Letshego Nam takes N$60-mln profit hit

04 March 2021 | Business

Jo-Maré Duddy – Locally-listed Letshego Holdings Namibia reported a profit of about N$341.4 million for the year ended 31 December 2020, a drop of nearly N$59.8 million or 14.9% compared to its previous book-year.
Letshego Nam, whose unaudited annual results were released on the Namibian Stock Exchange (NSX) this morning, made an operating profit before taxation of nearly N$435.5 million, down N$88.7 million or 16.9% from 2019.
The group’s headline earnings per share (HEPS) – a profitability gauge - fell by 12c or nearly 15% to 68c.
“Although the local economic conditions and coronavirus (Covid-19) have affected market confidence and consumer spending patterns, the group remains well placed to grow revenues through ongoing innovation and pursuit of its inclusive finance strategy,” Letshego Nam said.
The directors have evaluated the financial impact of Covid-19 on the group and cannot identify a going concern risk within the medium term, it added.
Letshego Nam said a notice pertaining to dividends will be made at the time of the released of the audited financial statements for the year ended 31 December 2020.
Letshego Nam is listed on the Local Index of the NSX. It ended yesterday at N$2.20 per share. The share price has fallen by nearly 17.3% since the end of last year.
Read the full report tomorrow in Market Watch.