At a Glance
- Namibia Stock Exchange market cap hits $2.8 billion, drawing global investor interest.
- Top 10 companies, led by FirstRand Namibia and Capricorn, dominate NSX trading.
- Banking, telecom, real estate, and renewable energy drive Namibia’s capital market growth.
Namibia’s capital market is accelerating its evolution, anchored by the Namibia Stock Exchange (NSX), which closed 2024 with a market capitalization of about NAD 50 billion ($2.8 billion).
As one of Africa’s most efficient and stable exchanges within the Common Monetary Area, the NSX is increasingly positioning itself as a regional platform for equity growth and cross-border listings.
Financial and consumer-facing giants dominate the exchange’s top tier, with FirstRand Namibia and Capricorn Group leading a cohort that collectively drives the majority of the NSX’s total market value.
The exchange’s streamlined listing framework, bolstered by the Corporate Governance Code for Namibia (NamCode)—co-developed with the Institute of Directors in Southern Africa—has enhanced corporate governance standards and bolstered investor confidence.
Meanwhile, sector diversification is gaining momentum through new equity entrants, commodity-focused ETFs, and a pipeline of green energy and infrastructure-linked offerings.
Efforts to formalize a local bond market and establish a Central Securities Depository (CSD) are expected to further deepen liquidity and align Namibia’s financial infrastructure with international benchmarks.
Foreign institutional appetite is rising, drawn by exposure to high-performing stocks across banking, telecommunications, brewing, real estate, and emerging renewable sectors.
Shore Africa’s ranking of the NSX’s 10 most valuable listed firms offers a snapshot of the companies driving investor returns and mirroring Namibia’s economic transformation.
FirstRand Namibia Limited
Sector: Banking
Market Cap: R13.5 billion ($761.02 million)
FirstRand Namibia, one of Namibia’s leading financial services groups, delivers an integrated suite of banking, lending, investment, and insurance solutions.
Operating 46 branches with 2,305 employees, the group reported headline earnings of N$925 million ($52.2 million) for the year ended Dec. 31, 2024, up 10.7 percent from N$836 million ($47.2 million) a year earlier.
Backed by a market capitalization of N$13.78 billion ($777.3 million), the lender continues to strengthen its position in Namibia’s banking sector under CEO Conrad Dempsey, an economist who took the helm in October 2020, focusing on digital innovation, sustainable growth, and customer-centric financial solutions.
Sector: Financial services
Market Capitalization:NAD10.97 billion ($618.6 million)
Capricorn Group Limited, a leading Namibian financial services provider with operations in Botswana, has solidified its regional footprint with robust earnings growth.
Founded in 1982, the group champions sustainable economic development and transparent governance. For the six months ended Dec. 31, 2024, profit after tax jumped 28.4 percent to N$1.06 billion ($59.8 million), up from N$827.6 million a year earlier, lifting its market capitalization to NAD 10.97 billion ($618.6 million).
New Group CEO David Nuyoma, who succeeded Thinus Prinsloo in March 2024, is steering the bank toward enhanced shareholder value, innovation, and resilience in Namibia’s competitive banking sector while expanding its presence across Southern Africa.
Sector:Telecommunications
Market Capitalization:NAD 6.43 billion ($362.4 million)
MTC, Namibia’s largest mobile telecommunications operator, boasts 2.224 million active subscribers and 98 percent network coverage with 1,014 towers.
Listed on the NSX since 2021, MTC recorded a 5.9 percent revenue rise to NAD 3.225 billion ($182 million) in 2024 from N$3.046 billion ($171.8 million).
For nearly three decades, it has driven growth by delivering reliable voice and data services to prepaid and postpaid customers across business and individual sectors.
Managing Director Dr. Licky Erastus leads MTC’s strategic vision and operations, ensuring continued expansion in Namibia’s telecom market.
With a market capitalization of NAD 6.43 billion ($362.4 million), MTC remains a dominant player in telecommunications, fueling digital connectivity and economic growth.
Sector: Brewery
Market Capitalization: NAD5.9 billion ($337 million)
Namibia Breweries Limited (NBL), a cornerstone of Namibia’s brewery sector, continues to dominate the premium beer market across Southern Africa.
Founded in 1920, the brewer crafts its beers under Germany’s Reinheitsgebot purity law, using only malted barley, hops, and water.
Now part of HEINEKEN Beverages’ multi-category portfolio, NBL posted a stellar 2024 performance, with revenue soaring 101 percent to NAD 6.8 billion ($385.2 million) and operating profit more than doubling to NAD 896 million and with a market capitalization of NAD5.9 billion ($337 million).
The brewer recently signed an 18‑month wage pact with NAFAU, ensuring workforce stability. Managing Director Waldemar von Lieres, appointed July 1, 2025, is steering NBL’s next phase of sustainable growth across Africa.
Standard Bank Namibia Holdings Limited
Sector: Financial services
Market Capitalization: NAD 5.6 billion ($318 million)
Standard Bank Namibia Holdings Ltd., a subsidiary of Africa’s largest banking group, posted strong 2024 results, solidifying its position in Namibia’s financial services sector.
