Staff Reporter
Windhoek, Namibia – Letshego Holdings Namibia Ltd (LHN) proudly clinched the title of the Best Locally Listed Company at the prestigious Namibia Top Company Awards for 2023. This esteemed event, organized annually by Cirrus Capital and assessed by an independent panel of judges, aims to recognize the exceptional accomplishments of Namibian companies.
Ester Kali, the Executive Officer of Letshego Holdings Namibia, expressed her delight at this independent industry acknowledgement. She emphasized that this award underscores Letshego Holdings Namibia’s steadfast commitment to exemplary corporate governance and sustainable growth in its day-to-day operations, all while delivering social and economic benefits to more Namibians.
In the face of economic challenges encountered during the 2022 Financial Year, which included higher interest rates, reduced affordability, and heightened competition in lending rates, Letshego achieved remarkable results. Profit after tax witnessed impressive growth, surging by 16%, while deposits swelled from N$386 million in 2021 to N$536 million in 2022. Notably, the company distributed a final dividend of 44.89 cents per share on June 15, 2023, establishing an extraordinary dividend yield of 18.7%, the highest among NSX local tickers. The remarkable success was driven by dedicated efforts, innovation, and a diversified product portfolio.
Over the past two years, Letshego Namibia extended its services beyond government employees, broadening its loan offerings and introducing low-cost transactional bank accounts and high-yield savings products. This strategic expansion led to impressive growth and increased shareholder value.
The Best Locally Listed Company category revolved around three fundamental assessment criteria: return, growth, and investor relations management. Returns accounted for 60% of the overall assessment, including factors like share price appreciation, dividend yield, net profit to market capitalization, and return on equity. Growth contributed 20% to the overall score, considering revenue and profit growth. Investor relations constituted the remaining 20% and were evaluated through a survey assessing interactions, the quality of information distributed to stakeholders, and integrated reporting, all independently conducted by Cirrus.
These rigorous criteria and meticulous evaluation processes underscored Letshego Namibia’s outstanding performance and unwavering commitment to upholding the highest standards of corporate governance. The Group has effectively integrated and implemented its Environmental, Social, and Governance (ESG) framework, driving its daily operations toward sustainable and responsible practices. Letshego Holdings Namibia remains steadfast in its dedication to sustainable business practices and the generation of significant shareholder value.
