, transportation and retail ventures.

• STRATEGIC VISION FOR GROWTH: Trustco’s well-defined growth objectives promise superior value creation, navigating economic cycles with a focused long-term growth strategy and tenacity.

• RENEWABLE ENERGY PROSPECTS: Namibia’s vast potential in solar and wind power attracts investments, sparking job creation and economic prospects in the renewable energy sector.

• EXPERIENCED LEADERSHIP: Trustco’s seasoned management team brings proven success and expertise to the Namibian market, inspiring confidence and direction.

• TENACITY IN ADVERSITY: Despite facing numerous challenges during the last 30 years, Trustco exhibited remarkable tenacity, persevering through adversity and emerging stronger than ever.

• EMBRACING SUSTAINABILITY: The Namibian government’s firm commitment to sustainable development fosters opportunities for businesses adopting eco-friendly technologies and practices.

• UPSIDE POTENTIAL: Trustco’s share price, which pre-Covid peaked at NAD 16 per share, suggests remarkable upside potential, indicating considerable room for growth that presents a compelling opportunity.

With the investment case for both now self-evident, I extend my sincere gratitude to all who have contributed to the pillars of our success.

Additionally, I extend my gratitude to our vast network of coinvestors in our diverse product offering, who have placed their trust in Trustco.

Your support fuels our endeavours and we remain committed to delivering on our promises of longterm superior value creation and pursuing your best interests. Your steadfast dedication, support and shared commitment have been pivotal in Trustco’s vision.

I wish to convey my appreciation to the board, our management team, our foreign and local stakeholders as well as the incredible people of Namibia for their trust and collaborative efforts in weaving a tale of success and potential. Your invaluable contributions have consistently charted the course toward a brighter future. Thank you for being an integral part of the Trustco family. True to the Trustconian spirit, we are determined to honour your trust by delivering the exceptional returns you rightfully deserve.

Thank you for joining us on this remarkable journey and here’s to the path ahead.