The bank reported a revenue surge to NAD 3.7 billion ($211.4 million), up 15 percent year-over-year, while net profit soared 36.8 percent to NAD 1.05 billion ($59.4 million). With a market capitalization of NAD 5.6 billion ($318 million).
Established in 1915, the bank offers a full suite of personal and business banking services. Erwin Tjipuka, CEO since September 2023, brings over 18 years of experience in Namibia’s banking sector, driving the group’s growth strategy and digital transformation in Southern Africa’s emerging markets.
Letshego Holdings (Namibia) Limited
Sector: Financial services
Market Capitalization: NAD2.5 billion ($141 million)
Letshego Holdings Namibia, a key player in the financial services sector, boasts a market capitalization of NAD2.5 billion ($141 million).
Founded in 2002 as Edu Loan Namibia, the firm specializes in consumer and micro-lending, targeting underserved mass-market customers and micro-entrepreneurs.
With 17 branches nationwide and over 50,000 active borrowers, Letshego drives financial inclusion through innovative lending models.
The company posted a 19 percent profit after tax growth in 2024, reaching NAD418.8 million ($23.6 million), alongside total assets of NAD7.1 billion ($400.8 million).
Under CEO Dr. Ester Kali, a former FNB Namibia executive, Letshego secured its banking license, strengthening its foothold in Namibia’s expanding financial services market.
Sector: Real Estate
Market Capitalization: NAD 1.4 billion ($77.5 million)
Oryx Properties Limited, Namibia’s leading real estate investment fund, listed on the Namibia Stock Exchange. Oryx manages a diversified portfolio of 28 retail, industrial, office, and residential assets.
Its offshore holdings include stakes in South Africa’s Tower Property Fund and Croatia-based TPF International, valued at €82.2 million ($96 million) and boasts a market capitalization of NAD 1.4 billion ($77.5 million).
For 2024, revenue rose to NAD 237.2 million ($13.4 million), though net profit swung to a NAD 20 million ($1.1 million) loss from NAD 71.1 million ($4 million) in 2023.
CEO Ben Jooste, with 25 years’ expertise in property, finance, and technology, continues steering Oryx’s growth in Namibia’s booming real estate market.
Alpha Namibia Industries Renewable
Sector: Renewable energy
Market cap.: NAD786 million ($44.32 million)
Alpha Namibia Industries Renewable Power (ANIREP) develops and operates grid-connected solar assets to support Namibia’s clean energy goals.
Through key subsidiaries like HopSol Africa, it delivers power under long-term PPAs, reducing reliance on imports and boosting domestic energy capacity.
For 2024, ANIREP posted NAD74.11 million ($4.18 million) in revenue, down by 6.16 percent from NAD78.98 million ($4.46 million) in 2023.
Total Assets of NAD1.08 billion ($60.78 million). At the helm is Managing Director Ranga Haikali, who has led the company’s expansion since its listing in 2019.
Paratus Namibia Holdings Limited
Sector : Technology
Market Capitalization : NAD 1.24 billion ($69.9 million)
Paratus Namibia Holdings Ltd. (NSX: PNH) is a leading tech firm listed on the Namibian Stock Exchange. Formerly Nimbus Infrastructure, Paratus focuses on high-growth ICT investments across sub-Saharan Africa.
The company delivers integrated telecommunications services including fiber, LTE, data centers, and submarine cable landing infrastructure.
In FY2024, revenue climbed to NAD 327.3 million ($18.4 million), while gross profit rose to NAD 173.7 million ($9.8 million). With a market capitalization of NAD 1.24 billion ($69.9 million).
CEO Schalk Erasmus, a telecom veteran with over 20 years of experience, has co-founded key infrastructure firms across Namibia, Zambia, and South Africa—cementing Paratus’ leadership in Africa’s fast-expanding digital economy.
Trustco Group Holdings Limited
Sector: Conglomerate
Market Capitalization: NAD295.5 million ($16.65 million)
Trustco Group Holdings Limited, one of Namibia’s most prominent listed companies, commands a market capitalization of NAD295.5 million ($16.65 million).
Headquartered in Windhoek, the diversified investment firm is listed on the Namibian Stock Exchange, Johannesburg Stock Exchange, and the U.S.-based OTCQX.
Backed by the van Rooyen family, Trustco spans sectors including insurance, real estate, banking, mining, education, and microfinance—positioning it as a cornerstone of Namibia’s economic development.
Its nimble, locally driven decision-making has enabled rapid capital allocation across its diversified portfolio, with 66 percent of its assets held in Namibian dollars and 34 percent in U.S. dollar-denominated investments.
Despite recent share price volatility, Trustco remains a top-performing Namibian conglomerate. In the six months ended Feb. 29, 2025, it posted a net profit of NAD110 million ($6.2 million), reversing a NAD250 million ($14.1 million) loss year-over-year—marking a strong recovery amid economic headwinds.
