(Alliance News) - 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 USD17.9 million for 2022, nearly triple the USD6.4 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 USD46.3 million from USD25.7 million.
Further on Wednesday, ASA said unrestricted cash as at October 31 was USD41 million, down 8.9% from USD45 million at June 30.
The company's funding pipeline at the end of October was USD182 million, up slightly from USD181 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.
By Tom Budszus, Alliance News reporter
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Asa Int (ASAI)