Letshego Namibia has paid its maiden dividend of 19,20 cents per share following its September 2017 listing on the Namibian Stock Exchange.
The company listed on the local bourse on 28 September last year at a share price offer of N$3.80.
It ended the day at N$3.98 on Tuesday.
Since the listing, Letshego has recorded double digit growth in both revenues and profits and exceeded all financial projections that were included in the Initial Price Offering prospectus.
Chief Executive Officer, Ester Kali, said the lender was very much in the investment and growth phase of its journey, and was 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 that Ekwafu Letu, the name given to its IPO, meaning ‘our support’, was an ideal platform for the company to demonstrate its 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.”
Letshego’s core business, the ‘deduction at source’ borrowing solutions, performed well in 2017, recording a 14 percent loan book growth in this segment, up N$305 million from N$2.1 billion in 2016, to N$2.4 billion in 2017.
Kali said the company was committed to diversifying its financial solutions to increase customer choice and experience, reduce concentration risk and increase income and growth potential through multiple channels.
Last year, the company launched the ‘LetsGo’ value proposition to a targeted base of customers, and is expected to continue this roll-out parallel to the implementation of its access channels.
“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 said.