CHAMWE KAIRA
Letshego Holdings Namibia has told shareholders that profit after tax for the year ending 31 December 2024 is expected to be materially higher, by between 15% and 20%, than what was reported for the comparative period.
“Therefore, earnings per share and headline earnings per share for the year ending 31 December 2024 is expected to be materially higher, by between 15% and 20%, than what was reported for the comparative period,” the company said.
Last year, the company said in interim results for the year ended 30 June 2024 that operating profit increased by 18% to N$219 million compared to N$186 million in the year ended June 2023.
Profit after tax increased by 16.3% to N$199 million compared to N$171 million in the same period last year. The group said Letshego Bank (Namibia) Limited’s capital adequacy ratio improved by 3% to 35%.
According to Letshego, strong business fundamentals, coupled with significant advancements in governance and sustainability frameworks, positioned the company to capitalise on the benefits and potential generated by the initial phases of our strategic roadmap.
Basic earnings per share (cents) increased by 16.3% to 40 cents. Net Asset Value per share (cents) increased by one percent to N$552.
The number of ordinary shares in issue is five million. Letshego Holdings declared a dividend of N$181.9 million (36.38 cents per ordinary share) during June to the ordinary shareholders of Letshego Holdings (Namibia) Limited.
Letshego Holdings Namibia (LHN) opened its doors in 2002 as EduLoan Namibia, providing consumer and micro-lending services. LHN is 79% owned by Letshego Holdings Limited (LHL), a Botswana Stock Exchange (BSE) listed entity. LHN focuses on offering financially inclusive solutions to underserved low- to middle-income earners across both the public and private sectors, as well as supporting Micro and Small Entrepreneurs (MSE) through its deduction at source model and other access channels.
Letshego Bank Namibia now has a branch network of 17 branches across the country, of which six offer fully-fledged banking services. LHN has a staff complement of over 150 employees and provides loans to over 50 000 customers.
