Home » Linked to Malawian tycoon Hitesh Anadkat, Letshego posts $62.8 million in profit in 2021

Linked to Malawian tycoon Hitesh Anadkat, Letshego posts $62.8 million in profit in 2021

by Omokolade Ajayi

Letshego Holdings, a Botswana-based transnational financial services firm affiliated with Malawian multimillion-dollar banking magnate Hitesh Anadkat, has reported a double-digit percentage growth in profit at the end of 2021, owing to its well-diversified asset base and solid liquidity position.

Letshego’s profit at the end of 2021 increased by 16 percent from BWP631 million ($54.3 million) in 2020 to BWP730 million ($62.8 million) at the end of 2021, demonstrating the group’s operational efficiency and solid cash position, according to its financial documents.

The Botswana-based firm concluded the year with a 9.4-percent rise in operating income from BWP2.14 billion ($184.2 million) in 2020 to BWP2.35 billion ($202.3 billion) in 2021 as a consequence of its financial performance.

In terms of the group’s success across its core operational clusters, the management stated that 2021 was a milestone year for Letshego’s savings and deposit sector, which crossed the BWP1-billion ($86.1 million) barrier in portfolio value.

The savings and deposit segment’s portfolio value climbed by 77 percent year-on-year, from BWP664 million ($57.15 million) in 2020 to BWP1.2 billion ($103.3 million) by the end of 2021.

The segment’s effective cost and treasury management techniques resulted in a 100 basis point cost reduction, with final quarter-on-quarter growth measuring the highest trajectory at 14 percent.

Group CEO Andrew Fening Okai said the group continued its history of good performance, with a double-digit increase in both earnings before and after-tax.

“We are making exceptional progress in transforming Letshego into a future-fit organization that leverages digital, tech, and end-to-end automation to unlock significant value, not only for our customers, but also for our investors and shareholders,” he said.

As of press time on March 4, shares in the Botswana-based financial services business were worth BWP1.7 ($0.146), 21.4-percent higher than their starting price on the local exchange earlier this year.

Letshego’s market capitalization is now estimated at BWP3.64 billion ($313.4 million), while Hitesh Anadkat’s 2.76-percent stake in the group is valued at BWP100.1 million ($8.6 million).

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