Letshego named 2023 best locally listed company
Letshego Holdings Namibia Ltd (LHN) secured the 2023 Best Locally Listed Company title at the Namibia Top Company Awards that took place in the capital recently.Organised by Cirrus Capital and judged by an independent panel, the awards seek to recognise the exceptional achievements of Namibian companies.
Ester Kali, the Executive Officer of Letshego Holdings Namibia, expressed her delight at this independent industry recognition. She emphasised that this award demonstrates Letshego Holdings Namibia’s commitment to exemplary corporate governance and sustainable growth in its day-to-day operations while delivering social and economic benefits to more Namibians.
Despite economic challenges faced during the 2022 financial year, including higher interest rates, reduced affordability, and intensified competition in lending rates, Letshego achieved remarkable results.
Profit after tax grew by 16%, and deposits increased from N$386 million in 2021 to N$536 million in 2022. Furthermore, the company distributed a final dividend of 44.89 cents per share on 15 June 2023, establishing a dividend yield of 18.7% - the highest among NSX local tickers.
Dedicated efforts, innovation, and the diversification of the product portfolio drove this success. Over the last two years, Letshego Namibia has extended its services beyond government employees. The Group broadened its loan offerings and introduced low-cost transactional bank accounts and high-yield savings products, resulting in impressive growth and increased shareholder value.
Assessment
The Best Locally Listed Company category spun around three fundamental assessment criteria: return, growth, and investor relations management. The return accounted for 60% of the overall assessment, including share price appreciation, dividend yield, net profit to market capitalisation, and return on equity. Growth contributed 20% to the overall score, considering revenue and profit growth. Investor relations made up the remaining 20% and was supported by a survey assessing interactions, the quality of information distributed to stakeholders, and integrated reporting, all independently conducted by Cirrus.
These stringent criteria and meticulous evaluation process underscored Letshego Namibia’s exceptional performance and unwavering commitment to upholding the highest standards of corporate governance. The Group has successfully integrated and implemented its Environmental, Social, and Governance (ESG) framework, which propels its daily operations towards sustainable and responsible practices. Letshego Holdings Namibia is firm in its dedication to sustainable business practices and the generation of significant shareholder value.