Half Year 2024 ASA International Group PLC Earnings Call Transcript
Key Points
- ASA International Group PLC (LSE:ASAI) reported a significant increase in net profit, rising from $3.7 million in H1 2023 to $13.5 million in H1 2024, marking a 267% increase.
- The company saw a 14% year-on-year growth in its outstanding loan portfolio (OLP), reaching $385 million.
- The number of clients grew to 2.4 million, with East Africa contributing a 22% increase in client numbers.
- ASA International Group PLC (LSE:ASAI) successfully implemented a core banking system in Pakistan, migrating 600,000 clients.
- The company's asset volume surpassed $500 million, reaching pre-COVID levels.
- Hyperinflation accounting resulted in a $3.5 million hit to the company's financials for H1 2024.
- There were breaches in financial covenants amounting to $37.4 million, although waivers were received for $12.2 million.
- The effective tax rate remains high at 52%, partly due to deferred tax asset treatment issues in India and pending transfer pricing arrangements in key countries.
- Operating expenses increased by 4%, including a $3.5 million hyperinflation hit.
- India saw a significant increase in past-due loans, although its impact on the overall portfolio is now minimal.
Good day, ladies and gentlemen, and welcome to ASA International 2024 Interim Results. (Operator Instructions) I would like to remind all participants that this call is being recorded.
I will now hand over to Jonathan Berger, Head of Investor Relations, to open the presentation. Please go ahead.
Good afternoon, and thank you for joining ASA International's 2024 Interim Results webcast. As you no doubt have already seen, we released our results first thing this morning, UK time.
I'm joined here on the call by our CEO, Karin Kersten; and CFO, Tanwir Rahman; and also here is Chief Accountant, Mischa Assink. Karin and Tanwir will run through this results presentation, and afterwards, as the operator said, we will be happy to take any questions you may have.
Before we begin, let me draw your attention to the disclaimer that's right at the end of the presentation. Please be advised, if you continue to listen to the presentation, you are bound by this disclaimer.
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