Letshego Holdings (Namibia) Limited has released its reviewed annual financial results for the year ended December 31, 2023. The company’s performance reflects a mixed bag of results, with some metrics showing improvement while others experienced slight declines.
Financial Performance
In terms of financial performance, Letshego Holdings saw a 2.1% decrease in operating profit, which dropped from N$391,517,000 in 2022 to N$383,115,000 in 2023. However, there was a positive uptick in profit after tax, which increased by 0.8% from N$350,415,000 in 2022 to N$353,345,000 in 2023. The total comprehensive income and headline earnings also saw the same percentage increase to N$353,345,000 in 2023. Both basic and diluted earnings per share experienced a similar 0.8% increase to 71 cents in 2023. However, the net asset value per share witnessed a decline of 1.5% from 557 cents in 2022 to 549 cents in 2023.
Capital Adequacy Ratio
On the regulatory front, Letshego Bank (Namibia) Limited’s Capital Adequacy Ratio improved from 34% in 2022 to 35% in 2023, signaling stronger capital adequacy for the institution.
Prospects
Despite some challenges, Letshego Holdings remains optimistic about the economic recovery in the domestic market. The company is strategically positioned to capitalize on emerging opportunities by diversifying its target segments and expanding its product continuum. Additionally, Letshego is committed to enhancing its digital capabilities to meet the evolving needs of its customers. The company’s focus on sustainable development and its commitment to advancing its ESG agenda underscore its dedication to long-term viability and responsible business practices.
Dividends
Letshego Holdings has declared a dividend of 36.38 cents per ordinary share subsequent to the reporting date. Important dates related to the dividends include the last date to trade cum dividend, first date to trade ex-dividend, last date to register, and dividend payment date.
Conclusion
The release of Letshego Holdings (Namibia) Limited’s reviewed annual financial results for 2023 highlights both challenges and opportunities for the company. Despite a slight decline in operating profit, the positive performance in profit after tax and other key metrics demonstrates the company’s resilience and strategic focus. As Letshego continues to navigate the evolving economic landscape, its commitment to sustainable growth and responsible business practices remains unwavering.
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