Letshego Namibia delivers promising and positive maiden Annual Results
Letshego Holdings Namibia (LHN) on Monday announced its maiden Annual Results following its successful listing on the Namibian Stock Exchange on 28 September 2017
Letshego recorded double digit growth in both revenues and profits and exceeded all financial projections that were included in the IPO prospectus.
Letshego’s core business, the ‘deduction at source’ borrowing solutions, performed well in 2017 as they realised a satisfactory 14% loan book growth in this segment, up N$305 million from N$2.1 billion in 2016, to N$2.4 billion in 2017.
Chief Executive Officer for Letshego Namibia, Ester Kali, at the breakfast meeting said, “Letshego Namibia is very much in the investment and growth phase of its journey, and as such, we are proud to report a promising and positive first set of Annual Results for 2017. This last financial year was significant in helping us build a lasting legacy through our inclusive IPO, and subsequent successful listing on the Namibian Stock Exchange.
Kali added, “Ekwafu Letu – the name given to our IPO meaning “our support” – was an ideal platform for us to demonstrate Letshego’s commitment to financial inclusion. Our approach to the IPO reflected a number of Letshego’s core philosophies, such as extending our reach to Namibians located far and wide, empowering individuals with increased awareness around the merits of managing their hard earned money effectively, and enhancing customer experience with a simple, affordable and appropriate offer.”
Meanwhile, Kali said Letshego is committed to diversifying its financial solutions to increase customer choice and experience, reduce concentration risk and increase income and growth potential through multiple channels.
In 2017 Letshego Namibia launched the ‘LetsGo’ value proposition to a targeted base of customers, and will continue this roll-out parallel to the implementation of its access channels. Namibia’s continued investment in skills development and systems has strengthened the organisation’s operational platforms and choice in access channels for customers. We endeavour to deliver an exceptional level of customer experience by identifying opportunities to grow our market share and enhance of our existing solutions through ‘LetsGo’ – our all-in-1 financial solution.
“Our ongoing efforts to provide more inclusive offerings to the formal, informal and MSE segments of Namibia are already delivering positive growth and dividends for the business, despite us still being in the early stages of growth on the MSE segment. 2018 is expected to be another milestone in Letshego Namibia’s journey as we celebrate 10 years of improving lives. Our commitment to our customers remains unwavering and we look forward to celebrating another decade of dedicated and sustainable growth,” Kali added.