{"id":23557,"date":"2022-06-28T14:26:34","date_gmt":"2022-06-28T14:26:34","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers"},"modified":"2022-06-28T14:33:48","modified_gmt":"2022-06-28T14:33:48","slug":"trustco-to-retrench-walvis-bay-workers","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers","title":{"rendered":"Trustco to retrench Walvis Bay workers"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>TRUSTCO Group will lay off eight of its Walvis Bay branch workers after the company decided to close down the satellite office.<\/b><\/p>\n

Trustco spokesperson Neville Basson has confirmed the development.<\/p>\n

Basson says the retrenched group comprises sales and customer-care representatives, student support staff, and cleaners of various of the company’s subsidiaries.<\/p>\n

\u201cThe branch office became redundant after these companies embarked on a digitalisation process during the Covid-19 pandemic,\u201d he says.<\/p>\n

Basson says due to digitalisation, all sales and claims processes and support services are now available online, making the Walvis Bay regional office redundant.<\/p>\n

Once the branch closure is finalised, only the Truscto branches in Windhoek and at Ongwediva would remain.<\/p>\n

This follows another retrenchment exercise in October 2021.<\/p>\n

At the time, Trustco said subdued business confidence necessitated the streamlining of operations and staff to enable the group to effectively operate.<\/p>\n

Basson says Trustco has a continuous retrenchment process in place to maintain cost efficiency as its subsidiary companies’ digitalisation processes bear fruit.<\/p>\n

Trustco has posted losses in two consecutive financial years, totalling N$1,3 billion in 2021.<\/p>\n

Since April 2019, Trustco’s staff complement has been reduced by over 260 employees due to restructuring within its investee companies.<\/p>\n

During the release of the group’s 2021 financial results in January this year, the chairman of the Trustco board, Raymond Heathcote, said Namibia’s operating environment has been tough.<\/p>\n

Heathcote said with hardly any economic growth the company chose to remain focused on streamlining their investee companies to increase profitability while contributing to the economy.<\/p>\n

\u201cAlthough Trustco continues to trade at a sizable discount to its intrinsic value, the board remains focused on creating wealth for stakeholders by growing its underlying investee companies and pursuing value-unlocking initiatives wherever possible,\u201d he said.<\/p>\n

Trustco’s revenue for the group decreased from N$618 million to N$313 million \u2013 down by 49% \u2013 in 2021.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. TRUSTCO Group will lay off eight of its Walvis Bay branch workers after the company decided to close down the satellite office. Trustco spokesperson Neville Basson has confirmed the development. Basson says the retrenched group comprises sales and customer-care representatives, student support staff, and cleaners of various of the company’s subsidiaries. \u201cThe […]<\/p>\n","protected":false},"author":84,"featured_media":23556,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[234,236,233],"class_list":["post-23557","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nTrustco to retrench Walvis Bay workers - Namibia<\/title>\n<meta name=\"description\" content=\"TRUSTCO Group will lay off eight of its Walvis Bay branch workers after the company decided to close down the satelli ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trustco to retrench Walvis Bay workers\" \/>\n<meta property=\"og:description\" content=\"TRUSTCO Group will lay off eight of its Walvis Bay branch workers after the company decided to close down the satelli ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-28T14:26:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-28T14:33:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_9-62bb113b50ffc.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Trustco to retrench Walvis Bay workers\",\"datePublished\":\"2022-06-28T14:26:34+00:00\",\"dateModified\":\"2022-06-28T14:33:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers\"},\"wordCount\":320,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/06\/postQueueImg_9-62bb113b50ffc.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trustco-to-retrench-walvis-bay-workers\",\"name\":\"Trustco to retrench Walvis Bay workers - 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