ASA International Group PLC on Wednesday said that net profit in 2023 will be lower than in 2022.
The Weybridge, Surrey-based microfinance lender said that trading was in line with its own expectations and previous guidance.
The company in April had reported a net profit of $17.9 million for 2022, nearly triple the $6.4 million in 2021, which it said was driven by a strong performance in Pakistan, the Philippines, Ghana, and Tanzania. Pretax profit had surged 80% to $46.3 million from $25.7 million.
Further on Wednesday, ASA said unrestricted cash as at October 31 was $41 million, down 8.9% from $45 million at June 30.
The company’s funding pipeline at the end of October was $182 million, up slightly from $181 million at the end of June.
Looking ahead, it said it was ‘actively pursuing deposit taking licenses in Kenya and Tanzania with an application for a microfinance bank license expected to be submitted before the end of this year.’
ASA shares were trading flat at 23.80 pence each on Wednesday in London, having initially slumped to a new 52-week low of 21.20p.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
