WINDHOEK: Letshego Holdings Namibia was named the 2023 Best Locally Listed Company at the renowned Namibia Top Company Awards ceremony, held in the capital on Thursday.
The annual awards ceremony, organised by Cirrus Capital and judged by an independent panel, attempts to acknowledge Namibian firms' extraordinary achievement.
Ester Kali, the Executive Officer of Letshego Holdings Namibia, in her remarks underlined that the award demonstrates the financial company’s continuous dedication to exceptional corporate governance and sustainable growth in its day-to-day operations, all while providing social and economic benefits to more Namibians.
Letshego produced amazing success, according to Kali, despite economic constraints such as rising interest rates, reduced affordability, and more competition in loan rates during the 2022 Fiscal Year.
Profit after tax increased by 16 per cent, while deposits increased from N.dollars 386 million in 2021 to N.dollars 536 million in 2022, according to her.
She stated that the company distributed a final dividend of 44.89 cents per share on 15 June 2023, establishing a remarkable dividend yield of 18.7 per cent, 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,’’ she said.
Kali further noted that The Best Locally Listed Company category spun around three fundamental assessment criteria; return, growth, and investor relations management, noting that the return accounted for 60 per cent of the overall assessment, including share price appreciation, dividend yield, net profit to market capitalisation, and return on equity.
‘’Growth contributed 20 per cent to the overall score, considering revenue and profit growth. Investor relations made up the remaining 20 per cent and was supported by a survey assessing interactions, the quality of information distributed to stakeholders, and integrated reporting, all independently conducted by Cirrus,’’ she said.
These stringent criteria and meticulous evaluation process underscored Letshego Namibia’s exceptional performance and unwavering commitment to upholding the highest standards of corporate governance, said Kali.