Letshego's Profit After Tax Down 2%
Monday, September 09, 2019
Letshego Office
Presenting the group’s half-year results, interim group CEO, Dumisani Ndebele said the financial performance for the listed consumer lender in the six months to June 2019 was within expectations.
Ndebele said they expect the company’s financial fundamentals to remain robust over the next 12- to 18-month horizon, despite risks associated with its regional expansion.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...