Letshego Holdings revenue increases to N$447.7 million in 1st half of year
Letshego Holdings Namibia released its interim results for the period ended 30 June 2019, showing total revenue for the first half of 2019 increasing by 4% to N$447.7 million, with interest income from lending activities increasing by 2.5% to N$300.7 million
The company’s earnings and headline earnings per share increased by 2.2% y/y from 46cps to 47cps, and profit after tax increased by 2.2% y/y to N$235.1 million.
IJG Research notes that this growth is relatively low compared to the double-digit growth figures seen in recent years, but is a result of the dire economic landscape the company operates in.
“Management notes in the results release that it expects economic conditions to remain challenging over the medium term,” IJG stated.
Advances to customers increased by 6.5% y/y or N$16271 million, bringing the total advances to customers to N$2.66 billion. This is slightly slower than PSCE growth of 7.1% over the same period.