Letshego Holdings Namibia Ltd (“Letshego Namibia”) is the proud winner of the 2023 Best Locally Listed Company title at the prestigious Namibia Top Company Awards ceremony in Windhoek. Organised annually by Cirrus Capital and judged by an independent panel, the national awards seek to recognise the exceptional achievements of Namibian companies.
Ester Kali, Letshego Namibia’s Country CEO expressed her delight at the independent industry recognition. She emphasised that this award denotes Letshego Holdings Namibia’s unwavering commitment to exemplary corporate governance and sustainable growth in its day-to-day operations, all 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 an impressive 16%, and deposits increased from N$386 million in 2021 to N$536 million in 2022. Letshego Namibia also distributed a final dividend of 44.89 cents per share on 15 June 2023, establishing a remarkable dividend yield of 18.7%, the highest among NSX local tickers.
Dedicated efforts, innovation, and product diversification drove this inclusive finance subsidiary’s success. Over the last two years Letshego Namibia has extended its services beyond government employees, broadening customer choice in products, introducing low-cost transactional bank accounts extending access to high-yield savings solutions.
Aupa Monyatsi, Group Chief Executive of Letshego Africa Holdings Limited added, “Ester Kali, our Namibia CEO, and the Namibia country team remain steadfast and dedicated to extending the reach of simple, affordable and appropriate financial solutions to more Namibians. This accolade is recognition of the teams’ collective hard work and commitment. On behalf of Letshego Africa we are proud to congratulate our Namibian family, and continue to support their unrelenting efforts in increasing social impact and sustainable shareholder returns.”
The Best Locally Listed Company category 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. Letshego Namibia is progressing well with integrating its Environmental Social and Governance (ESG) policy, promoting the value for companies to adopt sustainable and responsible business practice and boosting long term shareholder value.