Africa-Press – Botswana. Letshego Holding Limited has said ahead of its financial results that its profit before tax will slouch by between 20 to 30 percent.
The group which is headed by a seasoned banker Aupa Monyatsi is one of the blue chip companies on the Botswana Stock Exchange (BSE).
“The board of LHL whishes to advise shareholders that the Group’s profit before tax for the ended 31 December 2022 is expected to be between 20 percent and 30 percent lower between P 229.3 million to P 344 million that reported for the comparative period ended 31 December 2021 which amounted P1.146 billion,” it said in its cautionary statement.
The financial sector has been faced with multiple problems which included difficult trading conditions which were compounded by the ripple effects of the Covid-19 pandemic.
Leshego is financially stable and is one of the first giant financial outfits from Botswana to walk into the Sub Saharan African region. It is now well placed in 11 countries flying Botswana flag.
The cautionary statement issued last week is consistent with what it said ahead of its half year results. Its torrential troubles predominately arise from East Africa and West Africa where things are just sticky.
Debtors, some in the industry say, will throw you a play book similar to the main character in Okonkwo in the famous Things Fall Apart novel, where they will tell you all creditors who come before you- and you are the least in their priority.
However, there is a silver lining as the International Monetary Fund is trying to come to aid of those countries.
Southern Africa is still solid, according to industry sources as systems are not totally broken.
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